Ever since 2008, when for the first time ever the concept of a cryptocurrency was introduced to the world with the creation of the bitcoin, by an unid
Ever since 2008, when for the first time ever the concept of a cryptocurrency was introduced to the world with the creation of the bitcoin, by an unidentified group of programmers called Satoshi Nakamoto the whole idea of money and payments was revolutionized. In 2009, the bitcoin was introduced to the world as the first ever decentralized cryptocurrency which could be used as money as opposed to the conventional electronic money and centralized banking. The bitcoin took the world by storm and took the idea of electronic money a step further. In contrast to the conventional and centralized system of money, where the governments control the creation and the supply of the currency by printing money, any decentralized cryptocurrency cannot be produced by companies and governments. This control does not lie with other banks, firms or corporate elites either. Cryptocurrencies cannot be physically produced or created and are created digitally. Using the computing power within a distributed network, cryptocurrencies are created and transactions are process making the virtual currency its own payment network.
Steem is one such platform and example. Steem is basically a blockchain based social media platform and the principle behind Steem is that by posting original and authentic content that is valued by people you earn rewards in the form of Steem dollars, a type of cryptocurrency. In addition to creating and posting original quality content, users can also earn Steem rewards by mining and withholding currency. Similar to other cryptocurrencies, Steem pays the contributors through the creation of new tokens at a particular set rates and following certain rules and regulations. With thousands of users across the world, the social media platform works with high speed and complete reliability, rewarding users with Steem dollars and voting power only by posting and curating original and authentic content.
One application that allows users to perform all such functions is steemit.com. By creating and curating content users earn half of their content rewards in the form of Steem power which then allows them to create and post more content while the other half of the rewards is paid in the form of Steem dollars which then assists and drives the other operations. One Steem dollar is equal and interchangeable for one actual dollar. The creation and introduction of the world to cryptocurrencies has revolutionized economies and markets around the world. Termed as the future of money’, the cryptocurrency steem is a step ahead in the path paved by bitcoins. Steem has more users than other websites such as reddit.com and is a vastly growing network paying people with Steem rewards and revolutionizing the world of transactions and economies overall.