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Steem

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Steem
Steem logo.svg
Ticker symbolSTEEM
Development
Original author(s)Ned Scott, Daniel Larimer
White paper[1]
Initial releaseMarch 24, 2016; 3 years ago (2016-03-24)
Code repositorysteem on GitHub
Development statusCurrently under development
Developer(s)Steemit Inc
Source modelOpen Source
LicenseMIT License [2]
Websitehttps://steem.com/
Ledger
Timestamping schemedelegated Proof-of-stake
Block time3 s
Block explorerhttps://steemblockexplorer.com
Circulating supply304,373,589 (March 12, 2019)
Valuation
Exchange rate$0.52 (March 12, 2019)[3]
Market cap$159,350,059 (March 12, 2019)[3]

STEEM is a cryptocurrency based on the social media and content-focused Steem blockchain, which was created on March 24, 2016 by Ned Scott and the blockchain developer Dan Larimer.[4] With over 1.2 million registered accounts and a daily volume of more than a million signed operations, Steem is amongst the five blockchains with the highest level of activity.[5][6] In terms of total market capitalization, STEEM is currently ranked at place 40. with a market capitalization of more than 159 million USD. (March 13, 2019).[7][8]

History

The Steem Blockchain was developed and released by Ned Scott, the current Executive Chairman of the Steemit company, together with Dan Larimer, a well known blockchain developer and cryptocurrency entrepreneur.[9] After the two founders first met in January 2016, the blockchain was taken online in the end of March 2016.[10] At few weeks later Steemit, a decentralized and censorship-resistant platform for blogging and social networking, was released as the first of now many applications running on the Steem blockchain protocol.[11][12][13]

About one year after the launch of the blockchain, Dan Larimer quit his job as the CTO of the Steemit company on March 14, 2017 and subsequently stopped his participation in the development of the Steem blockchain in order to focus on his new cryptocurrency project EOS.[14]

The blockchain is currently operating under version 0.20.9.[15]

Technical description

The aim of the Steem blockchain is to provide a platform for decentralized application hosting as well as decentralized data storage. By using delegated proof-of-stake as consensus protocol, a fast block time of three seconds and zero fee transactions for users are made possible. Other blockchains using this consensus protocol are EOS.IO and BitShares.

Tokens

Both the volatile cryptocurrency STEEM and the stablecoin Steem Dollars (SBD) are forms of value storage on the Steem blockchain. STEEM can be staked into STEEM POWER to gain influence and resources on the blockchain, while SBD is thought to be a stable coin making transactions and business options more reliable. Both tokens can be traded against each other on an internal decentralized token exchange.[16] Exchanging both tokens into other cryptocurrencies or fiat money is possible on major cryptocurrency exchanges like Binance, Bittrex and many others.[17]

Newly created STEEM tokens are distributed between content creators, the block-signing "Witnesses" and stakeholders as described in the whitepaper.[1]

Accounts

The Steem blockchain protocol permits users to choose a unique account name of up to 16 characters in length which then can be used for references and transactions within the network. At the moment, there are over 1,237,000 unique accounts registered on the Steem blockchain.[18]

Monetary system

Unlike Bitcoin, STEEM is an inflationary cryptocurrency with a decreasing inflation rate.[1][16] Steem launched with a highly inflationary supply model, which was supposed to double each year.[19] However due to community demand, the inflation rate was set to 9.5% per year starting in December 2016 and decreases at a rate of about 0.5% per year until the overall inflation rate reaches 0.95%.[1]

There are no transaction fees on Steem, the block producing "Witnesses" and rewards are all paid by this inflation.[1]

Applications running on Steem (DApps)

The Steem blockchain has a large number of decentralized applications (DApps) running on it.[20] The first DApp to use the Steem blockchain was Steemit, a decentralized and censorship-resistant blogging platform, which rewards its users for creating content.[21][22] Since then many other DApps have decided to make use of the Steem protocol.[20] In 2018, 44% of all accounts on the Steem blockchain have been active DApp users.[23]

Steem is attractive to developers because DApps can be developed in the popular and well known JavaScript[24] rather than more difficult languages like C++ or Solidity.[25]

Prominent Steem DApps include:

