If you ever heard of the platform Steemit before, you probably should get yourself familiarize with Steem as well. Steem is a social media network, just like Facebook and Twitter. However the factor that distinguish Steem apart from all the other social media network available out there is the fact that it is powered by blockchain technology. Steem social media platform originated from the fusion of ideas between cryptocurrencies and social media. On the platform, all participant could create , share, comment, upvote/downvote content to earn cryptocurrency based on the performance of the content within the Steemit community.
Steemit is a social media network built on top of Steem (a blockchain technology). The way that Steemit operates is awfully similar to social network site like Reddit and Medium as all of them can be classified as content-driven social network. The only difference is that there is a reward mechanism built into the Steemit platform which awards its users using cryptocurrency. Here is a short summary on the core operating principle of the Steemit platform. First and foremost, if a particular piece of content provides more values to more people, the individuals who responsible for creating the content are able to earn more from the content. Besides, by allowing users or participants of the platform to downvote/upvote contents in the platform, a hierarchy of contents can be created. On top of that , the Steemit community is also meritocratic , which means that users who hold more cryptocurrency possesses greater influences when casting their votes on a content.
Unlike a lot of other cryptocurrencies such as those which abide the ERC 20 protocol, Steem has no coin limit and it has a built in 100% annual inflation. Ever since the launch of Steem in July 4th of year 2016, the platform has undergo some significant growth. Steem platform now has over 70000 users. However the amount of active users are considerably lower than the mentioned amount.
To further explore what Steem really is and how it operates , We have provided the original and unedited PDF Steem (STEEM) Whitepaper for our readers to understand the detail of it .