What is Steem (STEEM)?
Steem ( STEEM) is a blockchain designed to expand the capabilities of social networks and content-oriented applications. The idea is to design a decentralized social media platform that is resistant to censorship, where people can freely express their speech without worrying about governments.
Who created Steem (STEEM)?
STEEM was created by Ned Scott and BitShares and EOS co-founder Dan Larimer. The idea was first introduced in 2014, although the project only started developing in 2016. The goal of the project has always been to create its own social media platform, free from centralized power and more resistant to censorship. Basically, something like Reddit, but the text and metadata are stored directly in the blockchain. The system directly rewards commentators and authors with its monetary units.
The project attracted a lot of attention in March 2016, when the blockchain finally went online. The social media platform itself was then called SteemIt, and to this day, SteemIt remains the largest application running on the Steem blockchain.
What is unique about Steem?
Steem is a unique cryptocurrency project that attempts to solve and challenge a centralized blog and social media platform. Steem has successfully "transformed" the idea of blockchain for various use cases that were previously impossible to think about. Before the SteemIt era, most people didn't see how cryptocurrency or blockchain could be "useful" for a blogging and social media platform. However, since the launch of SteemIt, people have begun to notice that blockchain can be quite useful outside of the world of cross-border transactions.
On SteemIt, commenters and voice supporters are rewarded with cryptocurrencies to encourage them to stay active on the platform.
How many Steem tokens are in circulation?
Steem is the native and main cryptocurrency of the Steem blockchain. To date, the daily trading turnover of the Steem token is 5,897,619 USD, with a value of 0.451728 USD and a market capitalization of 177,449,721 USD.
There is no maximum token supply, and 392,824,268 of USD tokens is in circulation.
How is the Steem network protected?
At the moment, Steem is owned by Justin Sun, the founder of the Tron platform, and instead of relying on the Proof of Work algorithm, Steem uses the Delegated Proof of Stake (DPOS) consensus algorithm, which has significantly increased the security of the network.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.