What is Steem? | A Beginner’s Guide to a Potentially Huge Content Solution

What is Steem
Steem is the name of the token that can be bought and sold on the open market, based on the blockchain-based platform Steemit.

Steemit is a platform that allows publishers to monetize their content that functions similarly to many other social content networks.

Think Reddit, but in a way that pays writers and content curators.
Steemit rewards writers when their content gets upvoted, and it also rewards people who help curate the best content by upvoting other people’s content.

Steem, one of the three currencies the Steem platform offers, is an integral part of this system.
How Does Steem work?
In order to really focus on Steem, we have to go over a bit about the Steemit platform.

Every day, the Steemit network creates new Steem units and distributes them to its users. The users can then exchange these units on the open market for Bitcoin, other cryptocurrencies, or fiat.

Steemit has really gathered some “steam” (excuse the bad pun) in the content and cryptocurrency community because it virtually allows anyone to write about interesting topics and start earning money.
images (1).png
Steemit is different from other cryptocurrencies like Bitcoin because it doesn’t solely rely on mining to generate new currency units. While you can technically mine Steem, the network creates new Steemit currency units and automatically distributes them to people who are writing on and engaging with the platform. The amount you get is correlated with the number of upvotes the content you write gets and the amount you engage with the site (upvoting and commenting).