Steem STEEM Price

What is Steem (STEEM)?

Steem is a blockchain-based social media platform that rewards content creators and curators with cryptocurrency. Launched in March 2016, Steem allows users to publish content, engage with others, and earn STEEM tokens based on the popularity and engagement of their posts. The platform operates on a decentralized model, meaning it is not controlled by any single entity, thus promoting freedom of speech and creative expression. As of early 2024, Steem has a market capitalization of around $50 million, making it a relatively niche player in the broader cryptocurrency landscape.

Who are the Founders of Steem?

Steem was founded by Ned Scott and Dan Larimer. Ned Scott served as the CEO of Steemit Inc., the company behind the Steem blockchain. Dan Larimer, a notable figure in the cryptocurrency space, is also known for creating other blockchain platforms like BitShares and EOS. Their vision was to create a platform that would incentivize high-quality content creation while providing a fair reward system for users.

How does Steem Work?

Steem operates on a proof-of-brain consensus mechanism, which prioritizes content based on community engagement rather than traditional mining methods. Users can earn rewards in STEEM tokens by posting articles, videos, or other content and receiving upvotes from the community. The platform uses a three-token system:

• STEEM: The base cryptocurrency used for transactions and rewards.
• Steem Power (SP): A representation of a user’s stake in the network. The more SP a user has, the greater their voting power, influencing the distribution of rewards.
• Steem Dollars (SBD): A stablecoin pegged to the U.S. dollar, used primarily for cashing out rewards.

When users create content, they can choose to receive payouts in STEEM, SBD, or a combination of both. The voting mechanism allows users to upvote content they enjoy, thus increasing its visibility and the rewards for the creator. The system encourages community participation and engagement, promoting a vibrant ecosystem of content creators and consumers.

Top Use Cases of Steem

Steem has several prominent use cases:

• Content Creation: Writers, artists, and creators can publish their work and earn rewards based on community engagement.
• Social Networking: Users interact, comment, and upvote content, creating a social network focused on diverse interests and topics.
• Decentralized Applications (dApps): Numerous dApps have been built on the Steem blockchain, including gaming platforms and content-sharing services.
• Community Building: Niche communities can thrive on Steem, as users can form groups around shared interests and monetize their contributions.
• Incentivized Learning: Educational content creators can earn rewards for providing valuable knowledge and tutorials.

How to Keep your Steem Safe?

To ensure the safety of your STEEM tokens and account, consider the following best practices:

• Use Strong Passwords: Create complex passwords that are difficult to guess and change them regularly.
• Enable Two-Factor Authentication (2FA): Activate 2FA on your account to add an extra layer of security.
• Store Tokens in a Secure Wallet: Use hardware wallets or reputable software wallets to store your STEEM securely instead of leaving them on exchanges.
• Be Wary of Phishing Scams: Always double-check URLs and avoid clicking on suspicious links that could lead to phishing sites.
• Backup Your Keys: Keep a secure backup of your private keys and recovery phrases in a safe location.

By following these guidelines, you can safeguard your assets and enjoy the benefits of the Steem ecosystem with reduced risk.