Steem is an open-source social media blockchain platform that seeks to create value to content creators, contributors and curators. It wants to change the manner in which traditional social media operates where the owners get to keep a larger portion of the earnings while the uses, who create and contribute content get nothing. It is the only existing blockchain that can power real applications using social apps and returns value to the people who contribute the most. As of the moment, thisShow more [+] platform has already rewarded to the tune of $59.5 million and the figure is growing. The platform features a Smart Media Token, a digital asset used to motivate users to participate in and grow users' platforms.
Apart from building applications of a fast, free and scalable blockchain, new developers get an already existing user base of one million plus users. They also have access to powerful tools that assist in the integration processes. Those who hold STEEM get rewards for doing so. The longer you hold, the higher your reward.
STEEM is a premined coin that has a total supply of 301 million STEEM coins. It is the fuel used on the Steem blockchain to run operations. The coin is supported by wallets such as CoinSpot, Steem Freewallet and CoinPayments. It is listed for trade on Binance, Upbit, Houbi, Bittrex, GOPAX, poloniex and Buyucoin.
Steemit was developed and established by Ned Scott, the CEO and co-founder and Daniel Larimer, the co-founder.