What's a Steem Token (STEEM) and Steem Dollar (SBD). The social media space has become a dynamic one lately. Social media platforms have now been intertwined itself into our daily lives. People like Reddit, Twitter, Facebook and Instagram gaining popularity every day.
News and content to be shared quickly in this platform than the other news channels in the world. This platform also appeals to people who want to engage with their peers from around the world. As a result, Steemit revolutionized the world of social media and networking by using blockchain STEEM units in addition to the prize Steem Dollar (SBD).
The users on this platform was given the award for their contributions. Contributions can be either content, liked and commented on and discussion of various topics.
Understanding Networking Platform Token STEEM
Many users found it difficult to understand the concept of network platform of Steemit along with the blockchain and the award system. It is important that we clean up widespread confusion.
Steemit.
Steemit is the platform itself, in other words, it allows users to create and organize content, and you can see as Reddit. The platform was launched in 2016; However, he has witnessed tremendous growth in the user base. The users are rewarded for the content they post on this platform both in the Steem Dollars (SBD) or Steem Power (SP).
Steem Token (STEEM).
STEEM, on the other hand, is a moving blockchain platform. In fact, this is the basic unit that determines the value of all the other units in the Steemit. As mentioned above the other units consists of Steem Steem dollars and Power. STEEM is not really the currency, though it is more or less a gateway between Steemit (platform), and currency (Dollar Steem) platform and even a common currency (Steem Power).
Steem using Token Smart Media, which is the original digital assets on the Steem Chainchain. They are similar to token ERC20 Ethereum, but incorporating property ' Proof-of-Brain ' special prize distribution system along with the token that was developed for the business of digital content. Steem (STEEM) tokens can be traded and can be converted to a Bitcoin or Ethereum.
Steem Dollars (SBD).
*** The user was given the award for his contributions on the platform Steemit in cryptocurrency this unit is referred to as Steem Dollar (SBD). This is linked to the dollar and essentially represents the Steem equivalent to one u.s. dollar. It is very important to note that the SBD is not fixed; Instead, they fluctuate depending on the current conditions in the market. They typically earn interest of 10% per year. The SBD can be converted to STEEM, be switched to the internal market, on the STEEM besides exchanged on various exchanges such as Bittrex or OpenLedger DEX.***
Steem Power (SP).
This currency cannot be traded on the Exchange, external; However, this can be referred to as "currency" in the network of internal Steemit. Invest in the Steem Power (SP) can be seen as acquiring shares in the STEEM. It offers a variety of advantages for the users of Steemit, for example, they get a direct stake in the prize pool of Steem, moreover, increased their voting power can mean that the user may choose to increase the author's award including yourself.
In conclusion From @kopi46.
STEEM is determining the value of an award in the Steemit ecosystem. In addition, ijuga stock proof for users who hold the Steem Power (SP). Steem Dollar (SBD), on the other hand, provide the stability of other currencies on the platform.
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STOPCongratulations! This post has been upvoted from the communal account, @minnowsupport, by kopi46 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.