Steem (Steem )
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Proof-of-brain is a type of reward system that encourages users to post, curate and interact with original content. This system can then be integrated with websites to inspire interaction, growth and create incentives for using the website.
Upbit STEEM/KRW $6,169,410 34%
Binance STEEM/BTC $4,236,570 23%
Huobi STEM/USDT $2,827,150 16%
Steemit was invented for publishers and curators to easily get paid for their work based on popularity and impact. This happens in a decentralized way, where users get to help transfer funds to their curator immediately.
It’s a voting system model, where there are top posts, newest, etc.
Like Medium or Reddit, Steemit first acts as a place to post articles, videos (via dtube), music, and more.
Then, by upvote, sharing, etc, the content ends up boosted in both post rank and the monetary value, all derived from the post.
It is also different in its use of a decentralized blockchain, where every word written is stored, and even if a person edits, both drafts are stored.
This helps keep accountability, especially in the age of fake news.
User accounts have the options to upvoting posts upvote comments, share posts, or “resteem” (repost) posts.
Each of these actions, depending on someone’s “steem power”, can lead to a monetary reward for the curator.
Now, this would be both in STEEM coins and STEEM Dollars.
Users can also be rewarded for curating content or discovering and sharing it, as well as posting relevant comments which are then upvoted.
Steem is geared towards content creators and social media users across the Internet.
Status(SNT), Revain(R), Basic Attention Token(BAT)
The Steem team did a wonderful job presenting both the whitepaper and a blue paper. Both were very professional and well thought out. They gave lots of detail and insight into both the technology and their vision behind their social media platform.
The biggest reason for the creation of Steem is that Reddit, Medium, and sites like them, do not offer monetary rewards, and if they do, not much goes to the author.
Similar to YouTube taking much of the money that a content creator should get, Steem helps give back the money, without a central entity dictating how much one should receive. The monetary process is instead given to the community to decide.
Steem appears to be the first content creation platform in the space, but some competitors will soon join the space such as Simple Token. Steem currently stands the tallest with the largest user base. Steem appears to have the strongest design and on paper they look to protect investors, with a deflationary model.
No clear roadmap. They have requested community input for their 2018 Roadmap.
INITIAL COIN OFFERING (ICO)
Starting with the network’s 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
Out of the new tokens that are generated:
75% go to the reward pool, which is split between authors and curators.
15% of the new tokens are awarded to holders of STEEM Power.
The remaining 10% pays for the witnesses to power the blockchain.
Creators / Founders
The company was founded by Ned Scott and Dan Larimer, creator of BitShares, and EOS.
Dan is a well-known name in the Cryptocurrency Community, having started off by creating Bitshares.
And as such, he gained fame quickly, moving from Bitshares onto Steem.
Dan has since started another Cryptocurrency, EOS, which may eventually hold the tokens and platform of Steemit.
Ned Scott –
Ned Scott started Steemit with Dan.
He was and is still the current CEO of Steemit, Inc.
Core Development Team
On March 15, 2017 Dan resigned as the head of technology, and in his place, a marketing team wa asnnuonced with Mitchel Loureiro. Frank Rimalovski, Andrew Haines and William Mougayar are advisory board members while @cass, Jeffrey Paul, James Calfee and Valentine Zavgorodnev are a few of the staff members.
Trade Crypto Live Sentiment
STEEM has a working and growing product. It is presenting additional features and is standing tall with very few decentralised competitors at this time. With so many great crypto ideas and plans, it is refreshing to see a polished and functional cryptocurrency. Trade Crypto Live has STEEM on it’s radar and will be actively following its growth and influence.
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