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Peerplays is a new blockchain (launched this week) focused on gaming and is running similar tech to Steem. PPY is the Peerplays network token, the equivalent of STEEM here. Witnesses are elected block producers for the network, voted in by the holders of PPY, and run specialized servers to produce blocks and earn rewards.

Hope that helps!

Very much so! Thank you very much, so its like steem for steam? haha