Steem (STEEM) — price, overview & secure storage

What is Steem and who created it?

Steem is a cryptocurrency designed to reward users for their contributions to community building by posting and upvoting valuable content. It was inspired by the success of platforms like Reddit, where the community enriches the shareholders. Steem aims to distribute rewards to the community members who help create the community in the first place. The founders of Steem came from BitShares, with Dan Larimer involved in its development.

Key features of Steem blockchain

Steem's main platform, Steemit, is a social media network built on the Steem blockchain. It is similar to content-driven social networks like Reddit and Medium but rewards users with cryptocurrency for their participation. The platform allows users to cast votes, creating a hierarchy of content. The more upvotes a post receives, the more it earns. Steemit is meritocratic, meaning users with more currency can cast votes with greater influence.

How Steem transactions work

Steemit rewards users based on the value their content provides to others. Users can upvote or downvote content, influencing its visibility and earnings. The platform also offers D.tube, a blockchain-based service similar to YouTube, where users can see the amount of money earned alongside likes, shares, and comments. However, the Steemit community has faced accusations of posting plagiarized content, with original content sometimes receiving less appreciation and income than copied versions.