  • Steem Engine, a platform for issuing and trading Steem based tokens[26]
  • DTube, a decentralized platform for uploading and sharing video material[27]
  • eSteem, a mobile and desktop application providing both blogging and wallet functionality for Android,[28] iOS[29] and Windows, Mac, Linux[30] users.
  • Utopian Colony, a funding platform for open source development.[31][32]
  • SteemPress, a WordPress plugin connecting WordPress and Steem[33]
  • Partiko, a mobile first blogging platform for both iOS[34] and Android[35]
  • Fundition, a decentralized crowdfunding platform[36]

Besides using the Steem blockchain for rewarding content and social interaction, projects like the trading card game Steem Monsters make use of the ability to store data using the JSON file format on the blockchain, making the proof of digital ownership possible for virtual goods.[37][38]

Public ratings

In January 2018, the American rating agency Weiss Ratings published their first cryptocurrency rating report, giving STEEM the "B-" grade and ranking it above the most popular cryptocurrency Bitcoin. [39][40] Steem was able to keep the "B-" rating in the subsequent reports by Weiss Ratings.[41]

In December 2018 CCID Consulting, China's largest research, consulting and IT outsourcing service company, ranked Steem 10th in their monthly blockchain report.[42][43]

The State of the DApps, an online ranking for decentralized applications running on EOS.IO, Ethereum or Steem, lists various applications of the Steem blockchain in their top ranks with the social media platform Steemit leading the list.[44]

Steem, Steemit and Steemit Inc.

Steem and Steemit are two different things. While Steem is the name of the underlying blockchain, Steemit is only one of many decentralized applications using the Steem blockchain protocol. This difference was also pointed out in an interview by co-founder Ned Scott shortly after the launch of the blockchain.[10]

Steemit, Inc. is a privately held company based in New York City and responsible for running the Steemit community application as well as participating in the development of the Steem blockchain.[45]

