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Steem
Denominations
CodeSTEEM
Development
Original author(s)Ned Scott, Daniel Larimer
White paper[1]
Initial releaseMarch 24, 2016; 9 years ago (2016-03-24)
Code repositorysteem on GitHub
Development statusCurrently under development
DeveloperSteemit Inc
Source modelOpen Source
LicenseMIT License [2]
Ledger
Timestamping schemedelegated Proof-of-stake
Block time3 s
Block explorerhttps://steemblockexplorer.com
Circulating supply304,373,589 (12th of March 2019)
Valuation
Exchange rate$0.52 (12th of March 2019)[3]
Website
Websitehttps://steem.com/

STEEM is a cryptocurrency based on the social media and content-focused Steem blockchain, which was created on March 24, 2016 by Ned Scott and the blockchain developer Dan Larimer.[4] With over 1.2 million registered accounts and a daily volume of more than a million signed operations, Steem is amongst the five blockchains with the highest level of activity.[5][6] In terms of total market capitalization, STEEM is currently ranked at place 40. with a market capitalization of more than 159 million USD. (March 13, 2019).[7][8]

History

The Steem Blockchain was developed and released by Ned Scott, the current Executive Chairman of the Steemit company, together with Dan Larimer, a well known blockchain developer and cryptocurrency entrepreneur.[9] After the two founders first met in January 2016, the blockchain was taken online in the end of March 2016.[10] At few weeks later Steemit, a decentralized and censorship-resistant platform for blogging and social networking, was released as the first of now many applications running on the Steem blockchain protocol.[11][12][13]

About one year after the launch of the blockchain, Dan Larimer quit his job as the CTO of the Steemit company on March 14, 2017 and subsequently stopped his participation in the development of the Steem blockchain in order to focus on his new cryptocurrency project EOS.[14]

The blockchain is currently operating under version 0.20.9.[15]

Technical description

The aim of the Steem blockchain is to provide a platform for decentralized application hosting as well as decentralized data storage. By using delegated proof-of-stake as consensus protocol, a fast block time of three seconds and zero fee transactions for users are made possible. Other blockchains using this consensus protocol are EOS.IO and BitShares.

Tokens

Both the volatile cryptocurrency STEEM and the stablecoin Steem Dollars (SBD) are forms of value storage on the Steem blockchain. STEEM can be staked into STEEM POWER to gain influence and resources on the blockchain, while SBD is thought to be a stable coin making transactions and business options more reliable. Both tokens can be traded against each other on an internal decentralized token exchange.[16] Exchanging both tokens into other cryptocurrencies or fiat money is possible on major cryptocurrency exchanges like Binance, Bittrex and many others.[17]

Newly created STEEM tokens are distributed between content creators, the block-signing "Witnesses" and stakeholders as described in the whitepaper.[1]

Accounts

The Steem blockchain protocol permits users to choose a unique account name of up to 16 characters in length which then can be used for references and transactions within the network. At the moment, there are over 1,237,000 unique accounts registered on the Steem blockchain.[18]

Applications running on Steem (DApps)

The Steem blockchain has a large number of decentralized applications (DApps) running on it.[19] The first DApp to use the Steem blockchain was Steemit, a decentralized and censorship-resistant blogging platform, which rewards its users for creating content.[20][21] Since then many other DApps have decided to make use of the Steem protocol.[19] In 2018, 44% of all accounts on the Steem blockchain have been active DApp users.[22]

Steem is attractive to developers because DApps can be developed in the popular and well known JavaScript[23] rather than more difficult languages like C++ or Solidity.[24]

Prominent Steem DApps include:

  • Steem Engine, a platform for issuing and trading Steem based tokens[25]
  • DTube, a decentralized platform for uploading and sharing video material[26]
  • Utopian Colony, a funding platform for open source development.[27][28]
  • SteemPress, a WordPress plugin connecting WordPress and Steem[29]
  • Partiko, a mobile first blogging platform for both iOS[30] and Android[31]
  • Fundition, a decentralized crowdfunding platform[32]

