Cryptocurrencies have come into existence with a wide range of uses, some of these uses are far more creative and legitimate than others. One such cryptocurrency and social blockchain is STEEM. Many businesses who want to step in the world of cryptocurrency are now looking to hire STEEM developers. Its unique implementation is the reason for it being their first choice.
STEEM is meant for rewarding content creators and site participants of steemit.com. It follows a complex algorithm through which it gives away payouts in the form of digital STEEM tokens.
Now, the question is what the legitimate ways of earning STEEM tokens are. Continue reading if you want to know more about it.
STEEM blockchain platforms allow its users to post content without paying any registration amount. Upon sharing high-quality and engaging content on these platforms, users gain upvotes from the community members. Depending upon the number of upvotes received by the user’s content, Steem blockchain platform rewards the users with STEEM tokens.
- Voting and curating
STEEM blockchain platforms also allow users to earn STEEM tokens by upvoting other user’s content. But this needs to be done before that content becomes popular. Once that content is popular, the users who upvoted that content earn some reward in the form of STEEM Tokens. Note that the amount of reward depends on the STEEM Power you have as a user.
The other way to get STEEM tokens directly is by purchasing them from Bitcoin Ether or BitShares tokens. There are other exchanges too offering STEEM tokens including Binance, Cointree, CoinSwitch, Changelly, BitShares, Bittrex, UpBit, HitBTC, Huobi, etc. All you need to do is create an account on these exchanges, deposit funds and buy STEEM tokens.
Some STEEM tokens are “powered up” to STEEM Power (SP). This STEEM Power is considered as an interest to the company in return of which an additional SP is earned by the users. The users can easily convert all or a part of this STEEM Power into STEEM tokens by starting a “Power Down” process. This process moves 1/13th of the STEEM Power back into STEEM tokens per week over 13 weeks.
Since you are keeping your hard-earned money in the form of STEEM Power with the STEEM blockchain, you must be worried about the security of the network. The following point will clear your doubts.
STEEM Network Security
From the security point of view, Steem blockchain network is hard and tricky to be hacked. This network is built on blockchain technology that is secure by design and possess high byzantine fault tolerance. It records transactions between two parties efficiently and is inherently resistant to any kind of modification.
Closing Thoughts on STEEM
STEEM is a high potential cryptocurrency because of the way it rewards user’s contributions to the network and the way it builds and rewards the community. If you want to know more about this cryptocurrency then get in touch with STEEM Blockchain Experts of SoftProdigy. They are always happy to share their experience, information and blockchain development services they offer. Contact now!