STEEM represents a fusion of ideas, drawing from both social media and cryptocurrencies to create a new kind of platform. Any user is allowed to create, share and upvote contents on the STEEM network which earns them STEEM cryptocurrency tokens based on the performance within the community. It hosts most of Steemit’s social and blogging sites. STEEM’s network established a connection between blockchain and the social media platform.
Steemit developed a protocol called Smart Media Token which is the basis for STEEM’s operation. It uses the proof of brain algorithm which allows the users to edit the content and the features, based on the quality and the functioning capacity; the users are rewarded with STEEM coins. The greater the contribution from the user, the more tokens they earn.
There is no limit for the mining of STEEM coins; they grow by 100% every year. The major advantage of this cryptocurrency is that it can be used in the non-digital word as well. It can also be exchanged to fiat currencies. There is no mining of STEEM coins, they can either be bought using Fiat currencies from major exchanges, or it can be exchanged with another crypto like Bitcoin and Ethereum.