What is Steemit?

Steemit: Steemit is a social news service that runs a blog and social networking site on top of a blockchain database known as Steem. Users gain Steem tokens and Steem-dollars that can be produced and traded by the service by sharing, exploring and commenting on interesting content.
history

The project was founded in 2016 by Ned Scott and creator of BitShares, Dan Larimer. Steemit Inc., which runs both the Steemit website and the ongoing development of the platform, are the founders of the company. Larimer announced that he resigned from the company on March 15, 2017.
concept

This idea is described in detail in a white paper published in March 2016. Interested people can read from here.
The general concept is similar to other blog sites or social news sites like Reddit, Ekşi Sözlük; but the text content is saved as a block-by-block. Using block-chains allows you to reward comments and posts with secure tokens that are worth it. Photos can also be uploaded and stored on Steemit. Other multimedia content should be embedded on the site where the link is made. A WYSIWYG editor is used for formatting. Users can choose to use Markdown format with HTML elements.

Users can write texts and comments on a system called upvote, and well-rated writers can earn a monetary award with a cryptopaque token named STEEM and a token US dollar-denominated token called Steem-Dollar. People are also rewarded for discovering popular content. This is called curatorial. Curatorship includes comments and sentences. Voting power and reward elections are affected by the amount of STEEM Power regulated by the voters.

Steemit has a reputation / reputation system in which new accounts begin with 25 reputation points. Boards that an account receives can affect online reputation rules and reputation by encouraging interaction with the community.

Steem Block Chain

Steemit needs to learn the blockchain before learning what it is not. Steemit works on a decentralized network called Steem. Like Bitcoin, Steem is a chain of blocks with transferable tokens or coins. In addition to moving from one place to another, Steem is a textual content and metadata database to which applications or websites can connect. With these applications, Steem users can interact with the Steem database. Instead of using cryptographic Hashes as addresses, such as many block chains, user-selected alpha-numeric account names are used. With human readable account names, transactions can be made directly from identity to identity, which makes it easier to understand than with hexadecimal hashes.
Steem reaches the decentralized view (consensus) differently than Bitcoin. Where block-creating accounts called witnesses are selected by Steem users, they use a method called delegee proof of stake. The Steem network actively plans to process block-chaining operations in blocks of 3 seconds each, rather than prove business to find a block. The block makers are given a small portion of the prizes each block creates; back pay writers and curators.

Unlike Bitcoin, there is no fee for Steem to rate the speed or pay block makers. Instead, accounts use the bandwidth that a typical user is unaffected or uninhibited.

Faucet

Steemit.com allows Steem to connect to and interact with the Steem database and block chain of third-party websites and applications that are open and untouched by nature, as well as being the first and reference front-end website interface for Steem's block chain content. The front-end website is known as a faucet or faucet. Various taps were created by the third parties. These offer features such as alternative interface designs or sending Instagram style photos. For example, Busy.org is a Steem faucet and website with an alternative user interface. eSteem is a Steam faucet application for Android and iOS. ChainBB, a forum-style beta application, is also available.
Steemit applications (non-Steemit) and Steem user's credentials used in web sites Steemit. This is possible because the user account and password are part of the network database, using public key cryptography (public key). Only account users can verify transactions such as commenting, voting, or transfer with a password or the appropriate key. Each account has a set of private keys with different access privileges. The lowest security level key allows sending, commenting, and voting, but does not allow currency transfer. For this reason, it is possible to use other Steem taps with a hierarchy switch without risking a loss of funds or account control.

Money system

Steem's block chain has two ties: STEEM and Steem Dollar. There is also a gained interest, known as Steem Power. Steem Power is only valid for use in the Steem community; tokens are used for stored value and trade. Steemit In order to find the answer to the question of why, Steemit's money system needs to learn how it works.

Steem began with a high inflation supply model, roughly doubling every year. However, due to community requests, on December 6, 2016, Steem's inflation rate was reduced by 0.10% year on year to 9.5%.

STEEM

STEEM is the basic token of the network. Multiple cryptographies are traded on the exchange market and on the market. Market value sets the value of the prize pool Steem paid. The STEEM value also supports the value of the Steem fee.

STEEM Power (STEEM Power)

STEEM Power (commonly abbreviated as SP) is STEEM, which is entered into a smart contract and represents the amount of impact a user account has compared to the rest of the network. The more STEEM Power a user has, the higher the effect on the game message or comments. STEEM Power also determines the weight of an account for the witness approval vote.
The calculations are made with a small amount of STEEM in the form of STEEM Power. Content creators have the right to choose a 100% STEEM Power prize instead of the default 50% liquid currency (a combination of STEEM and Steem dollars) and 50% STEEM Power. Users and investors have the option of converting liquid STEEM to STEEM Power, also called powering up.

STEEM Power can not be directly posted or traded, but the account holder may choose to withdraw liquid STEEM on weekly payments in an up to 1 / 13th of the total STEEM Power of the account. This is called powering down. The account will lose the voting effect proportionally to the withdrawal of STEEM.

Steem Dollar

The Steam Doll or the Steam Based Dollar (abbreviated SBD) is an asset designed to be fixed in the United States dollar. Steem fees can be traded on the cryptoproterian exchange and used for payments for goods and services.
Steem has an internal market in the block chain. This market is integrated into the Steemit website and is a market where Steem can trade with Steem dollars. The steem fee can be converted into an equivalent amount of STEEM over a period of 3.5 days.

The interest paid on the retained Steem dollar is also applied. This rate is set collectively by Steem's witnesses as a variable. This rate is usually 0%, but it can fluctuate. Although the Steam fee is being traded under the US dollar parity and the supply of the Steem Dollar is not very high compared to the liquid STEEM supply, the interest rate may increase.

While nominally "fixed" to the US dollar, the Steem system makes it difficult to maintain this target along with the volatility of the crypto currencies. Witnesses can be strengthened to perceive the value of the SBD currency. However, the decline above and below the US dollar pair is also widespread.

Wallet

The wallet page in Steemit shows the voting power of the tokens and an account. Unlike Bitcoin wallets, each Steem wallet is generally visible and a specific account is clearly linked. Steem fees for a wallet owner and STEEM transactions can be done from the wallet page. In addition, account holders can do so by strengthening or reducing power, transferring liquid tokens into accounts or transferring accounts from their accounts, and converting their Steem dollars into STEEM. Saving is offered as a safety feature and shooting takes 3 days. The process called powering up may take place immediately, but the process called powering down may take weeks. Buying or selling STEEM (conversion to SBD) can be done through the Market, creating buy or sell orders.

Awards

Written and commentary awards are divided into two, 75% for writers and 25% for curators. The 50/50 division of STEEM Power and liquid tokens is given to authors and commentators 7 days after the writing or interpretation. The 100% STEEM Power award for articles is optional. Authors may reject payments.

Usage and media

Shortly before that we could not find much information on what Steemit was searching for. But Steemit was quite advanced. As of May 2017, there are now more than 170,000 Steem accounts. After the hard cutter on July 4, 2016, Steemit paid $ 1,300,000 for STEEM and Steem for users.