Steem (STEEM) is a decentralized cryptocurrency that runs on the Steem blockchain, which powers the Steemit social media and blogging platform. The digital currency STEEM is not mineable like bitcoin or ether. Instead, the Steem blockchain allocates the majority of newly produces STEEM tokens into a reward fund, which is used to pay Steemit users for contributing to the platform. Additionally, Steem – like most cryptocurrencies – can also be used to make digital peer-to-peer payments.