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project icon for steem

Steem

STEEM
$0.1726
6.06%
Positive delta icon
project icon for steem-dollars

Steem Dollars

SBD
n/a

Steem is a token-incentivised social media platform that intends to reward users for their contributions to the community.

Overview

Project Stage

Live status icon

Amount Raised

Market Cap

STEEM
SBD
$60MM

Sector

Social Networks

Blockchain

Native token icon

Steem

Funding Source

Project Profile

Steem.it was founded by Dan Larimer and Ned Scott. CTO Dan Larimer co-founded Bitshares and BitUSD. In his Steem.it autobiography, he explained that he founded Steem.it as an economic system and a community that expresses the basic premise “everyone who brings value deserves a share.” CEO Ned Scott met Dan through the Bitshares project and, after meeting in person, they decided to launch a blockchain project focused on community. They developed the business plan in January 2016 and launched the main.net in March 2016. The system issued its first payout on July 4th, 2016.

Steem is a token-incentivized and user-curated blogging and media platform, designed to minimize advertising revenue’s influence on content and quality thereof, an issue faced by many media platforms. Steem is one of Dan Larimer’s prolific projects that utilizes a Delegated Proof of Stake (DPoS) consensus mechanism to increase transaction throughput in less time and at the expense of less energy than preceding blockchain implementations. An emphasis on usability and low transaction fees is essential for a platform that is seeking to rival the UX of popular social media platforms, such as Reddit.

Project Details

Steem’s primary offering is user-curated content and a means for rewarding contributions to the platform. Steem also has several features focused on providing a smooth UX, such as stolen account recovery and escrow services. Users have multiple keys for various degrees of required security for different types of actions on the platform, ranging from a key required for posting or engaging with content to one enabling users to restore their offline-stored accounts entirely.

Like other of Dan Larimer’s projects, Steem utilize a Delegated Proof of Stake consensus mechanism to enable short block times, with a new set of transactions committed to the chain every 3 seconds. A system of witnesses elected by token-holders within the DPoS system act to decide on which version of events to agree at each potential fork. As of Q3 2019, new developments will be funded by the Steem.DAO, which allows Steem users to propose and vote for work to be performed that is compensated with Steem dollars (SBDs).

Asset Details

STEEM tokens are one of several tokens on the Steem blockchain and are exchangeable for Steem Blockchain Dollars (SBDs), designed to be pegged to USD; STEEM tokens can also be deposited to produce Steem Power, the acquisition of more Steem Power also entitles holders to a greater share of the bandwidth on the network. STEEM tokens must deposit tokens in a 13 week lockup scheme to gain voting rights, whis is meant to discourage those with a short-term interest in the token from participation. The motivation to acquire Steem Power comes from user’s being afforded a fraction of the available network bandwidth, varying along with usage such that more bandwidth will be afforded individually when network usage is low, beyond which their actions on the network will be de-prioritized.

The Steem blockchain issues new tokens at a decreasing rate of 0.5% annually, starting at 9.5% inflation in December 2016. Of the new tokens issued 75% are allocated to a rewards pool which will be granted to content creators and curators on the network for their contributions.

Smart Media Tokens (SMTs) are proposed to help businesses issue use case specific token incentive structures that benefit from Steem’s exchange functionality and user base. Each SMT issued would have a configurable supply, inflation schedule and algorithms determining their distribution and thereby the types of content to be incentivized.

project icon for steem

Steem

STEEM

Project Assets

project icon for steem
STEEM
$0.1726
6.06%
Positive delta icon
project icon for steem-dollars
SBD
Negative delta icon

Steem is a token-incentivised social media platform that intends to reward users for their contributions to the community.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
STEEM
SBD
$60MM
Native token icon

Steem

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Social Networks

Project Profile

Steem.it was founded by Dan Larimer and Ned Scott. CTO Dan Larimer co-founded Bitshares and BitUSD. In his Steem.it autobiography, he explained that he founded Steem.it as an economic system and a community that expresses the basic premise “everyone who brings value deserves a share.” CEO Ned Scott met Dan through the Bitshares project and, after meeting in person, they decided to launch a blockchain project focused on community. They developed the business plan in January 2016 and launched the main.net in March 2016. The system issued its first payout on July 4th, 2016.

Steem is a token-incentivized and user-curated blogging and media platform, designed to minimize advertising revenue’s influence on content and quality thereof, an issue faced by many media platforms. Steem is one of Dan Larimer’s prolific projects that utilizes a Delegated Proof of Stake (DPoS) consensus mechanism to increase transaction throughput in less time and at the expense of less energy than preceding blockchain implementations. An emphasis on usability and low transaction fees is essential for a platform that is seeking to rival the UX of popular social media platforms, such as Reddit.

