Created by Ned Scott and Dan Larimer, STEEM is a cryptocurrency that is used to power Steemit, an incentivized blockchain based social media platform. Steemit is very similar to Reddit, in that it allows users to make posts, write comments, and also upvote posts and comments made by other users. The difference however, is that users can be rewarded monetarily for these actions. Blockchain technology enable users on the Steemit platform to receive the cryptocurrency in exchange for participating on the platform, which can then be exchanged for other cryptocurrencies such as Bitcoin, and then eventually fiat currency.