Steem- A social blockchain where communities can grow

in #steem5 years ago

Steemit_logo_1200.jpg
Image source

Steem

Steem aims to offer a social blockchain where the communities can grow and make immediate revenue streams possible for users by rewarding them for sharing content. It’s currently the only blockchain that can power real applications via social apps like Steemit. The fundamental unit of currency is STEEM in this ecosystem. The principle with which it works is known as proof-of-brain. It has reward pool which used to reward content creator, curator, witness, vested stakeholders.

It is a scalable blockchain as it is based on DPoS algorithm and there is no transaction cost. It has the capacity to scale 10000 transactions per second. It has a payout mechanism in place which rewards the authors, curators. The post after publishing is curated in the community by various curators and the at the end of 7 days, the post-payout matures.

Steemit

Steemit is the social media platform which is built on the top of Steem blockchain. It is the first ever decentralized social media platform. Along with Steemit there are many other popular dapps which exist and serve various use-cases in Steem ecosystem.

Other popular dApps

  • Partiko
  • eSteem
  • Steemhunt
  • Steemstem
  • Dtube
  • Actifit

What is Author Reward, Curation Reward & How the Reward works in Steem

The person who creates a content, like writing an article and posting it in steem bockchain is known as the author and there is a author reward which he can get minimum of 75% of the total post payout and there is also a curation reward, the person who upvotes is known as the curator and a curation rewards is also designed in this payout system and a curator can get maximum of 25% of the total reward.

50%/50% Reward

If you have chosen the default (50%/50%) then 50% of the Author payout will be in SBD and 50% of the Author payout will be in SP. Here the 50% of the Author Reward will be in SBD directly without conversion and the balance 50% of author reward is in USD actually, which is then converted in to SP based on the value of steem at the time of payout and this is why it is called as STU, where the 50% of the Author Reward (liquid reward) is SBD and 50% Author Reward is in USD which is converted into SP.

wp2 (1).png

100% powered up reward

If you have chosen Power Up 100%, then you will not get any liquid reward in SBD and the full Author reward will be in USD which gets converted in to SP and will be added to your SP balance at the end of 7 days.

wp3 (1).png

Reverse-Auction Curation

In Reverse-Auction, the early you vote, more you will lose your part of curation.

So if we consider the first 15 mins of a post, then it is clearly evident that the more upvotes the Author gets within first 15 mins, the more would be the Author part and less would be the Curator part.

So in the first 15 mins there is a linear variation of Curation Reward starting from 0% at the 0 min to a maximum of 25% at the 15 mins+, after 15 mins there is no more variation and the Curator’s Reward is fixed 25% thereafter.

So if a curator votes early, it loses a portion of his curation reward and that portion varies linearly as stated above.

But wait, it does not conclude that you should not vote early. There is another mechanism by which the early you vote, the more curation you will get and this mechanism is known as voting position multiplier.

Voting Position Multiplier

In this, the early you vote, the more curation you will get but you can optimize your curation only if after you upvote, more curator joins and greater size upvotes the post gets, then only this will be effective.

So Curation Reward = (Total Reward Pool)(0.25)(Reverse Auction Multiplier)*(Voting Position Multiplier).

So from case to case, the curation will vary and you have to choose those post to vote early which has the potential to be a trending post and there is a likeliness of that post to get more earning, in such posts you can go for upvoting at an early stage and can optimize your curation reward. In normal posts, you can choose to vote after 15 min only.

Join Steem- https://signup.steemit.com/

Coin Marketplace

STEEM 0.20
TRX 0.12
JST 0.028
BTC 63624.94
ETH 3481.95
USDT 1.00
SBD 2.54