What is Steem (STEEM)? How does it work?
Steem is a coin based on Steemit, known as a Blockchain platform.
Steem can be defined as a coin and crypto currency based on Steemit , known as a Blockchain platform . The Steemit platform aims to reshape the current social media understanding by creating a vibrant, active and constantly growing economy. Accordingly, Steemit users win awards for the content they produce.
What is Steemit?
The Steemit network produces a new Steem unit every day and offers it to its users. Users can use these tokens on various cryptocurrency exchanges. So, how are these tokens distributed? Users are allowed to earn from Steem tokens in exchange for activities such as liking, commenting and voting on other people's posts on the platform. From June 2016 until the time of this writing, a total of $ 40,154,371 has been awarded to users.
Thanks to Smart Media Tokens (SMT), which we can express as digital assets unique to Steem Blockchain, anyone can convert their online content into money. We can compare SMTs to ERC20 tokens on the Ethereum Blockchain. However, SMTs operate according to a different algorithm called Proof of Reason (PoB). In addition, SMTs have an award distribution system that enables digital content producers to be awarded.
How Does STEEM Work?
Steemit.com, with many active users, is among the social media platforms based on Steem Blockchain. All data on web pages based on Steem Blockchain are recorded on a fixed ledger. Moreover, users are also allowed to win awards with Steem tokens according to their contributions to the platforms. Thus, users will be able to monetize the content they produce. In short, we can compare the Steemit platform to another popular web page Reddit. However, Steemit leaves Reddit for awarding content providers.
Where to Buy STEEM?
Steem Blockchain is managed by a community of participating users from around the world. Steem, on the other hand, attracts the attention of users as a crypto currency with the capacity to process faster transactions than the leading crypto currencies Bitcoin and Ethereum. Using this cryptocurrency, you do not have to pay for the transactions you make while making money from your content. You can buy Steem from many cryptocurrency exchanges such as Binance and Bittrex.