View source for Steem



URL = https://steemit.com/

=Description=

'''1.'''

"Steem is an aggregate social networking site where users, or "Steemians", post original content, links from the Internet and questions. Steem users upvote or downvote this content to promote interesting post and reward the author. As a post's popularity increases, it gains more visibility and the author is likely to receive even more rewards for their effort.

Posts that are downvoted or fail to garner many upvotes quickly vanish from view as higher quality content rises to the top of the "Hot" and "Active" list on the Steemit front page. Steem users receive rewards for upvotes on their original content, links and comments, but they can also lose rewards for unpopular post by being downvoted, especially by large stakeholders in the Steem platform called "whales" -- giving an incentive not to just post, but to post high-quality or especially interesting and relevant content. Any Steemian can comment on posts, and their comments can generate interesting debate or give further details on the topic at hand."
(https://steemit.com/steem/@tuck-fheman/what-is-steem)

=History=

Fabian Schuh:

"In early 2016, Dan Larimer and Ned Scott teamed up to create STEEM, a social media platform on a blockchain based upon the Graphene technology. They agreed that Ned would be appointed CEO and Dan would focus on his strength, the technology. Steemit, Inc. ("Steemit") took an initial investment of $220K and then built and delivered a functioning blockchain in just a few months. It created a working website and began mining a cryptographic token called STEEM using a new CPU-only proof-of-work mining algorithm.

Mining for STEEM was made available to everyone at the same time with several days' notice via a post on bitcointalk.org. As the concept was new and there were less people interested in mining STEEM at the time, Steemit mined 80% of all STEEM the first week; however, this percentage decreased materially as new miners began mining STEEM. The initial mining distribution made it possible to pay voters, posters and other users thereby bootstrapping the STEEM community during its infancy. STEEM also tackled the issue of transaction costs for new users by giving them $5 in STEEM so they could read, vote and post immediately; thus providing a means by which users could interact with the application without incurring any startup fees. As of today, except for a single transaction type, no transactions on STEEM costs any network fee. This is due to the innovative introduction of rate-limited transactions that prevents spam by limiting bandwidth instead of asking for a fee.

Within 6 months, Steemit held less than 50% of STEEM due to inflation paid to miners, block producers, voters and posters but has maintained a large minority stake in the cryptocurrency which has given it the ability to pay for development. Some argue that STEEM is unsustainable but today, says Dan, "Steemit is well funded and can sell its STEEM to fund development of the platform."
(https://steemit.com/eosio/@xeroc/historical-facts-about-daniel-larimer-and-his-contributions-to-the-blockchain-industry)

=Discussion=

Ian Grigg:

"At the moment, there are not many real use cases on the blockchain. BitShares
is a successful business on a blockchain. Steem is the first successful
distributed application for end-users – it's on the blockchain but it does not
feel like you are on the blockchain. The users just don't need to know or care.
Steem opens up the entire field of social media as potential DApps. What Steem
says is that you can do anything like a social media network on a blockchain -
you can do Facebook, you can do Twitter. What Steem says is that we now have
validated use cases in crypto – that's extraordinary."
(https://steemit.com/eosio/@xeroc/historical-facts-about-daniel-larimer-and-his-contributions-to-the-blockchain-industry)


=More information=

* [[Planet Steem]]

[[Category:Media]]

[[Category:Cryptoledger Applications]]

[[Category:P2P Infrastructure]]

[[Category:Media]]

[[Category:Peerfunding]]