What is STEEM?

STEEM is the native cryptocurrency of Steem, a decentralised social blockchain platform that encourages people to participate in and share content on decentralised networks. Steem is a new social media model that benefits contributors. In that, it creates revenue streams for users through a reward system that rewards them for sharing content. Steem was established by Dan Larimer as the second Delegated Proof-of-Stake (DPoS) network after Bitshares and before EOS. Currently, Steem is the only blockchain that powers real applications via social apps like Steemit. The Steem model returns value to the top contributors. Thanks to its free transactions, the Steem blockchain allows for frictionless microtransactions, upvoting, and other content curation operations. Witnesses in Steem are chosen by stakers, who earn voting power for each STEEM staked. These same witnesses then produce blocks for the entire chain.