About Steem (STEEM)
Steem (STEEM) is a community-oriented blockchain network that allows users to earn rewards based on their contributions to the platform. This protocol enables individuals to share curated content online and receive compensation in cryptocurrency. It operates as a publicly accessible, incentivized blockchain database, fostering interactions among users and facilitating earnings. By combining elements from both social media and cryptocurrency, Steem strives to deliver value to its user base. The network implements a reward structure that aims to fairly compensate contributors according to their level of engagement.
Steemit, the inaugural application built on the Steem blockchain, was launched on January 4, 2016, by Ned Scott and blockchain developer Dan Larimer. This decentralized and non-custodial app distinguishes itself from traditional social platforms by its blockchain foundation, effectively mitigating typical data-related issues associated with centralized platforms.
Steem aims to set itself apart from other platforms by its commitment to rewarding users for their valuable contributions. Unlike many conventional social media companies that profit from user-generated content, Steem supports its users by compensating them with cryptocurrencies for their meaningful engagement.
Steem's unique attributes stem from its blockchain-based structure, making it the pioneer of its kind. This blockchain foundation ensures decentralization, eliminating downtime and data misuse while guaranteeing the security of user data. Additionally, participants on the platform receive cryptocurrency payments, further enhancing its distinctiveness.
Steem operates on the principle that contributors should be appropriately rewarded, aligning with the practices of startups that allocate shares to early contributors during funding rounds. The platform's core mission is to serve its community members by providing various financial services and opportunities.
The Steem network operates with two distinct tokens: Steem (STEEM) and STEEM Dollars (SBD). Users have the opportunity to earn rewards in both of these tokens. By default, the platform allocates rewards in a 50% SBD and 50% STEEM ratio. However, users have the flexibility to adjust this allocation to suit their preferences as they deem appropriate.
The current circulating supply of Steem (STEEM) stands at 447,442,593 tokens. The current price of STEEM is available and updated in real-time on Binance.