We like steam powered boats.
We like steam powered cars.
And we like social media which is powered by STEEM.
Get it? 😀 (sorry, sometimes dad jokes are necessary)
Today’s coin review is Steem….
Let’s dig in..
Steem (ticker: STEEM)
Wtf is Steem?
Steem is practical. Steem is useful. Steem is fun. Be like Steem.
Much like BAT, Steem is not attempting to be the next gen sidechain DPoS technology for the trucking industry, they want to change how creators on the internet get paid for their content. Steem is one of the three currencies associated with the Steemit platform.
Steemit is a social media (~reddit style) website where users are rewarded for upvoting, posting and commenting on content. While you can mine Steem, it is not required. Each day Steem is generated and distributed to its users.
The three currencies associated with the Steemit project is Steem, Steem Power and Steem Dollars.
Steem is basically the currency everyone knows about it and is bought and sold on public exchanges. Users can also hold Steem to gain Steem (they use DPoS).
Steem Power is a currency which users receive for posting content. Steem Power also ‘weights’ users upvotes…for example, if someone with a lot of Steem Power upvotes your content, you can get rewarded in more Steem for that. So those with more Steem Power have more influence on the site. Pretty awesome. You cannot sell Steem Power for 13 weeks.
Steem Dollar is designed to be a ‘stable coin’ – all the rage now adays. It is pegged to the big D, the USD. You can earn 10% interest for holding Steem Dollars or you can exchange them for Steem Power or basic bitch Steem.
As a content creator you can choose to be paid out in all Steem Power, 50/50 Steem Power/Steem, or no payout.
Who tf is behind this shit?
Dan Larimer is one of their head honchos (co-founders). He is the CTO of EOS (whaat?) and created Bitshares back in 2014 (whaaat?). Ned Scott is their CEO and that’s about all we have to say on him.
Overall Mid-Tier shitcoin. We think Steemit can gain traction…more users are posting content, and we’ve seen some users become very successful but not sure if the coin price will continue to rise in the long run. They need to attract quality content creators. Let’s see how they do!
Hope you learned some shit.
– Mike and Aaron