Steem Blockchain
About the network
Steem is a decentralized blockchain-based social media platform designed to incentivize content creators and curators. It was launched in 2016 with the goal of creating a social network that rewards users for their participation.
The Steem blockchain is built on a Delegated Proof-of-Stake (DPoS) consensus mechanism. In this model, token holders vote for a limited number of delegates, known as Steem Witnesses, who are responsible for validating transactions and maintaining the network.
Steem operates with a dual-token system: STEEM and Steem Dollars (SBD). STEEM is the primary cryptocurrency of the network, used for staking, powering up accounts, and as a medium of exchange.
Steem Dollars (SBD) are designed to maintain a peg to the US dollar. They are earned by users as rewards for creating and curating content and can be converted to STEEM or cashed out.
Content creators on Steem earn rewards in both STEEM and SBD based on the upvotes their posts and comments receive. The amount of reward is determined by the influence of the voters, measured by their stake in STEEM Power.
Content curators, those who upvote quality content, also receive a share of the rewards. This mechanism aims to encourage users to discover and promote valuable content on the platform.
Steem Power (SP) is a form of STEEM that is staked on the network. Staking STEEM into Steem Power increases a user's influence on the blockchain, granting them greater voting power and a share of network inflation rewards.
The Steem network supports a variety of decentralized applications (dApps) built on top of its blockchain. These dApps range from social media front-ends to gaming and other utility applications.
While Steem is an active blockchain, its development and governance are influenced by its community and the Steem Witnesses. The DPoS system allows for community participation in decision-making processes.
The Steem blockchain is designed for scalability, aiming to handle a high volume of transactions and user activity. Its underlying technology is a fork of the Graphene blockchain toolkit.
The native cryptocurrency of the network is STEEM, which is used for various functions within the ecosystem. Users can earn STEEM through content creation, curation, and other network activities.
Steem's architecture emphasizes decentralization and community ownership, aiming to provide a fairer distribution of value compared to traditional social media platforms.
The network's status is active, indicating that it is operational and undergoing development. However, users should be aware that blockchain technology and cryptocurrency markets are subject to volatility.
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