Steem is a cryptocurrency used to power the platform Steemit - an incentivized blockchain social media platform. Steem is the fundamental unit of account on the Steem blockchain.All other units (Steem dollars and Steem power) derive their value from the value of Steem. There is no need to hold on to Steem in its cryptocurrency form, it used either to buy Steem power, Steem dollars or be converted to Bitcoins.
On July, 4th, 2016, Steemit, Inc officially launched Steemit, a social media with virtual currency rewards that runs over the Steem blockchain. On March 15, 2017 Dan resigned as a head of technology and a marketing team was announced with Mitchel Loureiro (zuvarnic and andrachy. Frank Rimalovski, Andrew Haines and William Mougayar are advisory board members while cass, Jeffrey Paul, James Calfee and Valentine Zavgorodnev are a few of the staff members.
Features that distinguish it from other cryptocurrencies.
Steem rewards long-run commitment!
Earn STEEM by being the primary to upvote standard content.
Steem dollar rewards bring stability to you.
Earn STEEM each time you post content valued by others.
Steem cryptocurrency is owned and run by Steemit, a platform that launched in March 2016 with the intention of monetizing social media activity on the blockchain database. Steemit tags the social activity of commenting, contributing blogs and voting up stories, with monetary rewards, means it has real demand. People get free money on the platform by participating in this social activity because Steem dollars can be redeemed with real-world currency. The future of Steemit depends on the amount of people using it and how valuable the platform. This will become in future for real world applications. It is also clear that blogging, content consumption and social media is helping companies to advertise their businesses and brand, meaning it has real demand in the world out there. It is almost not possible that all people would stop using social media, blogging and content consumption in the near future. Steemit will continue to grow to become a platform for many. The platform is on its beta stage and there is no doubt that it would need to attract millions of users beyond the half a million unique monthly visitors to gain more popularity. But it has real potential. The amount of compensation is also something to look at when considering if or not more people will join the network. Another factor that will determine the success of Steem crypto is whether it will be accepted by other platforms such that people can pay for other goods and services using Steem dollars. So far, that has been critical in the success of Bitcoin and other cryptos. For now, there is a limit: Steem tokens are locked up in Steem Power for so long. It takes three months to turn Power into tokens in order to sell them or trade. In a way, that could be one reason that makes its price stable and look attractive to investors.
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