What is Steem and how does it work

in #en-us • 6 years ago

What is STEEM and how does it work?
SteemIt is a social media platform where you can share information, videos, opinions, photographs etc. You get rewarded when you engage with a post on the Steemit platform. You will be rewarded for posting, commenting and upvoting on the the posts. image

You are rewarded in digital tokens called Steem. Steem is similar to Bitcoins. It has a decentralised network. There is no central authority.

It is different from Bitcoin in its consensus algorithm. Bitcoin works on PoW. Steem shifted to Delegated Proof of Stake. Steem does not have miner, it has ‘witnesses’ who produce blocks. 10% of the block reward goes to the witnesses and 90% of the block rewards goes to content creators, curators.

6 years ago in #en-us by
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