Review on Steem by Azad Aliyev

Steem coin is Steemit's cryptocurrency. Steemit is a blockchain-based social media platform founded by Dan Larimer (BitShares CEO) in 2014.

Steemit is similar to Reddit, where people post content online and earn rewards. However, there is a big difference.

Unlike other social media platforms, Steemit runs on blockchain to decentralize it. Therefore, there is no censorship, central authority, downtime, data sensitivity, and data abuse. Eliminate the endless hassle of centralized social platforms (such as Facebook and Twitter).

In addition, users receive cryptocurrency rewards! In other words, you can share here and profit from it, instead of sharing a portion of the advertising revenue on social networks such as Facebook, which will share the advertising revenue. The

Steemit blockchain has three different cryptocurrencies.

Let’s take a look at all the features in the Steem Coin Guide.

Steem coin is the main cryptocurrency of the Steemit network. Two other cryptocurrencies (Steem Dollars and Steem Power) rely on it.

Since Steem was launched in 2016, its supply has automatically increased by 100% every year. This will continue indefinitely.

"How does Steem coin work?" For those who want to know, we can say that it is different from other cryptocurrencies because it does not rely on the mining of new coins.

The Steemit network that we reviewed in the Steem Coin Guide creates new Steem Coins every day.

75% of the new coins are distributed between the author and the curator.

15% of the tokens are allocated to Steem Power holders. 10% of the

Steem block reward goes to miners.

Long-term holding is not recommended, because more and more Steems are created every day. Instead, the Steem Dollars must be converted to Steem Power or other cryptocurrencies such as Bitcoin or Litecoin.

If you want to know and decide to buy Steem, you can use Binance. One of the most trusted cryptocurrency platforms. You also need a secure cryptocurrency wallet for storage. I recommend Ledger Nano S and Trezor.

Steem Dollars is another blockchain cryptocurrency. When it comes to what Steem currency is, it stands out. It is considered more balanced. The intended value is 1:1 and USD, that is, 1 SBD can receive 1 USD. Steem coins are of course different from prices.

kept its value at $1 until November 2017, and then soared to $13 at the end of 2017. The sequel suffered setbacks and is currently hovering around $1.07.

Since Steem Dollars are designed to remain stable, 50% of the payments to creators and curators on Steemit are paid in SBD to protect the Steem cryptocurrency from fluctuations. Steem Dollars can be bought and sold on many exchanges. Its current market value is $600 million.

You can withdraw your SBD by converting SBD to Steem or Bitcoin, and then converting it to fiat currency. You can also convert SBD to Steem Power, which I will explain in the next part of our Steem Token Guide article.

Useful tip: The main advantage of Steem Dollars is that you can get 10% annual interest when you hold it.

Steem Power (SP), "How does Steem currency work?" The third cryptocurrency in the Steemit network, it satisfies the needs of those who are curious and investigating. This token symbolizes your influence on the Steemit platform. The more SP, the stronger.

Holding Steemit Power maintains its 1:1 voting rights. For example, the votes of users with 200 SP are 20 times more effective than the votes of users with 10 SP.

This is a very important aspect of the Steemit platform because it is directly related to rewards. When a post or comment receives positive votes from the person with the most power (SP), you will get more rewards.

If you do not have Steem Power, you cannot vote. Here are some interesting facts about SP:

Steem Power is considered a long-term investment. If you don't keep it for at least 13 weeks, you can't sell it.

50% paid to taxpayers is paid in SP.

Unlike the other two cryptocurrencies on Steemit, SP cannot be traded on exchanges.

You can "strengthen" by increasing your SP, or you can "lose power" when trading (buying and selling with Steem coins). This is the case with

Steem coins. You have learned 3 Steemit network passwords, we can mention them in the Steemit coin guide! Now is the time to understand how the Steemit social media platform works.

Steemit Community and Curation

Steemit is trying to change the way social media platforms operate. Unlike platforms like Facebook, users will not receive contributions due to the content they create. Steemit uses Steem tokens to reward contributors / creators on the platform.

In addition to creators, curators also play an important role in the Steemit community. Users who vote and rate the quality of the content are called "curators" on Steemit.

curators were rewarded for helping to maintain the quality of the content on Steemit! not bad, right?

Steem Coin Guide: Steemit

While searching for the answer to the question of how the Steem coin works, he discovered the meaning of Steemit and decentralization; power is in the hands of the community.

Like Reddit, Steemit draws strength from its community to maintain consistency in user behavior. Although the fundamentals are not as mature as Reddit, the work continues. A community review guide called Steemetiquette is being developed.

Steemetiquette has several key points:

Encourage source citation and credit.

awards the original author, emphasizing that the original author is given priority.

Avoid rewarding unwanted and repetitive content. The idea behind

is to create a truly decentralized platform where users can decide what content is valuable, how good behavior should be rewarded, and how the community stays positive.

The Steem concept is really exciting because it has many unique advantages and features compared to traditional competitors. This is why you see price increases in 2017.

Although exciting, you are currently facing some considerable challenges. If these problems are not resolved within a short period of time, it will become one of the social media platforms that have not yet succeeded. Let's take a look at the main issues that may arise in the Steem coin guide on the Steemit platform.

Voting cheats

Voting to manage content is one of the most important aspects of Steemit. Therefore, content creators will directly receive Steem tokens. Unfortunately, writing a few lines of code to create a bot that polls for spam is very simple.

The worst part is that Steemit publicly shared its importance for robots. With such an open plan, programmers can easily create bots that look like real Steem users.

To be honest, Steem Coin did not take sufficient precautions to solve the problem.

On the other hand, when you check Reddit, you will find that overly complex measures are being taken to combat voting techniques and stop bots. All plans and preventive measures are kept secret, making it difficult for programmers to create robots.