Exploring Steem – The Groundbreaking Blockchain-Powered Social Platform

In the rapidly evolving landscape of social media, Steem stands out as a trailblazing platform that harnesses the potential of blockchain technology. With its innovative approach, Steem enables the creation of decentralized applications (DApps). It not only fosters social interaction but also rewards users with valuable cryptocurrency. 

This revolutionary blockchain-based social media model has captivated the attention of developers, entrepreneurs, HODLers, and content creators alike.

Unlike traditional platforms, Steem empowers its users by allowing them to become stakeholders and earn cryptocurrency rewards for their contributions through blogging, content curation, voting, or sharing. 

There’s more to this review. Hence, in this piece, we’ll dive deep into the fascinating world of Steem, exploring its unique features, structure, and the myriad entrepreneurial opportunities it presents for content and social networking businesses.

Steem Blockchain: What is It?

At the forefront of blockchain innovation in the realm of social media, Steem presents a groundbreaking platform. It revolutionizes the way content is created, shared, and rewarded.

As a social blockchain, Steem operates as a transparent and publicly accessible database, where immutable plain text content is stored. 

However, what sets Steem apart is its intrinsic incentivization mechanism that drives engagement and rewards contributors with its native cryptocurrency, STEEM.

Essentially, Steem functions as a distributed blockchain database, housing a vast array of records, including text content, transaction data, and even intricate calculations for reward distribution. 

To interact with the Steem Blockchain and access its wealth of information, users and content creators rely on frontend web interfaces provided by Steem DApps. A notable example is Steemit, a popular social DApp built on the Steem blockchain, which empowers its users by rewarding them with Steem tokens.

It is all understood that Steem Blockchain aims to attract a broader audience by blending social interactions, content creation, and financial incentives, fostering community building, and empowering content creators for mutual benefit.

Steem Tokens: STEEM, Steem Power (SP), and Steem Dollars (SBD)

Steem.io introduces three tokens that play different roles within its platform. Let’s take a closer look at each of them:

1. STEEM

This is the primary currency used on Steem.io and can be acquired by purchasing it from an exchange. It holds liquidity, meaning it can be easily transacted between users. All other tokens derive their value from STEEM.

2. Steem Power (SP)

“Powering up” involves converting STEEM into Steem Power through a smart contract. When users power up, their tokens are locked up for a duration of 13 weeks, encouraging long-term engagement on the blockchain platform. 

The amount of Steem Power a user holds determines their influence on the platform. Users with higher SP have more impactful votes compared to those with lesser holdings.

3. Steem Dollars (SBD)

SBD is designed to bring stability to the platform, with its value dependent on the US dollar. Users can exchange Steem Dollars for an equal value of STEEM. However, the conversion process takes approximately 3.5 days.

It’s worth noting that Steem Power generates interest for token holders, accounting for 15% of the newly minted STEEM. This provides additional incentives for holding Steem Power tokens.

Platforms offering features of blockchain platforms also provide mechanisms to maintain token value and interest generation.

Now, since we’re talking about Steem and its coins, let’s shed a bit of light on its main attraction, Steemit, the social media platform we know of. 

What is Steemit?

Steemit is a unique social platform built on the Steem blockchain. It stands out in the market as a blockchain-based social media model that enables content creators to be rewarded with cryptocurrencies. With its real-time application capabilities, Steemit offers a dynamic and engaging experience for users.

How to Open a Steemit Account

Creating a Steemit account is now simpler and faster, unlike in the past when invitations and waitlists were required. Let’s go through the process step by step:

• Visit the Steemit website and click on the “sign up” option located in the top right corner.
• Fill in basic information, including your name, email address, and phone number, for verification purposes.
• The phone number is needed to ensure that new users are real individuals, reducing spam on the platform.
• Creating a wallet is essential as it acts as a secure place to store your STEEM, STEEM Power (SP), and Steem Dollars (SBD).

