A General Guide on Steem (STEEM) What is Steem?

STEEM is a cryptocurrency created by Ned Scott and Dan Larimer for the purpose of powering Steemit, a highly incentivized blockchain-based social media platform. Steemit is quite similar to Reddit in that users can make posts, comment on the posts, and upvote or downvote posts and comments from other users. However, Steemit is different from Reddit in that it rewards users monetarily for their actions

The Steemit platform utilizes a blockchain technology that enables users to receive cryptocurrency in exchange for participating in the network. This cryptocurrency can be exchanged for other conventional cryptos like Bitcoin and Ethereum or fiat currency like the US dollar.

Steemit also has a reputation system where new users start with a reputation point of 25. This reputation increases as a user begins to receive more upvotes on their content or comments. On the other hand, user reputation points can drop as a result of content or comments being flagged by other Steemit users. The reputation system was designed as an incentive for good behavior and etiquette on the platform in hopes it will foster better relationships within the community.

History of Steem
Ned Scott, who is currently Chief Executive Chairman of the Steemit company, along with blockchain developer and crypto entrepreneur Dan Larimer, developed and released the Steem Blockchain.

They met in January 2016, and by the end of March 2016, the blockchain went live. Some weeks later, the decentralized and censorship-resistant blogging and social networking platform Steemit was released as the first of several applications that will run on the Steem blockchain protocol.