Steem White Paper Summary Report
Who are the value creators?
The community creates value, so every community user should receive organizational incentives, including bonds and ownership.
Regardless of the form of user contributions, they all have equal rights to receive incentives.
What is Steem?
Steem's vision is to solve the monetization problem based on social platform value content, generate steemit Dapp applications through the Steem public chain, provide readers and creators with USD-linked tokens issued by the community, and use the blockchain economic model to reward digital content creation. , to encourage every member of the organization to continue to contribute value and realize the overall value growth of Steem.
Taking the mature contribution evaluation reward system-free market as a reference, Steem has released the most basic token STEEM, SP (Steem Power), which is similar to equity that needs to be held for a long time, and stable tokens SBD (Steem Bitcoin Dollars), SMTs (Smart Media Tokens), use the community voting system to evaluate the value of members' contributions and determine how much the contributors should be rewarded. And by setting time limits, screening reliable value inputrs, increasing error costs and other means to prevent the abuse of SBD, stabilize the stable link between SBD and the US dollar, and strengthen investors' confidence in Steem.
A future that creates mutual value and makes it flow
Subjective rated proof of work has several benefits: it coalesces and reinforces community values, drives community financing, and makes it possible to monetize people's work time. As a means of subjective judgment and determination of contributors' work value and corresponding income, voting is urgently needed by the community to limit its rate, etc., to ensure the fairness and effectiveness of voting.
The more rewards people get in Steem, the higher their voting weight in the community. Steem's consensus algorithm ensures that everyone in the community can participate, and ultimately determines the community-accepted information protocol, the community consensus.
Transaction fees are one of the solutions of blockchain technology to solve malicious consumption and worthless transactions, but payment does not meet people's psychological expectations, and it is also a factor that cannot be ignored that hinders product entry or market expansion. Setting the target utilization rate and flexibly adjusting the bandwidth according to the user situation can solve the above problems.
Based on graphene technology, the Steem network has extremely high performance and scalability. In 2015, Reddit's 8.7 million users generated an average of 23 comments per second,11 an average of 83 comments per user per year. There are 73 million top posts, generating an average of 2 new posts per second. There were approximately 7 billion votes, creating an average turnout of 220 votes per second. If Reddit were to run on the blockchain, it would require an average of 250 transactions per second. Steem, on the other hand, is capable of processing 10,000 transactions per second, handling a larger user base than Reddit.
The Steem network starts at 0 currency supply and distributes STEEM to miners at a rate of ~40 STEEM per minute via Proof of Work, with an additional 40 STEEM per minute for content selection and curation reward pools (80 STEEM per minute total) . Then, the network starts rewarding users who convert to SP, and its price is basically determined by supply and demand.
Compared with the traditional content platform advertising profit-making method, Steem has realized a set of internal self-consistent value contribution incentive, evaluation and distribution system. Here, not only content creators can obtain high-quality digital content, but also the curation of voting. They can also earn income based on the value of their work. And this kind of value that attaches importance to content and community value, and emphasizes labor equality will undoubtedly irrigate the most dazzling flowers of the blockchain.