Remember to keep your password and keys safe, as they are necessary for accessing your account and funds. Many users choose to print out or securely store their keys to prevent unauthorized access.

How Does Steemit Work?

Once you have a Steemit account and a wallet, you’re all set to explore and engage with the platform. Here’s what you can do:

• Comment on other users’ posts, create your own content, or join communities that align with your interests.
• Join beginner groups to familiarize yourself with the platform and learn the fundamentals from experienced users.
• It’s important to note that as a new user, you’ll start as a small fish, known as a “minnow,” with minimal influence.
• Minnows are on the opposite end of the spectrum from whales, who are the most powerful users on the platform.
• Growing from a minnow to a more influential user requires earning STEEM Power (SP), which represents your influence on Steemit.

Earning STEEM Power and STEEM Tokens

To increase your STEEM Power and earn STEEM tokens, there are two main activities you can engage in on Steemit:

Content Production

By creating posts or comments that receive upvotes from other users, you earn STEEM tokens. 

Content Curation

Steemit rewards users for discovering and promoting valuable content. If you find a post worth sharing and upvote it, you can earn STEEM tokens. If the content gains traction and receives more votes, you earn rewards for your initial curation.

Remarkably, you can passively earn SP by upvoting exceptional content, provided it gains popularity after your vote. However, it’s important to note that building up your STEEM Power through curation takes time and may be slower compared to producing your own content.

The Process Of Block Production in the Steem Blockchain

In the Steem blockchain, block production follows a unique consensus mechanism called delegated proof of stake (DPOS). Unlike traditional mining, the block creation process involves elected individuals known as witnesses. 

Here’s an overview of the block production process in the Steem Blockchain:

• Witnesses: Witnesses are individuals who own block-creating accounts within the Steem community.
• Voting: All Steem account holders have the power to vote for witnesses. Each account can vote for up to 30 witnesses.
• Election: The community elects 20 full-time witnesses, while the remaining backup witnesses fill the 21st position.
• Block Production: The 21 witnesses, acting as the network’s block producers and governance body, collectively create new blocks.
• Block Frequency: Each witness is required to produce a new block every 3 seconds.
• Block Output: With 21 witnesses actively producing blocks, a total of 21 blocks are generated within a 63-second interval.
• Compensation: Witnesses are rewarded with Steem Power, the platform’s native cryptocurrency, for creating and maintaining the blockchain.

Through this decentralized block production process, the Steem blockchain ensures the efficient generation of new blocks while maintaining the security and integrity of the network.

Unveiling Reward Distribution What Benefits the Steem Users 

Steem’s reward system is a key aspect that sets it apart. Users who actively contribute to content creation, curation, discussions, and voting receive rewards. 

Here’s an overview of how rewards are distributed among Steem users:

• Contribution-Based Rewards: 75% of the yearly inflation is allocated as rewards for users based on their contributions.
• Voting Patterns: The distribution model relies on users’ voting patterns, with a significant portion of rewards going to those who engage with popular content.
• Block Creation Rewards: Users receive a share of newly generated coins during block creation.
• Contrasting Bitcoin: Unlike Bitcoin, where 100% of new coins go to miners, in Steem, only 10% is allocated to witnesses, while the remaining 90% is awarded to content curators, producers, and Steem Power holders.
• Historical Rewards: As of June 2021, Steem has paid out an impressive $59,595,935 in rewards to its users.

Through this rewarding ecosystem, Steem incentivizes user engagement, content creation, and curation, fostering a vibrant community of contributors and providing opportunities for users to earn valuable rewards.

The True Potential  Steams Appeal to All Stakeholders

Steem, the blockchain-based platform, caters to the interests of a diverse range of individuals, including entrepreneurs, developers, social users, and HODLers.

With its array of Steem DApps and rewarding ecosystem, Steem presents unique opportunities for engagement and growth. 

Here’s an overview of Steem’s appeal to different user groups:

For Social Users

• Engage through Steem-based social apps like Steemit, DTube, and Utopian.
• Create and curate content to earn free Steem tokens.
• Steemit, a leading DApp, serves as a social media and blogging website.

