Steem is a cryptocurrency used to control the stage Steemit - a boosted blockchain online platform.
Users make and curate content on Steemit simply like other social news stages (for example Reddit, Programmer News) and get rewarded in Steem for their work.
Steem
Steem is the central unit of record on the Steem blockchain.
Every single other unit (Steem dollars and Steem power) get their incentive from the estimation of Steem.
There is no compelling reason to clutch Steem in its cryptocurrency money structure, it ought to be utilized either to purchase Steem power, Steem dollars or be changed over to Bitcoins.
Steem increments in supply 100% every year. Steem was first distributed as a whitepaper in March 2016.
The reward and platform were in Beta until July fourth 2016.
Steem Dollars
Steem dollars are the units used to remunerate users for posting and curating content.
Each Steem dollar speaks to the measure of Steem comparable to 1 USD.
Steem dollars (or SMD) were made with the goal that users won't be influenced by the fluctuating conversion scale of Steem.
SMD are really a guarantee, that when you come to money out you will get the USD proportionate in Steem of what you've earned.
Steem Power
Steem power (or SP) is a token symbolizing how much power you have inside the Steemit platform.
When you have a great deal of SP your votes include more in the framework. Truth be told you can't cast a ballot on the off chance that you don't have any SP.
Expanding your SP is known as "power up" and diminishing it is known as "power down".
The best approach to power down is fundamentally to money your SP into Steem.
This should be possible over a preiod of 104 weeks (2 years) so as to protect that users don't simply money out rapidly and breakdown the entire Steemit economy.
Steemit platform
Not at all like different digital forms of money, Steem has a worked in expansion of 100% annualy and no coin limit.
The platform itself (Steemit) has developed extensively since the Coin propelled on July fourth 2016 and at present has more than 1,000,000 users.
You can gain Steem dollars and Steem power on Steemit by posting and curating articles.
Thanks to @cateredcontent for sponsoring this article...