An open-source distributed platform that builds incentivized applications, such as social media sites, which let their users profit by building value for the community.
The STEEM currency powers the transactions and web site actions within the application environment. Using a cryptocurrency allows instant transfers to take place between users. This has the added benefit of never having to deal with a third-party.
The main concept behind Steem is that it is not just an alternative coin or digital currency, but rather a social media platform where anyone can earn rewards and potentially become an online celebrity.
Steem offers great potential for large brands, such as Buzzfeed. Since viral content does well on all other social media sites, why not reward people who actually create this content?
Buzzfeed may not get away with posting content on Steem, but anyone who creates viral material could get their share of the profits.
Steem is similar to Ethereum; however, it has a shorter block time and avoids batch processing that can clog Ethereum. It will use Graphene technology which is responsible for the extremely fast speeds of both BitShares and Steemit. Current tests show Steem performing at about 20 seconds per block while Ethereum takes 10 minutes and Bitcoin close to 10 minutes. Unfortunately we won’t know exact numbers until all three cryptocurrencies go live around May or June 2016. Theoretically though, this should speed up transactions by over 200%.
Although Steem appears to be just another alternative coin (altcoin), its novel approach to social media rewards sets it apart from all other digital currencies, and offers up a chance of success where so many others have failed.
Since there are no costs for transfers or running a web site on Steemit, users can expect content creators to flock towards this new platform.