Steem (STEEM) is a blockchain-based cryptocurrency designed for a decentralized social media platform where users are rewarded for creating content. It operates on a public delegated proof-of-stake blockchain infrastructure that incentivizes content creation and curation.
The Steem ecosystem consists of three tokens: STEEM, STEEM Power (SP), and STEEM Blockchain Dollars (SBD). STEEM is used for transactions, while SP gives users more influence over the rewards pool and the network. SBD facilitates easy exchange between STEEM and fiat currency.
Steem aims to revolutionize social media by rewarding users for their contributions, fostering a fairer ecosystem where content creators are compensated for their engagement. Additionally, Steem allows developers to create decentralized applications (DApps) that monetize user engagement, with over 1 million potential users already on the platform.
The blockchain uses a Delegated Proof-of-Stake consensus algorithm, where users vote for witnesses who secure the network. Steem has a rich history, starting in 2016, and despite facing challenges and community splits, it remains active, hosting diverse content and maintaining a loyal user base.