Steem is a community website based on blockchain technology. It works like Redit except you are paying with a similar Bitcoin virtual currency for your participation. Its operation is based on three awards: the Steem, the Power Steem and Steem Dollars.
-The Steem can be bought and sold like any virtual currency. By acquiring the Steem and turning it into Steem power (power up), you can increase your income from your participation and voting power. The total number of Steem doubles every year but sharing among all participants 90% of Steem avoids some inflation effect. Every 3.32 years, the Steem is converted to 10: 1 (10 Steems become Steem 1) to avoid the precision errors.
- The Steem Power reward savings over the long term and gives voting power. The Steem power can not be transferred and request 2-year maturity and 104 payments before being converted into Steem. 90% of new Steem creates is shared among all those with the power Steem. 10% of new Steem creates is given to anyone post or participate in discussions.
- Steem Dollar = 1 Dollar. The award value of savings in the short term. It may be transformed into Steem after 5 days. Keeping Steems Dollars can receive interest.
Steem rewards you for your participation in the discussions, subject selection, savings in the long and short term, the mining and manufacturing market.
1) Participation in the discussion: Rewards for the creation of new popular subjects (50% Steem Power, 50% Steem Dollars). Create distinctive and interesting topics as many. Be active. 25% of earnings are sent to the best comment (in proportion to the votes received by the comments).
2) Selection of content : If you are among the first to vote for popular topics, you save Steem power. Following the 0.8 update, if you vote immediately after the author 99.94% Selection revenue back to the author of the topic. If you vote after 15 minutes, you come back 50%. If you vote after 30 minutes or more, 100% of selected income you are entitled. The author of the subject always receives 50% of all revenues of the subject. The voting power decreases of 5% each vote. It regenerates 100% every 24 hours. To maximize Steem power, we must vote 20 times per day. You can check your curation rewards by going to the topic and replacing steemit.com by steemd.com in the address bar.Advenced Mode
For example: https://steemd.com/steemit/@digitaltrends/steem-for-dummies
3) Savings over the long term: Interest and voting power received through the Steem power.
4) Savings on the short term: Interest received through Steem Dollars has.
5) Steem mining : The Steem maybe "mined" with Ubuntu or Windows. The mining requires to operate a network node and create a Steem source. A witness defines any network node can validate the blocks. This is a prerequisite for producing blocks. Once proof of work accepted by the network, it is necessary that the node remains connected to produce the block at the time demand. Each round (21 blocks), a minor can produce a block. A round can take up to 63 seconds if everyone produces a block. The queue of minors is proportional to the difficulty. Double trouble every 4 children in the queue.
6) Creation of contract: Free exchanges and subsidies for liquidity providers.
In the long term, 1% of the market capitalization will be given to suppliers every year. Each time the account that will accumulate the most points will pay cash 0.000114% of the market capitalization and their points reset to zero. All inactive supplier more than a week will have their points reset to zero. In the short term, 1200 will be paid each hour Steems until 1200 Steems represent less than 0.000114% of the market capitalization.
Welcome to Steemit
Can you explain point no. 2 on selection of content, I failed to understand.
what is "selection income " ?
Thankee!
Always liked the "for dummies" series.
Very good guide Thanks for sharing
Great information! This is the best guide for dummy beginner like me haha. I love this place with or without rewards but I agree I wouldn't turn one down.
This may help too :)
https://steemit.com/steemit/@cultura.bitcoin/steemit-decentralization-of-the-paradigm-of-writing
Thank you ! It really helps us to understand better this great platform :)
Good and compact guide, great!
I liked your article, but there are some spelling errors which make it confusing. And, you mean Steem Power, right? Instead of Power Steem? Not trying to be nitpicky. Just trying to help. Thanks though for your post.
Fixed now thanks
Thanks