Steem is the cryptocurrency of the STEEMIT social network, which is an analogue of Reddit and Facebook. It is based on the block chain, where each user can receive a reward for activity: publishing posts and voting on the records of other participants. Encouragement form – Steem digital currency. According to the developers, its main purpose consists in material encouraging an unlimited number of users contributing to the community.
Principle of operation
There are several cryptocurrencies on this site – Steem and Steem Dollars. They practically do not differ from each other. Having appeared on the market in 2016, Steem in a short time was able to get ahead of Bitcoin and Ethereum by the number of transactions carried out. This became possible thanks to favorable conditions of use. In particular, there are completely no commission fees.
Steem blockchain is used to place and store content on the site, which is available to other users to evaluate. Cryptocurrency can only be obtained through participation in the general process of mining without video cards and processors by publishing posts. Despite this, tokens have a market value on the largest cryptocurrency exchanges. This allows the blockchain to justly distribute remuneration between the authors of the content and those who vote, commented on. The level of earnings of both parties depends on the activity on the network.
The history of the appearance of Steem
For the first time, the cryptocurrency of the STEEMIT social network was represented by users in early 2016. On the Bitcointalk Ads board, where everyone can share their thoughts and ideas regarding cryptocurrencies, a post with information about the network protocol steam was published.
Portal users became the first community who tried to work with this cryptocurrency. After a successful test, the developers launched the work of the site and opened the opportunity to obtain currency. She immediately became popular on the Internet, despite the fact that the number of first users did not exceed twenty people. At the moment, the number of active network participants is more than 50 thousand. Among the advantages of the currency can be noted:
Steem has gained wide popularity due to the fact that its platform combines a complex Blockchain technology and social networks. During its existence, she managed to go through many stages: from the primary placement of coins in the market and hacker attacks, to falling and quick take -off of the course. However, this did not prevent her from taking 27th place in the capitalization currency rating.
Specifications
The essence of the project is to write and publish original content – most often these are articles, comments under other people’s records, voting, etc. D. It is for these actions that users receive a remuneration of internal currency. At the same time, tokens are liquidity and can be sold on the largest exchanges. In particular, they can be exchanged for other cryptocurrencies and fiducial money.
Despite this, the financial capabilities of the currency attracts the attention of users. 245 million tokens have been produced since the creation. For a long time, the price of the currency remained unchanged, until in the summer of 2016 there was no exchange jump and the cost has grown ten times. The second significant growth was seen in June 2017.
Where to buy currency
Most of the Steem cryptocurrency sale operations are held on the largest exchanges in Bittrex and Poloniex. Together, they account for about 95% of all trading. At the same time, transactions can be carried out both for Bitcoin and for Ethereum. On other exchanges, there is the possibility of the exchange of steam for various types of cryptocurrency and fiat cash. However, the volume of operations on such sites is extremely small.
You can purchase cryptocurrency in several ways: firstly, you can buy tokens on one of the cryptocurrency exchanges; Secondly, participate in the process of mining, namely: place content on the social network and vote on other posts (the more activity under publication, the more rewards the process participants receive). There are sections in the social network that bring the greatest profit. For example, the user can make a currency course forecast, or, by going to the “Life” section, contact other people and receive coins in accordance with achievements.
The user can also use exchange services: having selected the optimal course and commission, you can perform operations with currency. You can store steam on the inner wallet of the site. It can be opened immediately after registration of the account. For this, the user also receives a reward.
Mining of the currency
Each user who contributed to the development of cryptocurrency is the owner of its part. Also, the system participants can freely use all the products manufactured by the company.
Mining is carried out on a social network, and the generation of new blocks occurs in 3-4 seconds. If a series occurs from the 21st block, an automatic rotation of the next participant in the process occurs.
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