The main platform of STEEM, also known as Steemit, is a social media platform that the blockchain of the company builds keeping it at the highest priority. This content-specific social network rewards their users in the form of cryptocurrency because they fulfill the purpose of participation.
How the company actually works?
- The greater the value provided by the specific amount of content to a larger strength of people, then the individuals who create and curate the content have great opportunity to earn more.
- The users are supposed to cast their votes, which helps in the creating of the hierarchy of the content. The higher number of votes earned by the post, the higher are the chances of earning more. There can be down votes that users can cast, which gives flexibility to the participants while they are rating a content.
- The users that possess more currency are able to cast their votes with a greater influence. People have one last chance to upvote or down vote a post before the payouts become irreversible.
What three digital tokens make up the Steemit ecosystem?
- STEEM: At the company’s platform, STEEM serves to be a foundational cryptocurrency. It is exchangeable for cryptocurrencies through the various exchanges that are available in the market out there.
- STEEM Power (SP): Powering up is a process in which your STEEM converts into STEEM Power, wherein you are investing on the platform as an equity. The ones who possess the high STEEM power can contribute to providing great influence over the content; this helps it to achieve higher rankings. Considering the upvotes and the downvotes from the users that hold a large number of SP have more worth compared to the ones that have a lesser SP. The limits of the rate are in the place where the SP converts back into the prior STEEM version, which considers as the power down.
- STEEM dollars: These units commonly represent short-term debts in the tenure of working on the platform.
How can you actually get STEEM?
There are two possible ways for users to get STEEM. Either users can buy STEEM or they can earn it. If you consider buying STEEM, you can do it through the various cryptocurrency exchanges, which are available. When you buy STEEM, it is the easiest way in which you can acquire it. However, if you want to earn it, you will have to get yourself engaged with the community of steemit, by posting contents, adding comments on other contents, and sharing them. The higher valued your contributions are the more likely you are to earn a larger amount of STEEM. You can browse through steemit.com to find more related information about STEEM and its community.
Moreover, the users who participate in this STEEM network can benefit by earning rewards offered to them. The priority to the quality of the content is set through the voting system, used by STEEM. If you accumulate SP, it can help you in growing your influence and earnings on the network of STEEM. The more investments that you make in this platform the more influence your upvotes will have, this, in turn, will be an opportunity for its users to earn the rewards.
What are the benefits of using Steemit?
- It is open to all: there are no preferences or restrictions regarding who can join Steemit, everyone is welcomes here. You could be anyone from the crowd like a musician, doctor, dancer, lawyer, artist, technician, professor or even a homemaker, it does not matter, you can start sharing your experience in any form that you would like to.
- People can look it as an investment: if you feel this can be a long-term investment then you should go ahead. The stakeholders will vote for long-term rather than short-term. Statistics say that there are majorities of people who are making their investment in it since; they see a bright future, which has great potential too.
- Freedom of speech: you have the full right and authority and you do not have to be afraid that your content forbids. You can be free, say, and share whatever you have in your mind with the crowd out there. No fear or any kind of pressure from anyone, thus freedom of speech serves to be a foundational compound.
- Security: The Company has recently been following a new approach, in order to secure the accounts of the user. A decentralized approach, which has a basis on the identity of the real world.
- No censorship: this network is decentralized and the minors around the globe operate it. There is no censorship since all the actions of the user record are open to the public on the blockchain, which the public can easily verify.
- A platform for marketing: this proves to be a great marketing platform since most of the posts are making it to the top queries of the search. Moreover, the more the content releases on the company’s platform, the more the search engine is going to notice it.
There has been an introduction of some new features of the platform, which include a few of the following:
Trending is useful: the trending page now shows the posts, which have gained the highest values. Moreover, it is considered that soon it will is going to be made the default page.
New button for downvote: The Company changed the downvote button and its replacement is a flag in the top right corner of every post. This actually implies that the use of downvotes should be accessible only to flag the content for abuse rather than trying to push someone else down.
The payout status: Inspection of the payout status of the posts is very easy and is achievable by clicking on the amount of the pending payout. This will help you to know when the post schedules to pay out and how much has the user paid in the past. More related content is present on the website steemit.com.