Steemit Tutorial: Steem (STEEM), Steem Power (SP), and Steem Dollars (SMD) #GetOnSteem

In this video I go over further into the Steem/Steemit blockchain social media platform, and this time go over my understanding of the way that three main asset classes work that are the basis behind Steemit. These asset classes are Steem (STEEM), Steem Power (SP), and Steem Dollars (SMD). STEEM is the underlying cryptocurrency token underlying all of the Steem ecosystem, and Steem Power and Steem Dollars derive their value from STEEM. STEEM can be publicly traded and speculated upon just like other cryptocurrencies. Steem Power is STEEM locked into a long-term contract that has the added benefits of protection from dilution as STEEM is being created and gives holders the power to influence the trending exposure of blog posts and comments. Converting STEEM to SP can be done instantly and is referred to as “powering up”. Converting SP to STEEM takes over 2 years and is known as “powering down”. Steem Dollars can be viewed as the US Dollar equivalent of STEEM. In essence SMD is just USD but denominated in the STEEM cryptocurrency.

This cryptocurrency token system employed by Steemit is in my opinion truly revolutionary! Speculators can benefit by betting on the price fluctuations of STEEM, long term investors can benefit by owning SP which grows and increases their social influence, and all can benefit by storing their hard earned USD cash as STEEM, much like as storing money in a bank. I will be studying more about Steem, cryptocurrency, and blockchain technology, so stay tuned for more as I learn more!

Shoutout to @DeepSynergy for creating the amazing Steem Power and Steem Dollar designs which I used in my video thumbnail! https://steemit.com/steem/@deepsynerg...

Note: @14:24 mark of the video, I made a typo: Should have written “Power-Down” and not “Power-Up”.

Download the notes in my video: https://1drv.ms/b/s!As32ynv0LoaIhvVWq...

View Video Notes on Steemit: https://steemit.com/steemit/@mes/vide...