On steem

So far this must be one of the coolest applications of blockchain technology. And I’m typing about Steem here. It is ‘yet’ another blockchain developement, but with something usefull build on top. Social media and more, mainly blogging right now, but there is more to Steem than meets the eye.

Man of Steem

If you want to keep it simple, then you can just start an account at SteemIt dot com, and start blogging right away. You’ll get 10 STEEM Power to begin with, just for signing up, and that will grow even though you might take a some time off. If you first want to know what the value of STEEM is, as a Crypto Fiat Valuta, then have a look at Coin Market Cap dot Com.

So the Steem ‘Coin’ is there for years like Bitcoin? No, it just really started at the 4th of July. And from that moment it just went crazy. Now this recently attracted some attackers going for ‘the gold’ that STEEM has become in a short time. Luckily only a few got robbed, not good, but the good news is that all will be refunded! Now that is how the Steem communinity goes about on a daily business.

In short

SteemIt is a social media platform build on a blockchain, Graphene (just like BitShares). As a registered member you can Post and Reply to others. For this efforts you can get upvoted. Meaning other Steemers like your efforts and let you know by upvoting and / or replying to your post. Numbers count, so the more upvotes, the more activity created by your posts, the more you might earn.

That is your Fruit Of Work, or FOW. These rewards, if there are any, will be put in your wallet after a 24 hour round. (And some minutes after that, guess it’s a kind of cool down time.) There is a weight factor that is very important; The Steem Power any Steemer has when upvoting or posting a reply.

Higher value in Steem Power will result in a bigger reward after such a Steemer upvotes your posts or replies. But there are so called ‘bots’ that help out ‘the less fortunate’. They have big voting power and you’ll be lucky if the find you.

If you have gathered some value, that shows in ‘Dollar’ under your post or reply, Then after 24 hours this will be payed out. You then will collect your FOW, or Fruit Of Work. This will be split in two, if possible. One part will go into your wallet as Steem Power, you are an investor and shareholder in fact. And if your earning were high enough you’ll get some Steem Backed Dollar {SBD} too!

Now, you cannot grab the Steem Power right away, because it is an investment into the Steem system. You are a supporter as well as a member. It can be released, or Powered Down, but that will take two years in weekly payments. (Divide your Steem Power by 104 and you will know what your weekly earnings will be when you start a Powering down.)

The Steem Backed Dollar{SBD} is cash, the Crypto Fiat Valuta that you van exchange. That can be for STEEM, which could be highly variable due to the market it is traded on. And you can Power up your STEEM to Steem Power {SP} again. Or just cash by exchanging to Bitcoin and then sell that for Euro to put on your regular banking account or paypal.

Or you start trading with Steem Backed Dollar and STEEM inside SteemIt dot com or in BitShares. So there is more to Steem than meets the eye and there is still much more to come.

Stay real

At first it might look massive, those trending posts, thousands of ‘Dollar’ in upvote value. And you might get disappointed when you get upvotes and no pay. When you try to copycat, that won’t work, you could even get flagged, downvoted. Best is to do what you do best and enjoy to do. Stay true to that, and if that does not work, then maybe you could concentrate on replies and voting, or trading.

Be you, that is the best to do at SteemIt. First time do introduceyourself, best with some kind of POE, Proof Of Excistence, and after that your off full Steem a head.

Have a good time Steeming and pay me a visit.

See you at Steem It!