What is Steem (STEEM)

1. Project Introduction Steem is a blockchain designed to power decentralized social media platforms. It uses a Delegated Proof-of-Stake (DPoS) consensus mechanism, allocating 10% of block rewards to “witnesses,” who serve as network validators. Unlike other DPoS blockchains, 75% of newly minted staking rewards go into a reward pool that compensates users for creating and engaging with content on decentralized social platforms and dApps powered by Steem. The platform incentivizes content creation, voting, and commenting. Steem features three tokens: STEEM, Steem Power (SP), and Steem Blockchain Dollar (SBD). STEEM serves as the platform’s core currency and unit of account. SP represents voting power and influence; holding more SP means greater rewards and voting weight. SBD, originally pegged to the U.S. dollar, now fluctuates based on market value. Users earn STEEM for content curation and creation, while voters receive SBD and SP rewards. Steemit was the first dApp on the Steem blockchain, enabling users to earn crypto rewards through social activity. 2. Team & Investment Info Steem was co-founded in 2016 by Dan Larimer (also founder of EOS) and Ned Scott. Funding: NA 3. Social Media URLs X: https://x.com/Steemit Reddit: https://www.reddit.com/r/steemit/ GitHub: https://github.com/steemit 4. Token Info Token Symbol: STEEM Total Supply: 476,599,360 Token Type: Steem Mainnet Issuance/Burn Mechanism: Inflationary Contract Address: https://steemdb.io/ Token Distribution: Mined through block production 5. Related Links Official Website: https://steem.com/ White Paper: https://steem.com/SteemWhitePaper.pdf LinkedIn: https://www.linkedin.com/company/steem-blockchain/ Other Info: https://www.rootdata.com/Projects/detail/Steem?k=ODM%3D