For Entrepreneurs

• Build reward-based social media platforms on the Steem Blockchain by developing Steem DApps.
• Leverage Steem’s incentivization mechanism to reward users for quality content.
• Increase user engagement and influence within the social app.

For HODLers

• Participate in trading Steem tokens, including STEEM, Steem Power (SP), and SBD.
• STEEM: Liquid token for short-term traders.
• Steem Power (SP): Vesting token for long-term HODLers.
• SBD: Stablecoin pegged to USD.

Token Acquisition

• Social app users earn free Steem tokens through content creation and curation.
• Steem account holders can purchase tokens from Poloniex using cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, and Dash.
• Non-account holders can acquire Steem-based tokens from popular exchanges such as Binance, Upbit, Bittrex, and GOPAX.

Steem’s inclusive ecosystem empowers social users, facilitates entrepreneurial ventures, and caters to the trading interests of HODLers. Through its versatile applications and widespread adoption, Steem continues to redefine the possibilities of blockchain-driven social media.

How Steem Blockchain Empowers Content Businesses

Steem Blockchain offers compelling advantages for content businesses and their developers, revolutionizing the way web and content applications are built and operated. Here’s how Steem empowers content businesses:

Built-in Content-Specific Primitives

Steem is purposefully designed to power web and content applications, providing built-in primitives tailored to the needs of content-centric platforms.

Near-Instant Fee-less Transactions

Steem supports fast and fee-less transactions, eliminating the need for businesses to build their own blockchain infrastructure. This enables the development of engaging social DApps for community building and social interactions without the burden of transaction fees.

Instant User Incentivization

Steem-powered applications can instantly incentivize users by rewarding them with STEEM, the platform’s native cryptocurrency, for their contributions. This mechanism encourages active participation and engagement within the platform.

User Acquisition Advantage

One of the biggest challenges for new applications is acquiring users. Steem addresses this by granting Steem DApps immediate access to its rapidly growing user base, which currently exceeds one million users. This instant user acquisition potential provides a valuable head start for content businesses.

By leveraging the content-centric features, and user acquisition opportunities offered by Steem Blockchain, content businesses, and their developers can harness a powerful ecosystem to drive success and create thriving communities around their applications.

Why Develop on Steem?

Developing on Steem offers several compelling advantages. Firstly, Steem is specifically designed to power web and content applications, making it an ideal platform for content businesses.

It provides near-instant, fee-less transactions, eliminating the need for businesses to create their own blockchain for developing social DApps. Moreover, Steem comes with an in-built incentivization mechanism.

This feature allows businesses to instantly reward users for their engagement, thereby encouraging more interaction on their platform. The rewards are given in the form of Steem’s own cryptocurrency, STEEM, which users can earn for free.

So, Why Choose Steem for Your Development Needs?

• Instant access to Steem’s existing user base of over a million users, reducing the cost and effort of user acquisition.
• Seamless integration with Steem’s blockchain infrastructure, providing a robust and secure foundation for your applications.
• A community-driven ecosystem that fosters collaboration, innovation, and continuous growth.
• Built-in governance system allowing stakeholders to participate in decision-making and shape the future of the platform.

Join the Steem community today and tap into the power of this dynamic blockchain platform for your development projects.

Who Can Benefit from Steem?

Steem is designed with regular people in mind, aiming to reward them for their contributions to online communities and empower individuals worldwide. 

The technology behind Steem can process many actions per second, resulting in plentiful rewards that can be earned quickly. Digital tokens are distributed approximately 24 hours after content and votes are submitted.

