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What Is Steem ?
This social news service provides not only a blockchain database, but also a blogging platform and social media site. Steem offers its own currency called Steem Dollars, which can be used for online purchases. Users of Steem can get these tokens by posting and commenting on content they find relevant.
Steem was created by Dan Larimer and Ned Scott, who also created BitShares, in 2016. Larimer has left the project earlier this year. The website’s concept is similar to the one of Reddit, however the site uses blockchain and a token rewarding system for users who post and get engaged in the topics.
Steem provides more types of currency, such as STEEM, Steem Dollars and Steem Power. While the first 2 currencies can be used for purchases, Steem Power is targeted only towards the Steem community.
The project’s supply model doubled each year, which made Steem inflationary. However, things changed starting with December 6th, 2016, when by community demand the inflation rate was reduced with by 0.5% yearly. The rate was changed to a fixed 9.5% yearly on that date.
More than 170.000 users had Steem accounts in May 2017. Although in the beta version of the project no money was provided, $1,300,000 Steem tokens were paid to users on July 4th, 2016.