Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Once Popular Coins (Graveyard) => Other Popular Cryptos / Coins => Steem - Steemit Forum => Topic started by: Crestie C. Tuvilla on May 25, 2018, 04:39:39 AM
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STEEM. STEEM is the foundational cryptocurrency of the Steemit network. STEEM can be exchanged for bitcoin or other cryptocurrencies via several prominent exchanges. In order to cast votes, however, you need to turn your STEEM into Steem Power (SP). This process is known as “powering up.” You can also convert STEEM into Steem Dollars.
Steem Power (SP). When you turn STEEM into SP, you are investing it in the network as equity. One unit of STEEM, vested as SP, equates to one vote. Those with the most SP to contribute have the greatest influence over which content is elevated to the top. Upvotes and downvotes, or “flags,” from users holding large amounts of SP are worth more than users with less SP. Additionally, around 90% of new STEEM that is created goes to users who hold a lot of SP, which creates an incentive for participants to invest their earnings back into the network. Rate limits are in place on converting SP back into STEEM, known as “powering down.”
Steem Dollars. Steem Dollars, valued at 1:1 with the US dollar, are a unit used to represent a short-term debt. Holding Steem Dollars is described in Steem’s whitepaper as a way of lending the community the value of one US dollar, which is designed to foster growth.
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There are three coins on the steem blockchain. These are steem, steem power and steem doller. Steem is a leading coin of the steem blockchain. Steems aims to build for social media apps based on blockchain like steemit.