### What is Steem?

Steem is a blockchain-based social media platform designed to reward users with cryptocurrency for creating and curating content. It aims to incentivize the online community by providing a platform where users can post curated content online and get paid in cryptocurrency.

### How does Steem work?

Steem operates on a blockchain powered by the Delegated Proof-of-Stake (DPoS) consensus protocol, which is fast and fee-free. The platform processes transactions within three seconds and is designed for scalability, making it suitable for social applications. Users earn STEEM through a reward system that values their content creation and curation efforts. STEEM can also be staked into Steem Power (SP), which enhances user influence on the platform.

### What are the potential use cases for Steem?

Steem has several potential use cases, including but not limited to:

- **Social Media Platforms:** Platforms like Steemit, DTube, and Utopian allow users to create and curate content while earning cryptocurrency rewards.
- **Decentralised Applications (DApps):** Steem supports various DApps aimed at blogging, community forums, and other social interactions.
- **Real-World Applications:** It offers applications like escrow services and supports the creation of Non-Fungible Tokens (NFTs) on its blockchain.
- **Content Creation and Entrepreneurship:** It enables direct monetization for content creators and entrepreneurs, establishing a practical framework for launching social media projects.

### What is the history of Steem?

Steem was co-founded in January 2016 by Ned Scott and Dan Larimer. By March, the Steem blockchain was launched, and the whitepaper was published. The platform issued its first rewards in July 2016, which led to a significant price surge. Over the years, it faced challenges, including financial difficulties during the cryptocurrency crash in 2018 and staff layoffs. In 2020, Steem underwent a successful fork, resulting in the creation of the HIVE blockchain, which introduced new features and improvements to the original Steem blockchain.

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