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.

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