Steem is a pioneering blockchain in the field of decentralized social networks, creating a diverse ecosystem with a model that rewards both creators and content managers.
The project builds a transparent, uncensored environment based on the Delegated Proof-of-Stake mechanism while developing many decentralized applications such as Steemit, DTube, and Splinterlands, contributing to shaping the current SocialFi trend.
MAIN CONTENT
Steem has been developing its Token system and decentralized social network dApp since 2016.
The project addresses injustices in content benefits on traditional social networks.
The ownership dispute in 2020 led to community division and the emergence of Hive.
What is Steem (STEEM)?
Steem is a specialized blockchain for decentralized social networks, founded by Ned Scott and Dan Larimer in 2016. This platform promotes fair rewards for creators and content managers through the STEEM, Steem Power, and Steem Dollars Tokens, highlighted by Steemit.com – the decentralized social blogging platform.
Steem is designed to make all activities transparent and eliminate the role of intermediaries in distributing value to the creative community.
What problem does Steem solve?
Steem developed to address the unfair distribution of benefits on intermediary social networks like Facebook and Twitter, where users create content but receive little commensurate value.
By utilizing blockchain, Steem builds an uncensored social network, with no central authority, rewarding both creators and content managers with Tokens, thereby ensuring transparency and equality.
What is Steem's technological solution?
Steem operates on a Delegated Proof-of-Stake (DPoS) mechanism, recording all activities such as posting, commenting, and voting on the blockchain. The reward token system is distributed based on user interaction and influence.
The model consists of two layers: layer 1 is the Steem blockchain that processes transaction data, and layer 2 is decentralized applications (dApps) such as Steemit.com and DTube, supporting social network operations.
Steem has introduced a new approach to social networks by distributing rewards directly to content creators, promoting transparency and fairness in the digital age.
Ned Scott, CEO of Steemit, 2018
What are the main products of Steem?
The Steem ecosystem includes many prominent dApps built on the blockchain to develop decentralized social networks and diverse user experiences.
Steemit – Decentralized blogging platform
Steemit is the leading social blogging platform where users post, interact, and are rewarded with STEEM, SP, and SBD Tokens based on the number of votes and influence in the community.
Every action is recorded on a transparent blockchain.
Content is ranked by the community, without hidden algorithms or intermediary censorship.
DTube – Decentralized video sharing platform
DTube is a video platform like YouTube but without ads or user tracking. Videos are stored on IPFS and the Steem blockchain, and creators are rewarded with STEEM Tokens based on votes.
Protecting privacy, eliminating advertising influence and censorship.
Creating direct income for video creators.
SteemApps – dApp directory on Steem
SteemApps aggregates and statistics decentralized applications on Steem such as Steemit, DTube, Utopian.io, and Splinterlands, providing user data, interactions, and rewards.
Supporting effective exploration of the Steem ecosystem.
Providing transparency about community activities.
Steem Monsters (Splinterlands)
Steem Monsters (now Splinterlands) is a prominent NFT card game where players collect, trade cards, and play to earn STEEM rewards in a play-to-earn model.
Launched in 2018, it is a successful blockchain game that started the GameFi model.
Players own real digital assets that can be traded freely.
What was the Steemit ownership dispute in 2020?
In February 2020, Justin Sun acquired Steemit Inc along with a large amount of STEEM Tokens, leading to strong opposition from the community due to concerns over centralizing power.
The community organized a soft fork to disable Justin Sun's controlling Tokens. In response, Justin Sun coordinated with major exchanges to use user Tokens to vote out community Witnesses.
The acquisition of Steemit marks a significant turning point, raising governance and decentralization issues within the social network blockchain community.
Expert opinion on blockchain research, 2020
On March 20, 2020, the community hard forked to create a new blockchain called Hive with a 1:1 Token distribution for STEEM holders, except for addresses related to Justin Sun, promoting a more decentralized and transparent environment.
Since then, Steem continues to exist, but most of the community has shifted to Hive – a robust platform with many prominent dApps like PeakD and 3Speak.
What is the STEEM Token and the Tokenomics structure of Steem?
Steem operates a token system consisting of STEEM, Steem Power (SP), Steem Dollars (SBD), and Smart Media Token (SMT), supporting the distribution of rewards and influence levels in the network.
STEEM is the base circulating Token on the blockchain, SP represents voting power, while SBD is a USD-pegged stablecoin used to incentivize users.
Token Function Characteristics STEEM Platform Token Freely traded, newly developed at ~9.5% inflation per year SP (Steem Power) Influence and voting rights Not freely traded, represents voting power on the network SBD (Steem Dollars) Stablecoin reward Pegged to USD, used to reward content SMT (Smart Media Token) Internal token for each creator For creative content that issues its own Token
New daily STEEM Token rewards are allocated: 75% for authors and content managers, 15% for Steem Power Holders, 10% for miners maintaining the network.
What is noteworthy about the Steem project team and investors?
Steem was founded by Dan Larimer and Ned Scott in 2016. Larimer built the Steem blockchain and other projects such as BitShares, EOS. Ned Scott served as CEO of Steemit and developed SMT.
Larimer left the project at the end of 2017 to focus on EOS, while Ned Scott sold Steemit Inc to Justin Sun in 2020, causing Steem to be significantly influenced by the TRON Foundation.
Steem initially developed without venture capital, relying on the community and reward-based model.
Since 2020, Justin Sun and TRON became the primary owners of Steemit's infrastructure.
Summary
Steem is a pioneering blockchain in decentralized social networks, creating an early SocialFi platform with a diverse dApp ecosystem and an active community. However, the 2020 ownership dispute led to community division and the emergence of the rival Hive.
Nevertheless, Steem continues to operate, providing valuable lessons on decentralized governance, trust, and community value in the blockchain environment.
Frequently Asked Questions
Is Steem a social network blockchain?
Yes, Steem is the first blockchain focused on decentralized social network applications, launched in 2016.What is the STEEM Token used for?
STEEM is the basic Token for trading and receiving rewards when participating in the network, along with SP and SBD supporting social network operations.What happened when Justin Sun bought Steemit?
The acquisition created conflict with the community, leading to a hard fork that created an independent Hive blockchain.What are the main products in the Steem ecosystem?
These include Steemit (blog), DTube (video), SteemApps (dApp), and Steem Monsters (NFT game).Does Steem still operate after the split?
It continues to operate but is strongly challenged by Hive, a platform more favored by the community.
Source: https://tintucbitcoin.com/steem-steem-la-gi/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
