I. Project Introduction
Steem is an open source blockchain protocol that can store social information and distribute tokens based on the Proof-of-Brain algorithm. As the world's fastest transaction speed and largest transaction volume blockchain, Steem can support multiple blockchain protocols for user-oriented applications, including busy.org , d.tube, dlive.io, steemit.com, dsound. audio, etc.
Steem blockchain creates opportunities for entrepreneurs by providing a scalable blockchain protocol that their applications can use to store user content, social information, account information, JSON metadata, etc., while authorizing These users earn cryptocurrency tokens called STEEM) in exchange for sharing that information. STEEM tokens have best-in-class properties like: three-second transfers, and no fees, thanks to Steem’s three-second module and Delegated-of-Stake algorithm.
With the upcoming release of the Smart Media Token Protocol (SMT), the community will add functionality to the Steem blockchain, allowing any entrepreneur, developer or community builder to launch themselves on top of the Steem blockchain A customizable STEEM-like token with specific smart contracts for ICOs, automated market makers, autonomous token distribution, founder tokens, and more. SMT will take full advantage of the speed and scalability of the Steem blockchain, enabling entrepreneurs to leverage all the lessons learned from Steem and steemit.com to tokenize their platform and steer the value of their tokens.
STEEM can be used to initiate "Steem Power", exchange SBD on the internal market, cancel orders, trade BTC or other digital tokens, and purchase items through third-party stores.
Second, the Steem blockchain
The Steem blockchain is a publicly accessible distributed database that records all posts and votes and distributes rewards across the network. All text content and voting data are stored here, and all reward calculations and payouts are performed there.
Three, the difference between Steem and Steemit
Steem is the name of the blockchain that stores all data and transactions and processes all events that occur. STEEM is also the name of the system value token (currency).
Steemit is a front-end web interface for interacting with the blockchain and viewing blockchain data. Steemit, Inc. is also the name of the company that owns and operates the steemit.com website.
4. What is the difference between Steem and Bitcoin?
On a technical level, the two networks rely on the same model of blockchain, but based on different technologies and codebases. Steem is based on a new state-of-the-art blockchain technology called Graphene, which uses "witnesses" instead of "miners" to produce blocks.
The "authorized proof-of-stake" model that uses witnesses instead of miners can increase the efficiency of block production. With BTC, 100% of new coins created are distributed to block producers (miners). With the Steem blockchain, only 10% of new coins are paid to block producers (witnesses). 90% of other new STEEM coins are awarded to content producers, curators and Steem Power holders.
