What is Steem Power?

tojukaka (68)in #steempower • 7 years ago (edited)

This is a little exposition on steempower.
I do hope that someone would help me out though. There are still so many grey areas. I decided to share this today because so many have requested for it.

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What is Steem Power?

INVESTMENT

Steem Power is the best investment you can make in cryptocurrency today. Yep! Its an investment, a long term investment. It is like buying shares in steemit. I believe that the price of steem will go as high as $100 one day. Right now it is just over $1. So 'hodling' your inflation proof steem power can make you rich one day. You can buy steempower in an instant but it would take 13 weeks to sell it.

In the steemit whitepaper, it is stated that it would take 2 years to completely power down(withdraw your SP) but in the steemit wallet it says that powering down takes 13 weeks. I don’t understand this. If you know why there is such a disparity, please leave a comment bellow.

CURRENCY

It’s a special kind of cryptocurrency that is used only within steemit. There are two other types of cryptocurrencies used in steemit namely steem and steemdollars. I talked about them briefly here.

SINEW

Steem power gives you power in the platform hence the name Steem power. It is described as

Influence tokens which give you more control over post payouts and allow you to earn on curation rewards.

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Having more Steem power means that you can give more rewards to content that you like and it also increases your power to earn. When your SP gets to 500, you would be able to adjust the amout of money you dole out to people.
For instance right now I can give up to 10cents with my current SP of 700. But I can decide to reduce the amount I give to 90%, 50% etc depending on the value I ascribe to the post.

SOCIAL STATUS BOOSTER

Having Steem power is what gives you this sort of social status that make people esteem you highly here. I'm always grateful to those whales that follow me and upvote my post. I'm eternally grateful to them because its such an encouragement to see $20, $30 expecially if you are a newbie here.

PROOF OF STAKE

Steem uses what is known as delegated proof of work as a mining protocol. I have not made research about this but I know that Steem power is proof that you have a stake in the platform. If you want to be taken seriously, you need to have a high steem power. I want to know that you have a stake in the platform. It gives me a sense that you are not going to do anything to ruin it. I like listening to @jerrybanfield talk about proof of stake because he has a stake. I've learnt a lot from that guy.