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What Is Steem?

Steem (STEEM) is a blockchain specifically designed for social media and content creation applications. Launched in March 2016 by Ned Scott and Dan Larimer (who also created BitShares and later EOS), Steem was one of the first blockchains to reward users for creating and curating content. The project was developed by Steemit Inc., the company co-founded by Scott and Larimer, which also built the flagship Steemit social media platform. Steem first published its whitepaper in March 2016 and exited beta on July 4, 2016. The platform processes social interactions like posts, comments, and votes as blockchain transactions, creating a transparent and immutable record of social media activity.

The Steem ecosystem uses a three-token system. STEEM is the base liquid cryptocurrency that can be freely traded. Steem Power (SP) is STEEM that has been "powered up" or staked, granting the holder greater influence over content rewards and governance votes; powering down converts SP back to STEEM over a 13-week vesting period. Steem Power also determines a user's bandwidth allocation on the network — users with more SP can perform more transactions (posts, comments, votes) per day, which serves as a rate-limiting mechanism against spam without requiring transaction fees. Steem Blockchain Dollars (SBD) is a stablecoin designed to track the US dollar, used for content reward payouts so that creators receive a more predictable value.

Content rewards on Steem operate through what the whitepaper describes as "Proof of Brain" — the idea that human attention and judgment, expressed through upvotes and downvotes, can distribute token rewards to valuable contributions. When users with Steem Power upvote a post or comment, they allocate a portion of the daily reward pool to that content proportional to their stake weight. Authors receive 50% of the rewards while curators (voters) receive the other 50%. This incentive structure was designed to encourage quality content creation and active community participation, though it also attracted criticism for enabling vote-buying services and reward-pool manipulation by large stakeholders.

The Steem blockchain uses a Delegated Proof of Stake (DPoS) consensus mechanism, where STEEM holders vote for 21 witnesses (block producers) who validate transactions and maintain the network. Witnesses produce blocks in scheduled rounds and are responsible for setting key network parameters such as account creation fees and SBD interest rates. Steem was designed for high throughput to handle the volume of social media interactions, processing blocks every three seconds. In 2020, Steem underwent a contentious governance event when Justin Sun's Tron Foundation acquired Steemit Inc. and its large stake of STEEM tokens. A dispute over governance control led to a community fork that created the Hive blockchain, with many original Steem developers and community members migrating to Hive. Steem continues to operate under leadership aligned with the Tron ecosystem.

Getting Started With Steem

  1. Step 1: Learn About Steem. Visit steemit.com, the primary social media interface for the Steem blockchain, to understand how content creation and rewards work on the platform.
  2. Step 2: Create an Account. Sign up for a Steem account through Steemit or another Steem-based application. Your account name will serve as your identity on the blockchain.
  3. Step 3: Start Creating Content. Publish posts, engage with other users' content through comments and votes, and build your reputation. Content that receives upvotes from users with Steem Power will earn STEEM and SBD rewards.
  4. Step 4: Power Up for Influence. Convert your STEEM to Steem Power to increase your influence over content rewards and governance. The more Steem Power you hold, the more impact your votes have on reward distribution.

How to Get a Steem Wallet?

Steemit Wallet

Every Steem account includes a built-in wallet accessible through Steemit.com. This wallet supports STEEM, Steem Power, and SBD, and provides functionality for transfers, power-ups, and power-downs.

Steem Keychain

Steem Keychain is a browser extension that securely manages your Steem keys and allows you to interact with Steem-based applications without entering your password repeatedly. It supports all Steem transaction types.

Third-Party Wallets

Some multi-currency wallets support STEEM. Check that any third-party wallet you use supports the Steem blockchain natively, as STEEM is not an ERC-20 token and requires specific blockchain support.

Steem Resources

How to Buy Steem?

STEEM is available on centralized exchanges including Binance, HTX, and Upbit. Create an account on your preferred exchange, deposit funds, and trade for STEEM. When withdrawing, ensure you send to a valid Steem account name (not a traditional crypto address).

STEEM can also be earned directly by creating popular content on Steemit or other Steem-based platforms, providing an alternative to purchasing tokens on an exchange.

Latest Steem News

Steem continues to operate as a blockchain-based social media platform, though its community has been significantly smaller since the 2020 fork that created Hive. The platform maintains its core content reward functionality through Steemit and other front-end applications. Development has continued under the current team, with the Steem ecosystem adapting to its position in the broader blockchain social media landscape alongside Hive and newer platforms.