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RE: The first phase of the Steem FAQ and Wikee: Consolidation of Knowledge
Steem > Currency (like the USD)
Steem Power > Determines how much is your Up vote worth/ how much influence you have in the platform and how much are you vested.
Steem Dollars > A smart contract(promise) that you will get around the same amount of Steem out worth 1 US Dollar at the current market price. 1 Steem Dollar is always worth around 1 US Dollar