April 20 2022
Steem – A Social Networking Platform
Steem is a blockchain platform that rewards users for various kinds of activity on the platform. Furthermore, publishing is better paid than curating the content.
First, we need to understand three terms about the STEEM Cryptocurrency: STEEM, Steem Power, and Steem Dollar.
STEEM is a Cryptocurrency that you can use for transfers, payments, or converting into other currencies.
Steem Power (SP)
The rewards are paid out in terms of Steem Power and Steem Dollar. The Steem Power gives you more power, i.e., more the Steem Power then better the voting power and earning potential.
Moreover, you will have a virtual stake in the Steem blockchain with Steem Power.
Power Up – is a concept to convert your STEEM to Steem Power, and
Power Down – as you have expected, is a process to turn the Steem Power to STEEM.
Steem Dollar (SBD)
As I said, you will receive some part of your rewards in SBD. The Steem Dollar is pegged to US Dollar. So, whenever you want to convert SBD to STEEM, you would receive one Dollar worth of STEEM.
Also, you can earn a 10% annual interest (the rate changes with time) by moving funds into a savings plan, and you have to wait three days if you want to withdraw.
The faucets are used to represent the data from the blockchain in a better way. These faucets allow newbies to understand and interact with the platform quickly.
Steemit.com is very popular web faucet, and eSteem is an Android app that acts as a faucet for STEEM blockchain.
The blocktime can be as fast as one second. So, there would be no latency issues. And can easily handle the size of Reddit without a problem.
Many popular Cryptocurrency exchanges are trading STEEM.
Anyhow, what is the need to buy? Just log on to Steemit.com and start using the platform. Forget Facebook, Twitter, and Snapchat.