Steem (STEEM) — Blockchain-based social media platform

Description
Steem.it is a blockchain-based social media platform wherever anyone will earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem primarily based currencies in an exceedingly vest fund, that generates interest.

Features
There area unit 3 main currencies in Steemit: Steem, Steem Power (SP) and Steem Backed bucks (SBD).

Steem is liquid and may be bought in Associate in Nursing exchange and born-again into steem bucks or steem power.
Steem Power is largely Steem that's barred in an exceedingly vesting fund for three months. Users will use steem power to upvote content and find curating rewards. once a user upvotes content his steem power gets depleted so slowly regenerated. Steem Power holders receive interest from their holdings. The a lot of Steem Power a citizen has the a lot of revenue he’ll generate for himself (in style of SP) and for the content creator (In SBD).There is conjointly Associate in Nursing incentive to upvote content early, because the rewards area unit distributed in keeping with time. The earliest votes gets the largest share of the reward.
Steem Backed bucks area unit there to safeguard content creators from volatility and may be listed for roughly one usd value of steem, so as to live from steem. changing Steem backed bucks into STEEM takes five days. Users conjointly recieve interest from holding SBD.
Underneath the hood of Steemit.com there's a tradeable cryptocurrency token, known as Steem, and it’s playing well on the US-based exchange, bittrex.com, and blockchain-based exchange openledger.info. With Steemit.com, posts, comments and votes area unit changeless. Attribution could be a given. enfranchisement isn't taken without any consideration. And community appreciation is Associate in Nursing actual reward.
Issues with Steem
While produce Associate in Nursing account parole length ought to be sixteen characters or a lot of is shown that is usually terribly tough to remeber
This range can fall as there's a lot of content extra and other people vote on that. In effect, all existing payouts area unit diluted by payouts to new content.
Steem.it is a blatant ripoff of Synereo
In terms of mining, the issue is insanely simple relative to the rewards right now!
Short POW — Specially after the 4 week long (extreme short pow) is over now (only 1 out of 21 blocks is a pow block) and they mined 80–90% of the supply, that stakes for them
Lack of directions and wallets therefore ninety nine of the folks can’t mine a coin that's meant for the folks
Relaunched as a result of their miners crashed
Coins staking currently
4th ANN, thread to bristly the past
1 out of each twenty one blocks could be a prisoner of war block, rest is staking, largely the coins they own
Blogging the new mining, whereas they centrally issue a number of the premine through an internet site is sort of risible
Source: https://bitcointalk.org/index.php?topic=1466593.40

Key Pointers
Don’t obtain the coin on exchanges, as a result of the developers can dump on you from the lots of coins they hold and stake (80%+ of the supply). dig just for free from the web site, from wherever it’s centrally issued for content.People will still get their coins at no cost on the web site, the sole reason it’s not there's as a result of the developers ought to dump to achieve funding.

Technology
Steem could be a proof of labor currency with a regular blocktime of three seconds. Steem prisoner of war mining is finished in rounds of sixty three seconds by twenty one miners (witnesses). nineteen of the miners area unit pre voted, one is that the alternative with the foremost procedure power, and also the last one is chosen from a queue of witnesses that failed to get on the highest nineteen voted witnesses.

90% of the block reward is allotted to a vest fund to reward curators and prisoner of war miners, the opposite ten area unit created liquid within the style of steem and area unit wont to reward content creators. Steem gets born-again to Steem Backed bucks and sent to the content creator.

Reference
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