Steemit tries to combine two concepts: social media and crypto currencies. The platform wants to help solve the problem of monetizing content on the Internet, because behind the blockchain there is also a forum that is most reminiscent of Reddit. In addition to upvotes for good content, you get the Steem Coin crypto currency as a reward, because behind the blockchain there is also a forum that is most reminiscent of Reddit.
Steem Coin – What is this crypto currency according to onlinebetrug?
The coin is earned on the Steemit platform, says onlinebetrug. It is a social media and blogging platform on which anyone can upload their own content, whether it is graphics, videos or simple texts. More info on: onlinebetrug.net If someone likes the content of a post, they earn Ste em Coins by uploading a user’s Ste em Coins. The more users positively rate a post, the more Ste em crypto currency one should receive for it.
The coin only represents the basic unit. It is used for transfers within the Steem Blockchain. The coin inflates strongly, the number doubles every year. The purpose of this coin is not to serve as a value store, but it is recommended to convert the coin as soon as possible.
For example in Steem Power. Power binds the earned Ste/em coins for a long time. By converting the simple Steem token into Power and freezing it, you get nine times the amount of tokens if other users like your own content. The power is also important for your own upvotes on steemite, they gain more weight through the increased amount of steem power. The tokens are frozen for two years as soon as they are powered up.
The Steem Dollar should have a fixed value and are tied to the Dollar. The Steem Coins can also be converted into Steem Dollars and vice versa. They should bring stability to the economy of Ste em emit. At the same time there is a low interest rate on Ste em Dollar, which remains on the Steem Wallet. The interest rate will change slightly from year to year.
Who is this Bitcoin trader?
There are also smart media tokens for Bitcoin trader. These are tokens that you can create yourself and pursue a specific purpose for the Bitcoin trader. Smart Media Tokens can be created in a short time to finance certain content and build a community around the tokens. They can also be used to finance new projects by distributing them similarly to an initial coin offering and using the profits for the project.
The development is based on the blockchain graphene, which is also used by the crypto currency BitShares, another project of Ste emit’s developers. Graphene should be able to perform 1000 transactions per second. To generate new blocks, the Steem blockchain uses the „Delegated-Proof-of-Stake“ (DPoS), which is considered to be particularly fast and secure. This gives those who hold Ste-em crypto currencies, i.e. „stake“, the chance to participate in network decisions.
Besides many small programmers, Daniel Larimer is behind the coin development. He previously founded the blockchain BitShares and Cryptonomox Inc, a consulting company on the subject of crypto currencies. BitShares and Steemit were projects he left behind even before they were properly completed. In March 2017, he announced that he was no longer working on the Steem crypto currency, much to the displeasure of Steemit users. This already led to rather negative forecasts.