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How does Steemit works?
Actually Steemit is similar to other digital currencies.Steemit currency units can be traded, bought, and sold on the open market just like all of the other digital currencies.
With other cryptocurrencies like liteCoin, the actual currency units that are created each day are distributed to the people who run a special bitcoin software program on their computers that perform a process called Bitcoin Mining. The amount of computing power you have dictates how much money you get.
Steemit allows for currency mining as well, but it’s not the major way to earn money. Every day, new Steemit currency units that are created by the network and distributed to the people who engage with the site. The more you engage with it, the more you will get.
People who create media ,article ,photo ,and ...
are rewarded for their content. People who upvote then are rewarded for helping to curate the best content available on the site.
Steemit is the platform....STEEM is the cryptocurrency that works to fuel the steem blockchain.
STEEM tokens are rewarded to the content creators as Proof-of-Brain.
Different from PoW-only cryptocurrencies, tokens in Steem are generated at a fixed rate of one
block every three seconds. These tokens get distributed to various actors in the system based
on the defined rules of the blockchain. These actors, such as content creators, witnesses, and
curators, compete in specialized ways for the tokens. Unlike the traditional PoW means of
distribution, where miners are competing over raw computing power, the actors in the Steem
network are incentivized to compete in ways that add value to the network.
The rate that new tokens are generated was set to 9.5% per year starting in December 2016,
and decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation
will continue decreasing at this rate until it reaches 0.95%, after a period of approximately 20.5
years.
Of the supply of new tokens created by the Steem blockchain every year, 75% of those tokens
compose the “rewards pool” which are distributed to content creators and content curators.
15% are distributed to vested token holders, and 10% are distribute to witnesses.
You can read more here:
https://steem.io/steem-bluepaper.pdf
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