Steem STEEM Social Audit & Trust Score

Steem (STEEM) A Decentralized Social Blockchain Revolutionizing Content Creation

Steem (STEEM) is a pioneering blockchain platform that has redefined the landscape of social media by offering users a decentralized and rewarding space for content creation and engagement. Launched in 2016 by Ned Scott and Dan Larimer, Steem is not just a cryptocurrency but a community-focused ecosystem that places value on its users' contributions.

The Steem Protocol

At its core, Steem operates as a community-focused blockchain, providing an instant earning opportunity for its users. The protocol is designed to reward users based on their value to the network, offering a platform where individuals can post curated content and receive payments in cryptocurrency.

Steemit, the first app built on the Steem blockchain, was launched in 2016, introducing a decentralized and non-custodial social network. Unlike traditional social media platforms, Steem rewards users for

their valuable contributions, promoting fair treatment and eliminating data-related problems.

Key Features of Steem

Blockchain Technology: Steem stands out as the first blockchain-based social media platform, ensuring decentralization, security and transparency.

Proof of Brain Consensus: Steem's unique 'proof of brain' social consensus algorithm evaluates and rewards content and engagement based on their value to the network.

Incentivized Content Creation: Users are paid in STEEM for contributing high-value content, with payments derived from the 'rewards pool.'

Steem Token Variety: The platform introduces multiple native cryptoassets, including STEEM, Steem Power (SP) and Steem Dollars (SBD), each serving a specific purpose within the ecosystem.

Governance and Community: Steem operates on a Delegated Proof of Stake (DPoS) consensus mechanism, with 21 witnesses validating transactions and producing blocks. Users who stake STEEM tokens have the right to vote for delegates, contributing to the platform's decentralized governance.

The community follows a one STEEM for one vote process, ensuring that contributors with higher STEEM balances have more influence. The platform rewards voters proportionally, promoting a fair and democratic contribution scoring system.

Tron Foundation Drama and Hive Hard Fork

In 2020, the acquisition of Steemit Inc. by the Tron Foundation led to governance disputes. Witnesses voted to remove governance rights from Tron's STEEM tokens, leading to a chain split. The Steem community, concerned about centralization, migrated to a new chain called Hive, emphasizing the importance of decentralization and community-driven development.

Steem represents a groundbreaking evolution in social media, combining blockchain technology with incentivized content creation to empower its community. As it continues to grow, Steem offers a decentralized alternative to traditional social media, revolutionizing the way users engage with and contribute to online platforms.

What is unique about Steem (STEEM)?

Steem stands out as a pioneering blockchain-based social media platform, offering users decentralized and non-custodial content creation with unique rewards through its 'proof of brain' social consensus, distinguishing it from traditional social media models.

Who are the founders of Steem (STEEM)?

Steem was founded in 2016 by Ned Scott and blockchain developer Dan Larimer. They introduced the first app on the Steem blockchain, Steemit, revolutionizing social media by incorporating blockchain technology.

Where can I buy Steem (STEEM)?

You can buy Steem (STEEM) on Binance, Gate.ioMEXCHTXUpbit cryptocurrency exchanges.

Information in this section carefully collected and curated from publicly available data from official sources, including the Steem Official Website, Steem GitHub Repository and Steem X (Twitter) Account.

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