Steem identifies several groups of people who can greatly benefit from using their platform, including:

• Creators: Individuals who generate original content can earn rewards for their contributions to Steem.
• Curators: Users who discover and curate valuable content by voting and commenting on posts can also receive rewards.
• Remitters: Steem provides a platform for efficient and cost-effective remittances, enabling individuals to send and receive funds across the globe.
• Merchants: Businesses and merchants can benefit from Steem by accepting Steem tokens as a form of payment, expanding their customer base and streamlining transactions.
• Market Makers: Steem allows users to participate in market-making activities, such as buying and selling tokens, providing liquidity, and facilitating trading.
• Shoppers: Users who make purchases using Steem tokens can enjoy the advantages of decentralized and secure transactions.
• Entrepreneurs: Steem offers opportunities for entrepreneurs to build innovative applications and services on its blockchain, tapping into its growing ecosystem.
• Bloggers: Bloggers can leverage Steem’s rewards system to earn recognition and compensation for their written content.
• Commenters: Engaging in meaningful discussions and providing valuable comments can also earn rewards on Steem.
• Internet Readers: Even readers benefit from Steem by having access to a wide range of diverse and quality content created by the community.
• Community Leaders: Steem provides a platform for community leaders to connect, engage, and build vibrant online communities, fostering collaboration and growth.
• Referrers: Users who refer others to join the Steem platform can earn rewards for expanding the user base.
• Sign-up Party Hosts: Individuals who organize sign-up parties and introduce new users to Steem can receive rewards for their efforts.

While traditional social media platforms like Reddit, Facebook, and Twitter generate significant value for their shareholders, Steem distinguishes itself by directly rewarding the contributors themselves with virtual currency.

Webisoft’s Expertise in Steem DApp Development

Webisoft is a seasoned player in blockchain development and has a particular fondness for developing applications on the Steem platform.

Leveraging Steem’s Robust Ecosystem

We deeply appreciate Steem’s robust open-source developer base and the comprehensive ecosystem of tools, APIs, resources, and tutorials it offers. This allows us to seamlessly integrate Steem into your project, whether you prefer using JavaScript or Python libraries.

Comprehensive Development Services

Our services cover the entire development process of your Steem DApp. We start by leveraging the unique advantages of blockchain-based DApps, such as the absence of a central controlling point. 

Our team of experienced blockchain developers is equipped with the necessary resources and expertise to manage your Steem DApp development project efficiently.

Prioritizing User Experience

At Webisoft, we understand the importance of a smooth and intuitive user experience. Our UI/UX design services focus on creating DApp designs that are intuitive and simple, ensuring that your Steem DApp users have the best front-end experience possible.

Thorough Testing and QA Services

Before launching your DApp, we conduct rigorous testing and quality assurance services. Our goal is to ensure that your Steem DApp is free of bugs and errors, providing a seamless and reliable user experience for your customers.

So, if you’re considering developing an app on the Steem Blockchain for your business, don’t hesitate to contact the Steem experts at Webisoft. Our developers have deep knowledge of blockchains, including Steem, and can help you significantly impact the blockchain space.

Frequently Asked Questions

Are there any age restrictions for creating an account on Steem? 

To comply with legal requirements, Steem has an age restriction policy. Users under the age of 13 are not eligible to become Subscribers, as Valve does not collect personal information from children in this age group.

Is there a maximum limit on the number of Steem token one can hold?

There is no specified maximum limit on the number of Steem tokens one can hold. Users can accumulate as many tokens as they desire within the Steem ecosystem.

How can I participate in voting for witnesses on Steem? 

To participate in voting for witnesses on Steem, you can use Steem-based applications or wallets that provide a user interface for witness voting. Simply locate the witness voting feature and cast your votes accordingly.

How can I track my earnings and rewards on Steem? 

To track your earnings and rewards on Steem, you can utilize Steem blockchain explorers or Steem-based applications. These platforms offer features to view your account balance, transaction history, and rewards received, providing a comprehensive overview of your earnings on the Steem network

Are there any restrictions on content copyright on Steem?

Steem does not have explicit restrictions on content copyright. However, users are expected to comply with copyright laws and respect intellectual property rights when creating and sharing content on the platform.