Overview of Steem Coin
Steem (STEEM) is a blockchain-based social media and content platform that was designed to reward content creators and curators. Steem was created by Dan Larimer, Ned Scott, and others and was launched in March 2016. It was later split into several blockchain-based platforms, including Steem, Hive, and Blurt, as the original Steem blockchain faced some controversies and disagreements within the community. Here’s more information about Steem:
Owner: There isn’t a single owner of Steem as it is a decentralized blockchain network. However, the development and maintenance of the Steem blockchain are carried out by a community of blockchain developers and contributors.
Uses:
- Content Creation: Steem allows users to create and publish various forms of content, including blog posts, articles, images, and videos.
- Content Curation: Users can upvote and curate content they find valuable. This helps to distribute rewards to content creators.
- Earning Rewards: Users who create high-quality content are rewarded with STEEM tokens, while users who curate and upvote popular content also earn tokens.
- Governance: The community has the power to make decisions regarding the network’s development and protocol upgrades through a consensus mechanism.
Seed Sale: Steem initially distributed tokens through a combination of mining and rewards for content creation. There was no traditional seed sale or ICO (Initial Coin Offering) for STEEM.
Working Principles:
- Proof of Brain: Steem uses a consensus mechanism called “Proof of Brain,” where users’ influence and rewards are determined by the popularity of their content and the influence of those who upvote it.
- Decentralization: The Steem blockchain operates as a decentralized social media platform, meaning no single entity controls it. Decisions are made through community consensus.
Limitations:
- Centralization Concerns: In the past, Steem faced issues related to centralization and ownership disputes, which led to a community split.
- Scalability: Like many early blockchain platforms, Steem has faced challenges related to scalability, which can lead to performance issues.
Current Value: As of my last knowledge update in January 2022, the value of STEEM can change significantly due to the volatility of the cryptocurrency market. You can check the current value of STEEM on cryptocurrency data websites or exchanges.
How to Buy and Sell STEEM:
- Sign up on a Cryptocurrency Exchange: Create an account on a cryptocurrency exchange that supports STEEM trading. Some popular exchanges include Binance, Bittrex, and Huobi.
- Deposit Funds: Deposit your desired amount of cryptocurrency (e.g., Bitcoin or Ethereum) on the exchange. You can use this cryptocurrency to purchase STEEM.
- Place an Order: Use the deposited cryptocurrency to place an order to buy STEEM. You can specify the price at which you want to buy or simply place a market order at the current market price.
- Store in a Wallet: It’s recommended to transfer your STEEM to a secure cryptocurrency wallet, such as a hardware wallet or a software wallet.
To sell STEEM, you can do the reverse process on a cryptocurrency exchange by placing a sell order. Make sure to follow the exchange’s instructions and security measures when trading cryptocurrencies.
Please note that the information provided here is based on the state of Steem as of January 2022, and the situation may have evolved since then. Be sure to verify the most up-to-date information from official sources and do your own research before investing in any cryptocurrency.
