Steem: a truly rewarding social media platform
Steem is a blockchain-based social media platform that incentivizes and rewards users for participating in the network and community. Their platform enables content creators, curators, readers, entrepreneurs, and so many more to take power back from today’s social media networks, and gain control back over their content and activities on a public network.
“An important key to inspiring participation in any community, currency or free market economy is a fair accounting system that consistently reflects each person’s contribution. Steem is the first cryptocurrency that attempts to accurately and transparently reward an unbounded number of individuals who make subjective contributions to its community.”
This seems to be the greatest explanation of the platform’s concept and the intentions of the creators of Steem. Current social media platforms do not allow for their capabilities and functionalities as users, and contributions to the network are not rewarded at all, but rather taken advantage of through data collection and advertising schemes that buy that data.
Below in the token section, we will discuss the rewards and incentives of the platform, as it goes hand-in-hand with the function of the STEEM token.
STEEM token purpose
The Steem token is referred to as STEEM (the same name, but captialized letters). STEEM functions as a rewards tool in the Steem network, so when you post valuable or well-liked content or if you up-vote content before anyone else, you can earn STEEM. An interesting and somewhat abstract aspect of Steem’s platform tokens is that they have three different types of “asset classes:” Steem (STEEM), Steem Power (SP), and Steem Dollars (SMD). Their White Paper explains these concepts more in depth on pages 8-11. We will briefly explain them here.
STEEM is the “fundamental unit of account” in the Steem blockchain network and is purposeful when you need to increase liquidity. Other tokens derive their value from the STEEM token, and STEEM serves as the means to enter or exit the network, but you would typically convert STEEM into Steem Power or Steem Dollars after you get it.
That being said, Steem Power (SP) is a tool in the network which functions better for long-term commitments that need to retain or grow long-term plans, rather than cash out or exit with their “shares.” This is intended to grow a community for long-term growth and goals, and their White Paper also relates it to “fund growth through contribution incentives” Steem Power is not as easily traded on exchanges, but it is essential for being able to vote on content and participate in certain actions on the network. Steem Dollars was included in the ecosystem as a measure to retain stability on the network. The White Paper relates Steem Dollars to “convertible notes,” which are equivalent to a form of “short-term debt instruments.”
This information can get very muddled, and because each type of token in the Steem network has specific activity purposes, as well as being used as tools to ensure economic principles within the network, we highly suggest reading their White Paper, which has the clearest information about the various features of each form of Steem.
Steem’s official website has a great video representing the Steem platform and concepts. Definitely read through their site to understand how their rewards system works. It also links here to the Whitepaper, explaining the platform in a more technical and specific manner. From the site, you can also join the Steem community, link to their social media platform Steem.io, find exchanges to buy from, and read current news about the project.
Steem’s blockchain-based social media/news service platform is called Steemit. Here you can become a part of a real blockchain community of content creators and internet explorers. It is pretty much like Reddit, in a blog style format with discussion forums and news articles. It can be used to post, discover, or discuss content, and while doing all of this you are contributing to the creation of STEEM and Steem Dollars, and possibly being rewarded with some too.
SteemTools is a pretty sweet site that lists various Steem-related apps in different stages of development. There are a bunch of different apps to try out, including ones for tracking your STEEM payments, getting different types of post from Steemit, a decentralized video platform, and simply tracking STEEM prices and currency comparing.
Steem’s website has a page with user documentation, which greatly explains the reward systems in their platform. They also include technical documents which is good for users trying to dive deeper into the community and understand the technology.
STEEM Coin Chart
Steem Dollars Coin Chart
Read our STEEM token purpose section for differences between STEEM, Steem Dollars, and Steem Power