Steem (STEEM)
What is Steem?
Steemit operates as a rewards-based blockchain system that publishers can use to monetize content. Steemit is a social media platform that runs on a blockchain where users can earn Steem tokens when posting content. While on it, it is important to define an SMT. SMT is a native digital asset found on the Steem blockchain. SMT assets can be launched by any person and serve the function of monetizing online content and creating incentives to draw desired user responses.
SMTs can be compared to Ethereum's ERC-20 tokens. However, they have certain built-in 'Proof-of-Brain' property, which is an algorithm that encourages people to create and curate content and a token distribution reward system tailored specifically for digital content businesses.
Tokens are distributed by "upvote" and "like"-based algorithms and can be integrated with websites to align incentives. It is faster than Ethereum and Bitcoin with no running fees. The Steem token can be traded and converted to other liquid coins as BTC and ETH or to fiat-USD on exchanges.
Founder: Ned Scott and Dan Larimer
Release Date: July 4, 2016
