What is Steem?
Steem is a social network ecosystem based on blockchain. Steem building a social network will allow members to write articles and receive rewards based on the number of votes in each article. The reward is the token, which can then be converted into real money, via the trading platform.
Steem is a large ecosystem consisting of the following main parts: Blockchain, Steemit Social Network, Steem Token. In addition, Steemit has other integrated components.
STEEM is one of three types of tokens produced by blockchain Steem. STEEM is the standard currency, high liquidity in the platform. STEEM is widely traded on the current digital currency trading floor.
The foundation of Steem is based on Graphene, the same technology with Bitshares (see also Bitshares), another blockchain network created by Dan Larimer, co-founder of Steemit along with Ned Scott. This technology allows continuous maintenance of 1000 transactions per second on test distribution networks and can be easily extended to 10,000 or more. Therefore, Steem is capable of handling user data larger than Reddit.
What is Steemit?
Steemit is the main interactive social networking interface for users. Steemit is integrated with Steem wallet and has the ability to create accounts.
In addition, Steemit also contains a variety of small tools for users such as: Steemit.Chat support chat in Steem, Dead Followers help find out who is no longer active, account locked ... See more tools here.
At Steemit, you can create accounts and start contributing articles to the community. If your post is valuable, high votes, you will receive a token. Rewards will be stored in your STEEM wallet. Conversely, you can also support other people's posts, by voting for them well. Let's make a loop: write articles - vote - get reward.
It can be said, Steemit is the center of Steem. Thanks to Steemit's appearance in social networking, friendly interface, the Steem community has grown steadily. At the same time, Graphene technology, which allows for increased data processing capacity than Reddit, helps Steem not be blocked.
STEEM Token
In the Steem ecosystem there are three types of tokens, forming the STEEM token. This kit includes STEEM, STEEM Dollar and STEEM Power. STEEM and STEEM Dollar are liquid and STEEM Power is not.
What is STEEM Dollar?
In order to avoid Steemit's concerns about the steady decline in the price of steel, Steem created the STEEM Dollar.
STEEM Dollar (SBD) is a dollar-denominated currency, whereby 1 STEEM Dollar corresponds to one dollar. This means that STEEM Dollar's value is more stable than STEEM.
STEEM Dollar can be converted to STEEM. Depending on the STEEM / USD market from time to time, you will convert the amount of STEEM corresponding to the time. For example, STEEM is currently $ 4.5 / unit, you have 450SBD => You can change up to 100 STEEMs.
The conversion of STEEM Dollar to STEEM takes place in the blockchain Steem or the internal trading platform. On the interbank exchange rate between STEEM and STEEM Dollar is set by the seller itself.
The value of STEEM Dollar is that it has stable exchange rates, hard to lose price. Therefore, it is easier to be accepted in business operations. People will easily accept the transaction of their products for STEEM Dollar.
In fact, there are still issues with the STEEM Dollar exchange rate. At some times in August / 2017, SBD price below $ 0.8 but 12/2017 it can be up to $ 12.
If the price of SBD is less than $ 1, you can convert it to Steem for $ 1. In this way, its price will go up. However, if SBD is more than $ 1, it is not easy to reduce the price. Because there is only one way to increase the amount of SBD to decrease the price is through creating the article content.
In addition, Steemit's Witnesses may change quarterly interest rates to keep SBD in your wallet. Recently, this interest rate is currently at 0% with a higher SBD price than expected. When the SBD is near or below US $ 1, we will see the interest rate increase.
What is STEEM Power?
STEEM Power (or SP) is STEEM locked, meaning you can not get out immediately. STEEM Power gives the user the power to influence the Steemit network. The more STEEM Power you have, the more valuable your vote, which gives you more money when you vote for them.
STEEM Power can not be traded on the market, no liquidity. But you can dig STEEM Power, and turn it into STEEM through the Powered Down process. This process will convert 1/13 STEEM Power you have into STEEM each week. For example, you have 1300 STEEM Power for every week you get 100 STEEM, and after 13 weeks you will get 1300 STEEM.
Conversely, you can also purchase STEEM and convert it to STEEM Power via the Powered Up feature. The price is 1 STEEM = 1 STEEM Power.
Price is STEEM
Currently STEEM is at about $ 3.08 per unit sold, capitalized at $ 564,918,709, up 4 times compared to the new release. In fact, there have been times when STEEM has reached over $ 7 per unit. More interesting on July 13, 2016, STEEM beat the other altcoin to rank No. 3 on the market capitalization Crypto, just after Bitcoin and ETH.
Where to buy STEEM?
Upbit with STEEM / KRW, STEEM / BTC trading pairs
Bittrex with STEEM / BTC trading pairs,
Binance with STEEM / BTC, STEEM / ETH, STEEM / BNB,
GOPAX with STEEM / KRW transaction pairs
HitBTC with STEEM / BTC trading pairs,
Poloniex with STEEM / BTC trading pairs, STEEM / ETH.
Vebitcoin with STEEM / TRY transaction pairs
BuyUcoin with STEEM / INR trading pairs
OpenLedger DEX with STEEM / BTC, STEEM / BTS, STEEM / BITUSD, STEEM / CNYUSD pairs
RuDEX with STEEM / USD, STEEM / BTS, STEEM / BTC pairs
Social Networking
To update more information about the project, please visit the websites mentioned below:
Website: https://steem.io/
Steemit: https://steemit.com
Twitter: https://twitter.com/steemit
Reddit: https://www.reddit.com/r/steemit/
Whitepaper: https://smt.steem.io/smt-whitepaper.pdf