What is Steem and Steemit?
Steemit is a social media platform where everyone gets paid for creating and curating content.
Steem content is rewarded based on a voting system.The service produces STEEM and Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content.
Steem value will fluctuate over time.
One of the core principles of Steem is the idea that micropayments are inefficient. Even for a small tips of, say, $0.05, there is a conscious calculation that occurs as you weigh the option. This is a detriment to engagement.
Instead, Steem uses a steady stream of new tokens to reward content producers. Users do not have to think about how much to tip -- just what to tip. In addition, transactions are free on the Steem blockchain. This makes it very easy to participate by removing any cognitive load.
Launched March, 2016
Users >170,000 (as of May, 2017)
It is important to understand that Steem dollars and Steem power derive all of their value and power from the value of Steem which is the fundamental unit of the Steem blockchain.
What is Steem Power?
Steem power is a unique system that is used to inspire long term growth and commitment.
What are Steem Dollars
Steem dollars are tokens which are more price stable. They represent an approximate value of about $1 each. You can hold Steem dollars and get a ten percent return on your money or you can convert them to Bitcoin and other currencies.
You can check the current value of Steem Dollars by checking the Steem Dollar ticker
You can also use your Steem Dollars to power up which is in essence investing in the future of Steemit.
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