understand steemit for beginners

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Understanding Steemit For Beginners

rdwn (1) in steemit • last year

Wew .... not easy to understand the overall concept of Steemit because its economic fundamentals are quite different from other cryptocurrency. Reading the document whitepaper Steemit 44-page thick is also quite confusing head especially if not impatient. The purpose of writing this article to share an understanding of Steemit so far. It should be understood that sy also just started to learn it and not a Steemit expert, if there is one please understand and more happy if you want to help correct it by commenting below this article

To understand the fundamental concepts of the Steemit economy, we must understand the functions of these three values. First ... Steem is a unit value that we can buy directly on the Bittrex platform exchanger, and note that it does not work like a BitCoin where it is stored as a value asset because every year Steem's total supply increases 2x.

how suppy steem created? the answer is from the proof of work when solving sesebuah block. steem can be mined through Windows and the power of mining determined based processor you, not the GPU kayak ethereum. so ... steemit network starts from 0 supply and based on what is written in whitepapernya: there are approximately 800 steem new created every minute.

steem power is the value of the unit which can dikonversasi of steem. for you mengkonversasi back from steem power to steem take 2tahun, gradually gradually as much as 104x payments. why 104x payment because steem power that you konversasikan to steem will be paid every week .. because 1 year there 52minggu then 2 years with 104minggu. this process called as "power down"

excess have steem power is that we will get steem every time steem new created (still remember points above mentioned that supply steem will continue to increase every minute?) in the sense said more ... with mengkonversasikan steem to steempower ... we are guaranteed to get the quantity steem (in the form of steem power) that more over time running than ente save steem.

each of the creation of steem new: 90% of the steem will be distributed to the holder steem power in the unit power steem. while the remaining 10% him will be distributed to those who contribute in the post article / upvote and comments. in addition, when we mengvoting on sesebuah post ... the greater steem power that we hold, the greater value rewards that will be generated when the creation of steem.

the third is steem dollars. stability is very important economic success of any company. for it, steemit has a value of the unit which we call as steem dollars, who has a value fix (equivalent) with 1 US dollars. is supply steem who always multiple 2x folding the value steem will berkuras over time passed? true! just value steem will berkuras over time passed but the value of the unit steem power and steem dollar not berkuras. exception in the case of certain cases in which is a lot of new arrivals bought up steem that trigger value steem jumped mainly on 2 first year of which 90% supply steem locked on steem power. need also known that every 3.32tahun, split reversi will happen 10: 1, every 10 steem turned into 1steem.
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