Besides using the Steem blockchain for rewarding content and social interaction, projects like the trading card game Steem Monsters make use of the ability to store data using the JSON file format on the blockchain, making the proof of digital ownership possible for virtual goods.[33][34]

Public ratings

In January 2018, the American rating agency Weiss Ratings published their first cryptocurrency rating report, giving STEEM the "B-" grade and ranking it above the most popular cryptocurrency Bitcoin. [35][36] Steem was able to keep the "B-" rating in the subsequent reports by Weiss Ratings.[37]

In December 2018 CCID Consulting, China's largest research, consulting and IT outsourcing service company, ranked Steem 10th in their monthly blockchain report.[38][39]

The State of the DApps, an online ranking for decentralized applications running on EOS.IO, Ethereum or Steem, lists various applications of the Steem blockchain in their top ranks with the social media platform Steemit leading the list.[40]

Steem, Steemit and Steemit Inc.

Contrary to popular belief, Steem and Steemit are two different things. While Steem is the name of the underlying blockchain, Steemit is only one of many decentralized applications using the Steem blockchain protocol. This difference was also pointed out in an interview by co-founder Ned Scott shortly after the launch of the blockchain.[41]

Steemit, Inc. is a privately held company based in New York City and responsible for running the Steemit community application as well as participating in the development of the Steem blockchain.[42]

