Have you ever felt confused about Steem, STEEM, & Steemit?
Used Steem when you should use Steemit and vice versa? It’s a mistake most of us make because we don’t actually know what each of them stands for!
Well, that’s because they sound almost the same, & are similar to each other in many ways. But believe me, they are quite different concepts!
So, if you are going through same confusion just like me, then let’s hear it from Steem blockchain experts and understand the concepts of ‘Steem, Steemit & STEEM’ and what is the difference between them:
Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards. It stores the data and transactions, and processes all of the events that take place.
Steem is the blockchain platform on which every other applications such as Steemit, Dlive, Dtube, and others work. In such a way, Steem is similar to Bitcoin’s blockchain, but it also has its own characteristics, which make it unique in the blockchain ecosystem.
It provides a scalable blockchain protocol for publicly accessible and immutable content, along with a fast and fee-less digital token (called STEEM), which enables curators to earn. The two building blocks of this protocol are blockchain and token, depends upon each other for security, immutability, and longevity.
This blockchain database supports community building and social interaction with cryptocurrency rewards on it. Steem bitcointalk is a very fine platform for Steem users to learn & interact with each other.
It is a front-end web interface to interact with the blockchain, and view the blockchain data. Steemit is built on the Steem network and was named after Steem. Just like post it, write it, curate it, Steemit came into use.
Steemit is built on top of the Steem network as a platform for other social media apps to be built on. It also serves as a host to power other cryptocurrencies called Smart Media Tokens (SMT’s). There are many different tokens such as STEEM, riding on this Steem network!
Steemit platform helps people get paid for their content online. This is bringing many users to this platform. When new people come to Steemit, they invest their own money into it, which helps the STEEM crypto price grow and in return makes more money to the community.
With Steemit, we get paid for our content, instead of media giants like YouTube taking most of the credit and leaving us a little part for all of our hard work.
STEEM is a name for the system’s value token. It is the fundamental unit of account on the Steem. It is a cryptocurrency token where it operates on the basis of one-STEEM & one-vote.
All other tokens derive their value from the value of STEEM.
STEEM is a liquid currency, and therefore can be bought or sold on exchanges as well as transferred to other users as a form of payment.
It is very clear from this article that Steem is the name of the underlying blockchain. Whereas Steemit is only one of many decentralized applications using the Steem blockchain protocol. And then comes the STEEM, a cryptocurrency based on the social media and content-focused Steem blockchain.
I hope from now on, you won’t get confused between these three terms. The difference between Steem, STEEM, & Steemit is pretty clear with the help of this article from Steem Blockchain Experts.
Learn more blockchain based technologies with the best Steem marketing consultant in India!