1. Project introduction

Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content. Steem flips the social media model and returns the value to the people who contribute the most. Users become platform stakeholders, maintaining control over their data, and earning cryptocurrency rewards for each contribution they make.

Steem is based on a new state-of-the-art blockchain technology called Graphene, which uses “witnesses” instead of “miners” to produce blocks. The “delegated proof of stake” model of using witnesses instead of miners allows for greater efficiency in block production. With BTC, 100% of the new coins that are created are allocated to block producers (miners). With the Steem blockchain, only 10% of the new coins are paid to block producers (witnesses). The other 90% of new STEEM coins are awarded to content producers, curators, and Steem Power holders.

2. Application

The fundamental unit of account on the Steem platform is STEEM. Steem operates on the basis of one-STEEM, one-vote. Under this model, individuals who have contributed the most to theplatform, as measured by their account balance, have the most influence over how contributions are scored. Furthermore, Steem only allows members to vote with STEEM when it is committed to a vesting schedule. Under this model, members have a financial incentive to vote in a way that maximizes the long-term value of their STEEM. All other tokens derive their value from the value of STEEM. STEEM is a liquid currency, and therefore can be bought or sold on exchanges, as well as transferred to other users as a form of payment.