Steemit coin is a type of Cryptocurrency used to power the Steemit platform - a social media platform based on the Blockchain platform. Users create and store their content on Steemit as well as other news platforms like Reddit or Hacker News and are rewarded by Steem for their work.
History of the birth of virtual currency Steem
The project was established in 2016 by Ned Scott and Dan Larimer, who created the BitShares. They founded Steemit Inc., which runs the Steemit website and funds the development of the electronic money platform. On March 15, 1977, Dan Larimer announced his resignation from the company.
Three major currencies of Steemit
Steem
Steem is the basic unit of account on the blockchain Steem. All other units Steem dollars and Steem power get their value from the value of Steem. No need for Steem in its Cryptocurrency form, it should be used to buy Steem dollars, Steem power or Bitcoin converters. (See also: What is Bitcoin?Steem dollars
Steem dollars (SMD) is a unit used to reward users for posting and hosting content. Each Steem dollar represents Steem equivalent to US $ 1. Steem dollars (SMD) are created so that the user is not affected by the oscillation rate of Steem coin.
SMD is essentially a promise, that when you come to cash out, you will get a positive dollar with Steem of what you earn. The dollar earns interest at 10% per annum.
- Steem Power
Steem power (SP) is a contract signed by Steem and represents the amount of influence that an account has compared to the rest of the network. The more power Steem power accounts have, the higher their votes for posts or comments. Steem power also determines the weight of an account to vote for witnesses.
Accounts are created with a small amount of Steem stored as Steem Power. Content creators can choose 100% Steem power instead of 50% conventional currency and 50% Steem power. Users and investors can choose to turn liquid steels into Steem power, called Powering up.
Steem power can not be transferred or traded directly, but the account owner can choose to withdraw liquid Steem liquid on weekly payment at a rate of 1/13 of the total Steem Power account, called Powring Down. The account will be lost by Steem's rate of withdrawal
How does Steemit work?
The Steemit method works
In some ways, Steemit is similar to other digital currency. For example, Steemit's currency units can be bought and sold on the open market like all other virtual currencies.
With other secret terms like Bitcoin, real currency units are created every day and distributed to executives of a special Bitcoin software program on their computer that performs a process that is called Bitcoin digging. The amount of computing power
Steemit allows for currency mining, but that is not the main way to make money. Each day, the Steemit currency units are created by the network and distributed to the participants of the site. The more you participate, the more you will receive.
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