What is Steem (STEEM)? Empowering Communities and Opportunities

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Bittime - Steem (STEEM) is a community-focused blockchain and creates instant earning opportunities for users by rewarding them for the content they share.This is the only blockchain that can run real applications through social apps like Steemit.

What is Steem (STEEM)?

Steem (STEEM) is a decentralized social media platform that allows users to earn cryptocurrency (STEEM) for their content and activity on the platform. This platform was founded in 2016 by Ned Scott and Daniel Larimer. Steem uses blockchain technology to record all transactions and activities on the platform, which makes it transparent and secure.

Steem (STEEM) Key Products & Features

• Steemit: A blogging platform that allows users to earn STEEM for their posts and comments.
• SteemApps: A platform for building decentralized applications on top of the Steem blockchain.
• Steem Keychain: A cryptocurrency wallet that allows users to store and manage their STEEM.
• Voting: Users can vote for witnesses who are responsible for maintaining the Steem blockchain.
• Reward Pool: Most of the STEEM created is distributed into a reward pool , which is then distributed to users based on their activity on the platform.

What are STEEM Tokens?

STEEM is the native cryptocurrency token of the Steem platform. This token is used for:

• Rewarding users for their content and activity.
• Pay transaction fees on the platform.
• Participate in platform governance.

Also read:

Tokenomic Steem (STEEM)

• Max Supply: 456,580,821 STEEM
• Circulating Supply: 456,580,821 STEEM
• Market Cap : IDR 1,804,155,297,558 (as of 26 February 2024)
• Distribution:
  • 80% - Reward Pool
  • 15% - Founder and Team
  • 5% - Reserve Fund

Steem Fundamental Analysis (STEEM)

• Technology: Proven blockchain with high scalability.
• Community: Active and engaged community with over 1 million accounts.
• Adoption: Used by various decentralized applications.
• Potential: Huge potential for growth with wider adoption.

Comparison of Steem (STEEM) & Competitors

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Steem Founder & Team (STEEM)

• Ned Scott: CEO and founder of Steemit
• Daniel Larimer: CTO and co-founder of Steem
• Steem Team: Consists of experienced engineers, developers and designers.

Public Opinion About Steem (STEEM)

• Positive:
  • Active and engaged community.
  • Proven technology with high scalability.
  • Huge potential for growth.
• Negative:
  • Centralized token distribution.
  • High price volatility .
  • Competition from other blockchain platforms.

Also Read: What is Gas Fee on Crypto?

Steem (STEEM) Conclusion

Steem is an innovative blockchain platform with huge potential to change the way we interact with social media and make money. The platform has an active and engaged community, proven technology, and an experienced team. However, Steem also has some challenges, such as centralized token distribution and high price volatility.

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Learn  Complete Guide How to Buy Crypto on Bittime .

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Also Read:

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What is Kin (KIN)? Building an Open and Inclusive Digital Economy

What is Vertex Protocol (VRTX)? Bridge Between Blockchains So Transactions Are Easy

DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.