Estimated reading time: 3 minutes, 6 seconds
Episode 14 of Token – What is it? features Steem. In this series, we will cover the different types of blockchain platforms and on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
Steem is a blockchain-based social media platform that focuses on rewarding and incentivizing users and content creators. Rather than just producing content, with rewards-based networks, you can get rewarded in crypto for your contributions, whether it is creating content, up-voting it, sharing it, or even staying on the network long-term. Their beta is already live, and you can join the network right now (and feel free to check us out on there too!).
Check out our video, or read a bit about Steem below!
You can also learn more about Steem’s platform by checking out our resource page and find links to other various resources for information.
Steem touts itself as a blockchain-based social media platform that incentivizes and rewards users for participating in the network and community. According to their site, the name Steem is derived from the word “esteem,” which is to respect, admire, or appreciate; but it also plays on the form of the word ‘steam’ – as in water in it’s gaseous state – which is often associated with providing power, for example in a conversation.
Their platform allows those who post to the network – which is called Steemit, their social media beta site – to be paid for their contributions based off of their user engagement. Steem was designed in order to provide more power to creators by decentralizing the traditional social media posting structure and interactions.
Steem’s Whitepaper explains their platform as a
“blockchain database that supports community building and social interaction with cryptocurrency rewards.”
Simply participating in the network could net you some , granted you act appropriately and contribute positively!
Steemit is its own blockchain network, functioning as a social media platform, and it has its own cryptocurrencies integrated. An interesting note about this project, is that there are three forms of crypto within their platform.
Their website refers to them as different levels “asset classes.” These are STEEM, Steem Power (SP), and Steem Dollars (SMD). Each one is used for different activities and transactions on the network. STEEM is used to enter and exit the network, and will most likely be later converted into Steem Power or Steem Dollars to enable participation. Steem Power (SP) is kind of like a long-term investment or a tool for growth on the network. It is necessary for voting rights and other specific actions. Steem Dollars (SMD) are intended to retain token stability, and they are used as short-term debt instruments, or as a sort of “savings reward.” Each Steem token has different purposes on the platform, and you will most likely need all forms at some point to participate. (Our Steem resource page explains the different cryptocurrencies and their functions in more depth!)
Right now, some of Steemit’s competition is Akasha and Synereo, both of which are other blockchain-based social media platforms focusing on rewards and rights over content to allow for appropriate monetization to creators. Yoyow is another platform, but the Chinese version of it.
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