What Is Steemit (STEEM)?
How Does Steemit (STEEM) Work?
n this page:
Steemit Overview
How It Works
Advantages and Disadvantages
Who Created Steemit?
How It's Valued
Price
Uses
How to Buy
How to Sell
Staking
Steemit is an innovative blockchain-based social media platform. It’s a decentralized application (dApp) built on the Steem blockchain, and it uses the native crypto STEEM to reward users for content creation and curation.
There are pros and cons to combining social media and cryptocurrency. Keep reading to learn more.
How Does Steemit (STEEM) Work?
Steem is a social blockchain that incorporates a rewards system to incentivize users for creating and engaging with content on the platform. As users create content, more users might be attracted to the platform while existing users remain engaged. This results in more STEEM crypto being distributed.
Users who upvote posts on Steemit assist in the distribution of coins to those who are providing value to the network. Steemit attempts to reward both voting and posting according to their worth, although the weighting mechanism used to value people’s votes has been scrutinized.
There are over 300 dApps built on the Steem blockchain. To answer the question, “What is Steem,” let’s look at some of the most popular apps built on the blockchain. These include Steemit, DTube, and Utopian.
Dtube:
DTube is a decentralized platform made for those who want to create videos. Unlike most other platforms, Dtube has no ads, is censorship resistant, rewards users, and provides a fair platform for creators.
Steemit:
Steemit is the flagship app of the Steem blockchain. Steemit launched on July 4th, 2016, and was the first functioning app on Steem. Steemit provides users an automated feed of content based on their preferences. Users have a chance to earn cryptocurrency as rewards for creating and curating content.
Unlike many other crypto projects, Steemit isn’t really part of the DeFi landscape. It’s more of a social play.
Utopian:
Utopian.io is an open-source project being developed on the Steem blockchain. Like Steemit, the platform rewards its users. However, Utopian is not a social network that allows for posting content. Utopian’s rewards are tied to coding contributions that users make, like adding new features, fixing bugs, etc.
Smart Media Tokens (SMTs)
According to Steem.com, “a Smart Media Token (SMT) is a native digital asset on the Steem blockchain.” These tokens can be launched by anyone who wants to monetize their online content and “create incentives to encourage desired user behavior.”
These tokens are similar to ERC-20 tokens hosted on Ethereum. The difference is that SMTs contain “Proof-of-Brain” properties combined with a token distribution system designed for digital content enterprises.
Proof-of-Brain is a token rewards algorithm that encourages the creation and curation of content. It lets tokens get distributed via actions like “upvoting” and “liking.” These can be integrated into a website to allow developers to create the monetary incentives they would like their users to have.
Basically, SMTs provide a way for anyone to integrate a Steemit-like rewards system into their own platform.