Project Details

Steem’s primary offering is user-curated content and a means for rewarding contributions to the platform. Steem also has several features focused on providing a smooth UX, such as stolen account recovery and escrow services. Users have multiple keys for various degrees of required security for different types of actions on the platform, ranging from a key required for posting or engaging with content to one enabling users to restore their offline-stored accounts entirely.

Like other of Dan Larimer’s projects, Steem utilize a Delegated Proof of Stake consensus mechanism to enable short block times, with a new set of transactions committed to the chain every 3 seconds. A system of witnesses elected by token-holders within the DPoS system act to decide on which version of events to agree at each potential fork. As of Q3 2019, new developments will be funded by the Steem.DAO, which allows Steem users to propose and vote for work to be performed that is compensated with Steem dollars (SBDs).

Asset Details

STEEM tokens are one of several tokens on the Steem blockchain and are exchangeable for Steem Blockchain Dollars (SBDs), designed to be pegged to USD; STEEM tokens can also be deposited to produce Steem Power, the acquisition of more Steem Power also entitles holders to a greater share of the bandwidth on the network. STEEM tokens must deposit tokens in a 13 week lockup scheme to gain voting rights, whis is meant to discourage those with a short-term interest in the token from participation. The motivation to acquire Steem Power comes from user’s being afforded a fraction of the available network bandwidth, varying along with usage such that more bandwidth will be afforded individually when network usage is low, beyond which their actions on the network will be de-prioritized.

The Steem blockchain issues new tokens at a decreasing rate of 0.5% annually, starting at 9.5% inflation in December 2016. Of the new tokens issued 75% are allocated to a rewards pool which will be granted to content creators and curators on the network for their contributions.

Smart Media Tokens (SMTs) are proposed to help businesses issue use case specific token incentive structures that benefit from Steem’s exchange functionality and user base. Each SMT issued would have a configurable supply, inflation schedule and algorithms determining their distribution and thereby the types of content to be incentivized.

Recent News

EOS announces a tokenized social media platform Voice, offering users rewards for content creation and engagement; EOS' founder Dan Larimer previously created social media platform Steemit, which has faced issues with content spam and reward manipulation

June 3, 2019

Sources:

moreTwitter

Governance issues continue to proliferate at Steem, following the acquisition of Steemit by Tron’s Justin Sun.

Steem, the DPoS blockchain, home to the social media application, Steemit, continues to be subject to a major governance dispute between Justin Sun and a large section of the Steem community. Sun, the founder of the Tron blockchain, acquired Steemit Inc., the entity that owns Steemit as well as a significant portion of Steem tokens on 14th February with a plan to migrate Steemit to Tron. Sun’s share of the total token supply is unspecified but is believed to be enough to drive governance decisions on the network. Although these tokens were already in the hands of Steemit Inc., their voting power had not previously been exercised. The recent acquisition by Sun, however, has led to suspicions by much of the community that this governance power will now be leveraged, which subsequently led to a soft fork, freezing his tokens. Following this Sun introduced new validators to the network, which was then followed by the voting-in of yet more validators, antagonistic towards Sun. This dynamic is still in flux and has been accompanied by the resignation of several Steemit employees, with the majority of the Steem community seemingly in opposition to Sun, while the Tron founder has found the support of both Binance and Huobi.

March 4, 2020

Sources:

CoinDesk

The Steem blockchain faces a hard fork in an effort to remove Steemit Inc., following governance issues with Justin Sun.

A collection of Steem community members have scheduled a hard fork for March 20, with a new blockchain, called Hive, set to emerge. The network will use the same codebase of Steem and continue to use delegated proof of stake (DPoS), only making some small technical alterations. The news came from SteemPeak, a frontend interface for the Steem network who apparently has the support of over 30 developers as well as a wider community pool. Separately, Blocktrades, a Steem validator stated on Monday that Steemit Inc. the social media application that Justin Sun bought, now has "nearly zero value”. In its post, the validator claimed that Sun has destroyed the business’s value as evidenced by the exodus of most of its developers. This latest dynamic follows an earlier hard fork initiated by Sun in an attempt to resolidify his influence over the Steem network through ownership of Steem tokens.

March 18, 2020

Sources:

more
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project icon for steem

Steem

STEEM

Project Assets

project icon for steem
STEEM
$0.1726
6.06%
Positive delta icon
project icon for steem-dollars
SBD
Negative delta icon

Steem is a token-incentivised social media platform that intends to reward users for their contributions to the community.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
STEEM
SBD
$60MM
Native token icon

Steem

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Social Networks

Project Profile

Steem.it was founded by Dan Larimer and Ned Scott. CTO Dan Larimer co-founded Bitshares and BitUSD. In his Steem.it autobiography, he explained that he founded Steem.it as an economic system and a community that expresses the basic premise “everyone who brings value deserves a share.” CEO Ned Scott met Dan through the Bitshares project and, after meeting in person, they decided to launch a blockchain project focused on community. They developed the business plan in January 2016 and launched the main.net in March 2016. The system issued its first payout on July 4th, 2016.

