Steem Backed Dollars (SBD) is a stable value token pegged to $1 USD build on Steem network. Steem is a blockchain based project developed to recognize and incentivize for the content created by social media individuals and communities. Steem platform uses various types of tokens i.e. Steem coins, Steem Power and Steem Backed Dollars (SBD). SBD token brings stability to the users who use the Steem network. A Steem Backed Dollar is created by combining the abuse prevention rules and a reliableShow more [+] price feed. Steem Backed Dollars are rewarded to content creators. When this content shared on the Steem network, the creator receives their payments in Steem Power and Steem Dollars. The Steem Backed Dollars can be redeemed whenever the user needs. It takes 3 days to process the request.
NedScott is the CEO of Steemit platform and the team consists of over 200 members.