Steem icon Steem (STEEM)
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Overview of Steem

Steemit operates as rewards based blockchain system which publishers can use to monetize content. Steemit is a social media platform that it runs on a blockchain wher users can earn Steem tokens when they post 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 serves the function of monetizing online content and creating incentives to draw desired user response.

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, as well as 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

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