Steem is a token-incentivized and user-curated blogging and media platform, designed to minimize advertising revenue’s influence on content and quality thereof, an issue faced by many media platforms. Steem is one of Dan Larimer’s prolific projects that utilizes a Delegated Proof of Stake (DPoS) consensus mechanism to increase transaction throughput in less time and at the expense of less energy than preceding blockchain implementations. An emphasis on usability and low transaction fees is essential for a platform that is seeking to rival the UX of popular social media platforms, such as Reddit.

Project Details

Steem’s primary offering is user-curated content and a means for rewarding contributions to the platform. Steem also has several features focused on providing a smooth UX, such as stolen account recovery and escrow services. Users have multiple keys for various degrees of required security for different types of actions on the platform, ranging from a key required for posting or engaging with content to one enabling users to restore their offline-stored accounts entirely.

Like other of Dan Larimer’s projects, Steem utilize a Delegated Proof of Stake consensus mechanism to enable short block times, with a new set of transactions committed to the chain every 3 seconds. A system of witnesses elected by token-holders within the DPoS system act to decide on which version of events to agree at each potential fork. As of Q3 2019, new developments will be funded by the Steem.DAO, which allows Steem users to propose and vote for work to be performed that is compensated with Steem dollars (SBDs).

Asset Details

STEEM tokens are one of several tokens on the Steem blockchain and are exchangeable for Steem Blockchain Dollars (SBDs), designed to be pegged to USD; STEEM tokens can also be deposited to produce Steem Power, the acquisition of more Steem Power also entitles holders to a greater share of the bandwidth on the network. STEEM tokens must deposit tokens in a 13 week lockup scheme to gain voting rights, whis is meant to discourage those with a short-term interest in the token from participation. The motivation to acquire Steem Power comes from user’s being afforded a fraction of the available network bandwidth, varying along with usage such that more bandwidth will be afforded individually when network usage is low, beyond which their actions on the network will be de-prioritized.

The Steem blockchain issues new tokens at a decreasing rate of 0.5% annually, starting at 9.5% inflation in December 2016. Of the new tokens issued 75% are allocated to a rewards pool which will be granted to content creators and curators on the network for their contributions.

Smart Media Tokens (SMTs) are proposed to help businesses issue use case specific token incentive structures that benefit from Steem’s exchange functionality and user base. Each SMT issued would have a configurable supply, inflation schedule and algorithms determining their distribution and thereby the types of content to be incentivized.

Recent News

EOS announces a tokenized social media platform Voice, offering users rewards for content creation and engagement; EOS' founder Dan Larimer previously created social media platform Steemit, which has faced issues with content spam and reward manipulation

June 3, 2019

Sources:

moreTwitter

Governance issues continue to proliferate at Steem, following the acquisition of Steemit by Tron’s Justin Sun.

Steem, the DPoS blockchain, home to the social media application, Steemit, continues to be subject to a major governance dispute between Justin Sun and a large section of the Steem community. Sun, the founder of the Tron blockchain, acquired Steemit Inc., the entity that owns Steemit as well as a significant portion of Steem tokens on 14th February with a plan to migrate Steemit to Tron. Sun’s share of the total token supply is unspecified but is believed to be enough to drive governance decisions on the network. Although these tokens were already in the hands of Steemit Inc., their voting power had not previously been exercised. The recent acquisition by Sun, however, has led to suspicions by much of the community that this governance power will now be leveraged, which subsequently led to a soft fork, freezing his tokens. Following this Sun introduced new validators to the network, which was then followed by the voting-in of yet more validators, antagonistic towards Sun. This dynamic is still in flux and has been accompanied by the resignation of several Steemit employees, with the majority of the Steem community seemingly in opposition to Sun, while the Tron founder has found the support of both Binance and Huobi.

March 4, 2020

Sources:

CoinDesk

The Steem blockchain faces a hard fork in an effort to remove Steemit Inc., following governance issues with Justin Sun.

A collection of Steem community members have scheduled a hard fork for March 20, with a new blockchain, called Hive, set to emerge. The network will use the same codebase of Steem and continue to use delegated proof of stake (DPoS), only making some small technical alterations. The news came from SteemPeak, a frontend interface for the Steem network who apparently has the support of over 30 developers as well as a wider community pool. Separately, Blocktrades, a Steem validator stated on Monday that Steemit Inc. the social media application that Justin Sun bought, now has "nearly zero value”. In its post, the validator claimed that Sun has destroyed the business’s value as evidenced by the exodus of most of its developers. This latest dynamic follows an earlier hard fork initiated by Sun in an attempt to resolidify his influence over the Steem network through ownership of Steem tokens.

March 18, 2020

Sources:

more
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