STEEM uses a Technology called Delegated Proof of Stake. Doesn't require mining rigs. Users just vote for witnesses who produce the blocks.
As far as @appics. They will have the open ICO in a few weeks. I think.
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Thanks Robert... I'll have to look into it a bit more I think... very curious to figure out how the whole witness thing works.
Here is the Bluepaper for a start. Easy Read.
https://steem.io/steem-bluepaper.pdf