Steem (STEEM)

Steem (STEEM) is a cryptocurrency that was created to power the social media platform Steemit, an incentivized platform that rewards content creators with cryptocurrency payments. Steemit rewards users for producing quality content and comments that are voted on by other members of the community, resulting in an incentivized content and comment-driven platform. The Steem blockchain uses a delegated-proof-of-stake (DPoS) consensus mechanism and its native token, Steem, acts as the gas for transactions on the platform. Steem was founded in 2016 by Ned Scott and Dan Larimer. Larimer is also the chief technology officer of the company. Being an innovative combination of cryptocurrency and social media, Steemit quickly became one of the most popular platforms in the space. What makes Steem unique is its incentive structure for content creators. Content creators are rewarded for their work in the form of Steem tokens, which can then be used to purchase goods and services or traded for other cryptocurrencies. This incentivizes content creators to continue to create good quality content and comments. The voting system also helps drive the conversation, as users are rewarded for making posts and comments that are highly rated by the community. This helps ensure content quality remains high. Steem tokens can be used in multiple ways. Steem tokens can be used to purchase goods and services on the Steemit platform, converted into other cryptocurrencies on cryptocurrency exchanges, or exchanged for Steem Backed Dollars (SBD) to monetize content. SBD is a stablecoin pegged to the value of the US Dollar. Steem can be purchased and sold on a variety of cryptocurrency exchanges. Some of the most popular exchanges for buying and selling Steem tokens include Bittrex, Upbit, Binance, Huobi Global, and CoinEx. In conclusion, Steem is an innovative cryptocurrency that rewards content creators for their work on the Steem blockchain. By incentivizing content creators, Steem has created a vibrant community of content creators and users. Steem can be used to purchase goods and services on the Steemit platform, converted into other cryptocurrencies, or exchanged for Steem Backed Dollars to monetize content. Steem can be purchased and sold on a variety of cryptocurrency exchanges. Therefore, Steem is a great cryptocurrency to consider for investment, if you are interested in a combination of social media and cryptocurrency.