References

  1. ^ a b c d e "STEEM Whitepaper: An incentivized, blockchain-based, public content platform" (PDF). Steem. March 12, 2019. Retrieved March 12, 2019.
  2. ^ "Steem LICENSE". github.com. April 19, 2011. Retrieved November 6, 2018.
  3. ^ a b "Steem". Coinmarketcap. Retrieved March 12, 2019.
  4. ^ "THE STEEM BLOCKCHAIN – Building better communities, creating rewarding opportunities and empowering entrepreneurs". Steem.com. Retrieved March 13, 2019.
  5. ^ "Blockchain Activity Matrix". Blocktivity. Retrieved March 13, 2019.
  6. ^ Mathis, Jack (May 17, 2018). "Major Milestone: Steem Blockchain Hits 1 Million Accounts". CCN. Retrieved March 13, 2019.
  7. ^ "Top 100 Cryptocurrencies by Market Capitalization". Coinmarketcap. Retrieved March 13, 2019.
  8. ^ Reuters (July 12, 2016). "Digital currency Steem soars 1,000% in value in two weeks". The Guardian. ISSN 0261-3077. Retrieved March 13, 2019.
  9. ^ Godshall, Jacob (October 29, 2018). "Who is Daniel Larimer?". UNHASHED. Retrieved March 13, 2019.
  10. ^ a b Fletcher, Katherine (May 5, 2016). "A Conversation with Ned Scott, CEO of Steemit". Coinreport. Retrieved March 13, 2019.
  11. ^ Cuofano, Gennaro (November 19, 2018). "What is Steemit? The Decentralized Social Network That Is Challenging Facebook Business Model". FourWeekMBA. Retrieved March 13, 2019.
  12. ^ Hayes, Adam (July 16, 2016). "Steemit: The Disruptive Blockchain-Based Media Community". Investopedia. Retrieved March 13, 2019.
  13. ^ McMillen, Andrew (April 10, 2017). "THE SOCIAL NETWORK DOLING OUT MILLIONS IN EPHEMERAL MONEY". WIRED. Retrieved March 13, 2019.
  14. ^ "Joint Statement". Steemit Inc. Retrieved March 13, 2019.
  15. ^ "steemit/steem". GitHub. Retrieved March 12, 2019.
  16. ^ a b "STEEM Bluepaper" (PDF). Steem. Retrieved March 12, 2019.
  17. ^ "STEEM / BTC". Binance Cryptocurrency Exchange. Retrieved March 12, 2019.
  18. ^ "Steem block explorer". steemblockexplorer.com. Retrieved March 12, 2019.
  19. ^ Hayes, Adam. "Steemit Uses Blockchain to Judge Your Blogs and Pay You for Them". Investopedia. Retrieved March 16, 2019.
  20. ^ a b "Steem Apps – Showcasing Apps & dApps on Steem". steemapps.com. Retrieved March 13, 2019.
  21. ^ Kadavy, David (2018). Make Money Writing on the STEEM Blockchain: A Short Beginner's Guide to Earning Cryptocurrency Online, Through Blogging on Steemit (Convert to Bitcoin, U.S. Dollars, and Other Currencies). Independently published. ISBN 9781982930301.
  22. ^ Chohan, Usman W. (February 23, 2018). "The Concept and Criticisms of Steemit". Rochester, NY.
  23. ^ "Steem 2018 Report" (PDF). Coingecko. Retrieved March 13, 2019.
  24. ^ "Introduction To Steem Apps Development Using JavaScript". Udemy. Retrieved March 13, 2019.
  25. ^ "Aggroed's Quick Guide to Building a Profitable Business on Steem, which is a great blockchain for business!". SteemPeak. Retrieved March 13, 2019.
  26. ^ "Steem Engine – Smart Contracts on the STEEM blockchain". steem-engine.com. Retrieved March 13, 2019.
  27. ^ "DTube" Check |url= value (help). d.tube. Retrieved March 13, 2019.
  28. ^ "eSteem v2 – Apps on Google Play". play.google.com. Retrieved March 14, 2019.
  29. ^ "eSteem v2". App Store. Retrieved March 14, 2019.
  30. ^ "eSteem". esteem.app. Retrieved March 14, 2019.
  31. ^ Mason, Ronan (March 21, 2018). "So What Is DTube And How Does It Differ From Youtube?". Valleyarm. Retrieved March 13, 2019.
  32. ^ Belle, Stella (October 31, 2017). "Could Utopian.io Become The Ultimate Funding Solution For Open Source Projects?". Hackernoon. Retrieved March 13, 2019.
  33. ^ "SteemPress – a WordPress plugin that connects any blog to the Steem blockchain". steempress.io. Retrieved March 13, 2019.
  34. ^ "Partiko". App Store. Retrieved March 13, 2019.
  35. ^ "Partiko – The easiest way to earn Steem and crypto – Apps on Google Play". play.google.com. Retrieved March 13, 2019.
  36. ^ "Fundition.io – Decentralized Crowdfunding platform". purplepaper.fundition.io. Retrieved March 13, 2019.
  37. ^ "Steem Monsters: A Digital, Role Playing, Trading Card Game!". kickstarter.com. Retrieved March 13, 2019.
  38. ^ "Steem Monsters". Steem Monsters. Retrieved March 13, 2019.
  39. ^ Tarrant-Cornish, Taryn (January 25, 2018). "Bitcoin DEFEATED: Investors SHOCKED at least TWO cryptocurrencies 'thought to be safer'". Express.co.uk. Retrieved March 13, 2019.
  40. ^ Roh, Chelsea (February 28, 2018). "Cardano (ADA), EOS, & Steem: the Top 3 Cryptocurrencies by Weiss Ratings". Crypto Currency News. Retrieved March 13, 2019.
  41. ^ "Weiss Cryptocurrency Ratings" (PDF). Retrieved March 13, 2019.
  42. ^ "赛迪发布全球公有链技术评估指数第9期:EOS、以太坊仍居前二 比特币上升3位至15位" (in cn). Retrieved March 13, 2019.CS1 maint: Unrecognized language (link)
  43. ^ Lugano, Fabio (December 24, 2018). "Blockchain: the Chinese CCID awards EOS in the December ranking". Cryptonomis. Retrieved March 13, 2019.
  44. ^ "State of the DApps – Ranking the Best DAPPS on Ethereum, EOS and Steem". Retrieved March 13, 2019.
  45. ^ "Steemit, Inc. Mission, Vision and Values". Retrieved March 13, 2019.

External links