UNDERSTANDING STEEMIT.COM

i am writing this for people who are new in the steemit platform or, who are in one way or the other still feel confused about steem and steemit.

INTRODUCTION
Steemit is a Steemit is kind of a social news platform that pays users with digital currency called Steem for posting and upvoting good content, with a nice add-on of getting paid for your participation.Steem (the digital currency,not to be confused with Steemit the website) was first described in a whitepaper in March 2016. Steem and Steemit were in Beta until July 4th 2016. Steemit runs on top of a decentralized network named Steem. Like Bitcoin , Steem is a blockchain with transferable tokens.

In addition to moving tokens from one place to another. While steemit.com is the first and reference front-end website interface for the blockchain content of Steem, the network's open and permissionless nature allows third-party websites and apps to connect and interact with the Steem database. Several have been created by third parties. These offer alternative interface designs or features such as Instagram-style image posting. Busy.org is a Steem- interacting website with an alternative user interface. eSteem is a Steem-interacting Android and iOS app. A forum-style application called chainBB is also available.

STEEM
The STEEM is the network's base token. It is traded on multiple cryptocurrency exchanges and markets. Its market value determines the value of the pool of rewards paid by Steem. Its value also backs the value of Steem Dollars.

STEEM Power
STEEM Power (commonly abbreviated SP) is STEEM that has been entered into a smart contract and represents the amount of influence an account has compared to the rest of the network. The more STEEM Power an account has, the higher influence its vote has on posts or comments. STEEM Power also determines an account's weight for witness approval voting.
Accounts are created with a small amount of deposited STEEM in the form of STEEM Power. Content creators have the option to choose post rewards of 100% STEEM Power instead of the default 50% liquid currency (a combination of STEEM and Steem Dollars) and 50% STEEM Power. Users and investors also have the option of converting liquid STEEM into STEEM Power, called powering up. STEEM Power cannot be transferred or traded directly, but the account owner can choose to withdraw liquid STEEM in weekly payments at a rate of up to 1/13th of the account's total STEEM Power. This is called powering down. The account will lose its voting influence in proportion to the STEEM withdrawn.

Steem dollars
This is the currency of the Steemit platform and is also known as SMD. This is what people send to one another when they upvote posts on Steemit. The reason it’s called Steem Dollar is because 1 Steem dollar represents any amount of Steem required to reach 1 USD depending on the exchange rate at that time (more or less).
However unlike Steem, you can not use Steem dollars outside of the Steemit platform. You will first have to convert your Steem dollars into Steem and only then you will be able to convert that Steem into Bitcoin or USD. The reason Steem dollars were created is because the founders wanted to peg the value of Steem in some way to the US dollar, so that people will be able to trade inside Steemit but not be afraid of exchange rate fluctuations. This way if you trade, for example, 100 Steem dollars you know you’re giving away 100 USD worth of Steem.

Wallet

The Wallet page on Steemit shows the tokens belonging to an account. The web-based wallet allows network transfers of Steem Dollars and STEEM. Additionally it has controls for powering up or down, transferring liquid tokens to and from savings balances, and conversion of Steem Dollars to STEEM. Savings balances are provided as a security measure and take 3 days for a withdraw.

Rewards

Post and comment rewards are split 75% to the author and 25% to the curators. A 50/50 split of STEEM Power and liquid tokens are awarded to authors and commenters 7 days after a post or comment is made. 100% STEEM Power rewards are optional for posts. Post authors can also choose to decline payouts.

Source-https://en.m.wikipedia.org/wiki/Steemit
Don't forget to upvote or ,resteem if you found this piece Interesting. And also would like to hear what you think in the comment section.
If you want to know about resteem, why you should resteem and when not to resteem follow the link below:h the Steem database. Several have been created by third parties. These offer alternative interface designs or features such as Instagram-style image posting. Busy.org is a Steem- interacting website with an alternative user interface. eSteem is a Steem-interacting Android and iOS app. A forum-style application called chainBB is also available.
STEEM
The STEEM is the network's base token. It is traded on multiple cryptocurrency exchanges and markets. Its market value determines the value of the pool of rewards paid by Steem. Its value also backs the value of Steem Dollars.
STEEM Power

STEEM Power (commonly abbreviated SP) is STEEM that has been entered into a smart contract and represents the amount of influence an account has compared to the rest of the network. The more STEEM Power an account has, the higher influence its vote has on posts or comments. STEEM Power also determines an account's weight for witness approval voting.
Accounts are created with a small amount of deposited STEEM in the form of STEEM Power. Content creators have the option to choose post rewards of 100% STEEM Power instead of the default 50% liquid currency (a combination of STEEM and Steem Dollars) and 50% STEEM Power. Users and investors also have the option of converting liquid STEEM into STEEM Power, called powering up. STEEM Power cannot be transferred or traded directly, but the account owner can choose to withdraw liquid STEEM in weekly payments at a rate of up to 1/13th of the account's total STEEM Power. This is called powering down. The account will lose its voting influence in proportion to the STEEM withdrawn.
Steem dollars
This is the currency of the Steemit platform and is also known as SMD. This is what people send to one another when they upvote posts on Steemit. The reason it’s called Steem Dollar is because 1 Steem dollar represents any amount of Steem required to reach 1 USD depending on the exchange rate at that time (more or less).
However unlike Steem, you can not use Steem dollars outside of the Steemit platform. You will first have to convert your Steem dollars into Steem and only then you will be able to convert that Steem into Bitcoin or USD. The reason Steem dollars were created is because the founders wanted to peg the value of Steem in some way to the US dollar, so that people will be able to trade inside Steemit but not be afraid of exchange rate fluctuations. This way if you trade, for example, 100 Steem dollars you know you’re giving away 100 USD worth of Steem.

Wallet

The Wallet page on Steemit shows the tokens belonging to an account. The web-based wallet allows network transfers of Steem Dollars and STEEM. Additionally it has controls for powering up or down, transferring liquid tokens to and from savings balances, and conversion of Steem Dollars to STEEM. Savings balances are provided as a security measure and take 3 days for a withdraw.

Rewards

Post and comment rewards are split 75% to the author and 25% to the curators. A 50/50 split of STEEM Power and liquid tokens are awarded to authors and commenters 7 days after a post or comment is made. 100% STEEM Power rewards are optional for posts. Post authors can also choose to decline payouts.

Source-https://en.m.wikipedia.org/wiki/Steemit

if you feel anything is not clearly explained you can notiry me via the comment box
Don't forget to upvote or ,resteem if you found this piece Interesting. And also would like to hear what you think in the comment section.
If you want to know about resteem, why you should resteem and when not to resteem follow the link below: