What Is Steem (STEEM)?

Steem (STEEM) is a database that supports community building and social relations using cryptocurrency rewards. According to the whitepaper, the Steem protocol is the first virtual currency that desires to reward all individuals who give personal assistance to its community without any limits. Also, the platform seeks to help social media and online communities by producing much of its value. It also delivers relevant contributions and rewards them with cryptocurrency by recognizing every individual's contribution to the community with the idea of adding value to the platform.  

 In addition, the Steem is developed to manage significant obstacles to the adoption and monetization of a social media-based economy. The word monetize means liquidating an acquisition or asset. The platform tends to reach a broad market and create a cryptocurrency through this process. Besides, involvement in renewing economic incentives can create relevant results for everyone.

Similarly, the platform is also into the problem-solving mode of cryptocurrency liquidation, onboarding, and organic discovery through Search Engine Optimization (SEO). SEO is a process of improvising the site and its visibility when people search for anything related to business. Also, STEEM provides a solution for micropayments, which refers to less than USD payments.

The Smart Media Token (SMT) is a native token of the Steem blockchain. STEEM token is a cryptocurrency token that is a fundamental unit of account on the platform. The token works based on a one-STEEM, one-vote system. Under this model, individuals who have donated the most to the platform have the most power over achieving contributions. Likewise, token holders own a monetary incentive to vote in a way that maximizes the long-term value of their STEEM. 

History of Steem (STEEM)

Dan Larimer and Ned Scott are the co-founders of the Steem platform. The whitepaper of the Steem platform was launched in August 2017.