Bringing the qualities

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An Overview of Steem a Blockchain-based Social
Media Model
leewayhertz.com/all-about-steem
Bringing the qualities of Blockchain to the
domain of online social networking, Steem
facilitates the development of social media DApps
that can reward users with cryptocurrency. Steem
is interesting! It interests developers,
entrepreneurs, HODLers, social users and content
creators. It can be referred as a
blockchain-based social media model that
supports community building and social
interaction through content publishing and
sharing. What makes it more fascinating and
unique is that it incentivizes the contributors
with cryptocurrency rewards for their
contributions like blogging, publishing, content
curation, voting, and sharing. Steem publicizes
its value as a public content platform by
referring to the point that user- generated
content has earned millions for the shareholders
of social media platforms, but the content
creators make nothing in terms of revenue. Steem
is different because it empowers the users to
become shareholders and earn value for creating
and publishing content over Steem-based social
apps. This article will cover more details about
Steem, its anatomy and its potential to support
entrepreneurial ideas for content and social
networking businesses. What is Steem
Blockchain? Steem is a social blockchain a
publicly accessible database that stores
immutable content in the form of plain text. And
as mentioned above, it is powered by an in-built
incentivization mechanism that rewards the
content contributors and distributors with its
cryptocurrency, also called STEEM.
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One important point to understand here is that
Steem is the publicly accessible distributed
blockchain database that stores all of the
records like text content, transactions data
even the reward calculations and payouts are
performed on it. But for content creators and
users to interact with the Steem Blockchain and
view the data on it, a frontend web interface is
needed, which is offered through Steem DApps. For
instance, Steemit is a social DApp built on Steem
blockchain that rewards Steem tokens to its
users. With its inbuilt incentivization
mechanism, the Steem blockchain strives to create
a currency that can reach a broader market,
including people who are yet to participate in
any cryptocurrency economy. Lets understand the
Steem Blockchain a little more in detail. How
Steem blockchain produces a new block? For
creating blocks, the Steem blockchain uses a
consensus mechanism called delegated proof of
stake, or DPOS. This model uses witnesses
instead of miners to produce blocks. Here,
Witnesses represents a set of people who own the
block-creating accounts. The whole Steem
community, means all those who have Steem
accounts, can vote to elect the witnesses. Each
account holder can vote for up to 30 witnesses.
The community elects 20 full-time witnesses, and
the backup witnesses share the 21st position.
These 21 witnesses act as the networks block
producers and governance body. Each
witness requires producing a new block every 3
seconds. Thus 21 witnesses produce 21 blocks in
each 63-seconds. For creating each block, the
witnesses are compensated with Steem Power. How
are rewards distributed among Steem users? The
most interesting thing about Steem is its reward
system. The rewards are distributed to the Steem
users, who produce and curate content,
participate in content discussions, and vote on
the content. Each year, 75 of the yearly
inflation is distributed as a reward to the
contributing users. The distribution model
depends upon the voting patterns of the users,
but the vast majority of the rewards are
distributed to the users who engage with the
most popular content. Users also get a share of
the new coins generated during the block
creation. With BTC(Bitcoin), 100 of the new
coins created during block creation are allocated
to miners. But with the Steem blockchain, only
10 of the new STEEM coins are paid to the
witnesses, while the other 90 of the coins are
awarded to content curators, producers and Steem
Power holders. As per the official site of
Steem, as of June 2021, 59,595,935 rewards have
been paid out to Steem users. Who can benefit
from Steem? The official website of Steem speaks
to entrepreneurs, developers, social users and
HODLers.
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Social users can be engaged with Steem by
creating accounts on Steem-based social apps like
Steemit, DTube, and Utopian. By creating and
curating content on these Steem social apps,
users can get rewarded with free Steem tokens.
Steemit is one of the top DApp built on the
Steem blockchain. It is a social media and
blogging website. Entrepreneurs like online
content businesses, publishers, online
communities can build their own reward-based
social media platform on Steem Blockchain by
developing Steem DApps. The in-built
incentivization mechanism of Steem helps
businesses to reward their users for contributing
good content. This increases the influence of
the social app and thereby can attract more user
engagement. Steem is uniquely designed to run
real-time applications that facilitate fee-free
and near- instant transactions. The Blockchain
has been tested by over 1 million people on more
than 324 Steem-based DApps. HODLers can engage in
the trading (buying, selling and earning) of
Steem tokens. There are three types of Steem
tokens STEEM is a liquid token for short term
traders Steem Power(SP) is a vesting token for
HODLers SBD is a stable coin pegged to
USD Users of Steem-based social apps can earn
free Steem tokens by creating and curating
content. Steem account holders can buy all three
types of Steem tokens from Poloniex using other
cryptocurrencies like Bitcoin, Bitcoin Cash,
Ether, and Dash. Those who dont have Steem
accounts can buy Steem-based tokens from popular
exchanges like Binance, Upbit, Bittrex and
GOPAX. Why develop on Steem? There are main
reasons why content businesses or their
developers would love to develop app on Steem
Blockchain Steem has built-in content-specific
primitives as it has been designed from the
ground to power web and content applications It
supports near-instant fee-less transactions, so
in a way, businesses can use it for free. They
dont need to build their own Blockchain for
developing engaging social DApps for community
building and social interactions. Also, using
Steem-powered applications, businesses can
encourage users to post and engage on their
platform by instantly incentivizing them for
free with Steems turnkey cryptocurrency
- STEEM Another biggest advantage of building on
Steem is that it addresses the challenge of user
acquisition, which is the hardest and most
expensive part of developing and launching a new
application. A Steem DApp gains immediate access
to Steems one million-plus user base that is
growing exponentially. How LeewayHertz can help
you with Steem DApp Development?
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As a blockchain development company, we love to
develop app on Steem for its passionate
open-source developer base. It includes an entire
ecosystem of powerful tools, App base API,
resources, and tutorials that facilitates easier
Steem integration. A Steem project can be
developed using a JavaScript library or a Python
library. We can assist you with the following
Steem DApp development services Steem DApp
Development Blockchain-based DApps have one
major advantage over centralized apps, that no
central point controls their performance. Our
team of blockchain developers is equipped with
the necessary resources and expertise
to efficiently pull up your Steem DApp
development project. DApp Design To ensure that
the users of your Steem DApp get the finest
frontend user experience, we offer UI/UX design
services and create DApp designs that are
intuitive and simple. DApp Testing We provide,
end-to-end testing and QA services to ensure that
your Steem DApp is bug-free and error-free
before its launch. If you want to develop an app
on Steem Blockchain for your business, you can
get in touch with the Steem experts at
LeewayHertz. With their profound knowledge of
blockchains, like Steem, our developers can help
you hit it big!