Steem is a community-focused blockchain that creates an instant earning opportunity for the network’s users. The protocol is designed to provide an earning opportunity for customers based on their value to the network. It is designed to provide users with a platform where they can post curated content online, and get paid in cryptocurrency.
The protocol is a publicly available, incentivized blockchain database that allows users to interact with each other and earn in return. It leverages technologies from both social media and cryptocurrency to provide users with value. The network ensures the fair treatment of contributors by running a reward structure that reflects each user’s contribution.
Steemit is the first app that was built on the Steem blockchain, and it launched on July 4, 2016. The protocol aims to provide value for its community of users in the following ways:
* To provide thoughtfully chosen news and commentaries.
* Creating an opportunity to earn.
* As a source that offers answers to users’ inquiries.
* Offering a stable cryptocurrency pegged to the USD.
## Who Are the Founders of Steem?
Ned Scott, together with a blockchain developer Dan Larimer, launched the first app on Steem blockchain in January, called Steemit. The app is similar to other social network apps except that it is based on blockchain technology, hence making it a decentralized and non-custodial app. The network is without the common data-related problems faced by traditional social platforms.
**Ned Scott** worked as a business operation and financial analyst at an American Food importing company, Gellert Global Group, from 2012 to 2015. He met Dan, his partner, in 2015 where he found out they shared similar interests.
**Dan Larimer** is a software engineer and serial entrepreneur who is captivated by blockchain technology, DEXs, cryptocurrency and other technologies. Dan co-founded Steem alongside Ned Scott and was the CTO until he left the company in 2017.
## What Makes Steem Unique?
Many traditional social media companies have made lots of money through the content produced by their users. However, what sets Steem apart is the support it offers to its users by rewarding them for their valuable input to the platform.
One unique feature of the network is that it is based on blockchain technology —making it the first of its kind. As a result, it is non-custodial and decentralized, with no downtime or data abuse, and the platform’s data are perfectly secured too. Also, users are paid in cryptocurrencies for participating on the platform.
Steem is guided by one key principle: that those who contribute to a venture should be paid by the owners, just like startups do by allocating shares during funding rounds. Another core belief is to serve its community members by rendering various financial services and opportunities.
## How Many Steem (STEEM) Coins Are There in Circulation?
Token Economics
Unlike other blockchains where new coins are created through mining, Steem distributes the bulk of its coins (STEEM) to the rewards pool. STEEM is the primary coin of the protocol. The pool distributes tokens to users on the platform based on their input.
Witnesses (block-creating accounts) add new blocks to the Steem blockchain every three seconds. Therefore, STEEM is produced by the network daily and the new coins are distributed in this manner:
* Content curators and authors receive 75% of the new coins created.
* Users with Steem Power holdings (another Steem cryptocurrency) are allocated 15% of the coins.
* The remaining 10% is awarded to witnesses.
The other two cryptocurrencies apart from STEEM are the Steem Dollars (SBD) and Steem Power (SP).
How to Buy STEEM on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing STEEM. Some reputable platforms include Bybit、OKX、Binance, and others.
Step 2: Register an Account
Here, we'll register an account on the OKX (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing STEEM.
Step 5: Purchase STEEM
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of STEEM you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy STEEM.
Step 6: Store Your STEEM
After purchasing, you can choose to store your STEEM in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and STEEM assets, be sure to use a strong password and enable two-factor authentication.
STEEM Price:Steem is a community-focused blockchain that creates an instant earning opportunity for the network’s users. The price fluctuates daily, You can go to the exchange: okx to check the price.
Recommended Similar Coins: XEM、BTS