References

  1. ^ a b "STEEM Whitepaper: An incentivized, blockchain-based, public content platform" (PDF). Steem. 12 Mar 2019. Retrieved 12 March 2019.
  2. ^ "Steem LICENSE". github.com. April 19, 2011. Retrieved November 6, 2018.
  3. ^ "Steem". Coinmarketcap. Retrieved 12 March 2019.
  4. ^ "THE STEEM BLOCKCHAIN - Building better communities, creating rewarding opportunities and empowering entrepreneurs". Steem.com. Retrieved 2019-03-13.
  5. ^ "Blockchain Activity Matrix". Blocktivity. Retrieved 2019-03-13.
  6. ^ Mathis, Jack (2018-05-17). "Major Milestone: Steem Blockchain Hits 1 Million Accounts". CCN. Retrieved 2019-03-13.
  7. ^ "Top 100 Cryptocurrencies by Market Capitalization". Coinmarketcap. Retrieved 2019-03-13.
  8. ^ Reuters (2016-07-12). "Digital currency Steem soars 1,000% in value in two weeks". The Guardian. ISSN 0261-3077. Retrieved 2019-03-13. {{cite news}}: |last= has generic name (help)
  9. ^ Godshall, Jacob (2018-10-29). "Who is Daniel Larimer?". UNHASHED. Retrieved 2019-03-13.
  10. ^ Fletcher, Katherine (2016-05-05). "A Conversation with Ned Scott, CEO of Steemit". Coinreport. Retrieved 2019-03-13.
  11. ^ Cuofano, Gennaro (2018-11-19). "What is Steemit? The Decentralized Social Network That Is Challenging Facebook Business Model". FourWeekMBA. Retrieved 2019-03-13.
  12. ^ Hayes, Adam (2016-07-16). "Steemit: The Disruptive Blockchain-Based Media Community". Investopedia. Retrieved 2019-03-13.
  13. ^ McMillen, Andrew (2017-04-10). "THE SOCIAL NETWORK DOLING OUT MILLIONS IN EPHEMERAL MONEY". WIRED. Retrieved 2019-03-13.
  14. ^ "Joint Statement". Steemit Inc. Retrieved 2019-03-13.
  15. ^ "steemit/steem". GitHub. Retrieved 2019-03-12.
  16. ^ "STEEM / Bluepaper" (PDF). Steem. Retrieved 2019-03-12.
  17. ^ "STEEM / BTC". Binance Cryptocurrency Exchange. Retrieved 2019-03-12.
  18. ^ "STEEM BLOCK EXPLORER". steemblockexplorer.com. Retrieved 2019-03-12.
  19. ^ a b "Steem Apps - Showcasing Apps & dApps on Steem". steemapps.com. Retrieved 2019-03-13.
  20. ^ Kadavy, David (2018). Make Money Writing on the STEEM Blockchain: A Short Beginner's Guide to Earning Cryptocurrency Online, Through Blogging on Steemit (Convert to Bitcoin, U.S. Dollars, and Other Currencies). Independently published. ISBN 9781982930301.
  21. ^ Chohan, Usman W. (2018-02-23). "The Concept and Criticisms of Steemit". Rochester, NY. {{cite journal}}: Cite journal requires |journal= (help)
  22. ^ "Steem 2018 Report" (PDF). Coingecko. Retrieved 2019-03-13.
  23. ^ "Introduction To Steem Apps Development Using JavaScript". Udemy. Retrieved 2019-03-13.
  24. ^ "Aggroed's Quick Guide to Building a Profitable Business on Steem, which is a great blockchain for business!". SteemPeak. Retrieved 2019-03-13.
  25. ^ "Steem Engine - Smart Contracts on the STEEM blockchain". steem-engine.com. Retrieved 2019-03-13.
  26. ^ "DTube". d.tube. Retrieved 2019-03-13.
  27. ^ Mason, Ronan (2018-03-21). "So What Is DTube And How Does It Differ From Youtube?". Valleyarm. Retrieved 2019-03-13.
  28. ^ Belle, Stella (2017-10-31). "Could Utopian.io Become The Ultimate Funding Solution For Open Source Projects?". Hackernoon. Retrieved 2019-03-13.
  29. ^ "SteemPress - a WordPress plugin that connects any blog to the Steem blockchain". steempress.io. Retrieved 2019-03-13.
  30. ^ "‎Partiko". App Store. Retrieved 2019-03-13.
  31. ^ "Partiko - The easiest way to earn Steem and crypto - Apps on Google Play". play.google.com. Retrieved 2019-03-13.
  32. ^ "Fundition.io - Decentralized Crowdfunding platform". purplepaper.fundition.io. Retrieved 2019-03-13.
  33. ^ "Steem Monsters: A Digital, Role Playing, Trading Card Game!". kickstarter.com. Retrieved 2019-03-13.
  34. ^ "Steem Monsters". Steem Monsters. Retrieved 2019-03-13.
  35. ^ Tarrant-Cornish, Taryn (2018-01-25). "Bitcoin DEFEATED: Investors SHOCKED at least TWO cryptocurrencies 'thought to be safer'". Express.co.uk. Retrieved 2019-03-13.
  36. ^ Roh, Chelsea (2018-02-28). "Cardano (ADA), EOS, & Steem: the Top 3 Cryptocurrencies by Weiss Ratings". Crypto Currency News. Retrieved 2019-03-13.
  37. ^ "Weiss Cryptocurrency Ratings" (PDF). Retrieved 2019-03-13.
  38. ^ "赛迪发布全球公有链技术评估指数第9期:EOS、以太坊仍居前二 比特币上升3位至15位" (in cn). Retrieved 2019-03-13.{{cite web}}: CS1 maint: unrecognized language (link)
  39. ^ Lugano, Fabio (2018-12-24). "Blockchain: the Chinese CCID awards EOS in the December ranking". Cryptonomis. Retrieved 2019-03-13.
  40. ^ "State of the DApps - Ranking the Best DAPPS on Ethereum, EOS and Steem". Retrieved 2019-03-13.
  41. ^ Fletcher, Katherine (2016-05-05). "A Conversation with Ned Scott, CEO of Steemit". Coinreport. Retrieved 2019-03-13.
  42. ^ "Steemit, Inc. Mission, Vision and Values". Retrieved 2019-03-13.
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