STEEM Promotion Contest #10
STEEM PROMOTION
Are you wondering ‘what is Steemit‘? Imagine a social media platform that pays you to use it. Well, good news… There is such a thing! It is called Steemit and it was founded by Ned Scott and Dan Larimer in 2016.
But what exactly is Steemit? If you haven’t heard of it before, it is essentially a content-sharing site like Reddit or Medium, powered by the Steem blockchain. Even if you haven’t heard of Steem before, chances are, you’ve probably heard of cryptocurrency and blockchain technology. But how does it all work?
Imagine that every person has a spreadsheet that has information about every sale that has ever happened. As more sales occur, a computer updates each spreadsheet just as every sale occurs. This is what blockchain technology is.
Some people might also ask that, is STEEM just like Bitcoin? Like comparing USD to EUR? Well not quite. They both use the same technology but they use it slightly differently. Bitcoin is a peer-to-peer currency but STEEM is a social media platform that the Steem blockchain supports. That means that user interaction (in the form of upvotes or shares) relates directly to the Steem tokens a user makes.
The Steemit network actually has three different cryptocurrencies: STEEM, Steem Power, and Steem Dollars. STEEM is the foundational digital currency of Steemit and it can be traded like any other currency. You can buy Steem, sell it, or convert it into other cryptocurrencies. It can also be converted into Steem Dollars (SBD), or “powered up” to receive Steem Power (SP).
Steem dollars are what users send to each other when they upvote or share each other’s content and you can only use them within the Steemit platform. The price of Steem is often measured against the U.S. dollar. One Steem dollar is the amount of Steem that it takes to reach one U.S dollar depending on the exchange rate.
Steem Power (SP) is essentially a token that symbolizes how much influence you have within the platform. The more Steem Power you have, the more your upvotes and downvotes count.