30 minutes to fully understand Steem

There is currently no documentation on STEEM's relatively systematic introduction on the Internet, especially in Chinese. As a little white, I combined some information to digest and put it here after finishing. I hope I can use it for the later white. If there is an error in the middle, please also thank the big cows for correction.

1. Know STEEM

1.1 Why we should understand steem

Open this article of children's shoes, presumably on the blockchain (at least bitcoin) have some understanding. My personal opinion is that although the blockchain is not yet perfect, it represents the future of the Internet, because I firmly believe that the general trend of social development has always been: continuously improve efficiency, reduce the cost of blockchain decentralized Based on the establishment of a trust mechanism, it is a change to the current centralized Internet.

What is the biggest application of the Internet? Is the social. The biggest application in the PC era is QQ. What is the biggest application in the mobile Internet era? WeChat/Weibo/Facebook/Weibo. No matter what the form is, the nature of people's needs will not change. Therefore, in the future of blockchain Internet, social media is still extremely important.

STEEM is such a decentralized social media platform. Imagine a fast-developing platform that runs on the Internet in the future, meets people's greatest social needs, and uses innovative mechanisms that automatically motivate participants. Is its prospect broad enough?

What we can do is hurry to understand it and even participate in its development. Well, how come and live in the future.

1.2 Come on, recognize steem and steemit

STEEM is a social media platform based on blockchain, and can reward participants with digital currency. Translating adult words means: STEEM is like Weibo, Wechat, etc. But the difference is that Weibo depends on Sina and WeChat depends on Tencent as a center to provide services, but STEEM does not need such a center to be able to run well, and posts, replies, discussions, etc. can be rewarded on STEEM, the higher the quality of the post, the more the likes, the rewards the author receives. The higher.

We want to use this social network, of course, need a website or APP to operate this interface, this is the steemit website is https://steemit.com

1.3 Men behind Steem

Why do you want to understand the men behind STEEM? Let's just say, if Ma Yun says that he wants to open a new company, everyone can raise funds to invest in shares. Did you spend three months to find out what his new company was doing, or did he leave it alone? It is estimated that many people directly go for money with their wife. Because, in general, cattle people have proved their level with his fork experience.

Steem's core developer is DAN LARIMER (known as BM), who is a developer of Bitshares and a co-developer of EOS that is being crowdfunded. He is a big god in the field of encrypted digital currency. This person and his team have taken note of graphene (graphene) technology during the development of the bit stocks. At present, the bit stocks, STEEM and EOS all use graphene technology. See here, you should basically know the weight of STEEM.

You have to ask me where the graphene technology is, and the core is that it processes hundreds of thousands of transactions per second. It is orders of magnitude faster than bitcoin and Ethereum. There is a post on steemit that will precede the area of ​​graphene. Block chain technology is like dialing the telephone line, and graphene is compared to fiber. As for deeper technical details, I do not know. (Goku, don't throw things away. What should you do if you miss them? It's not good to go to flowers or plants!)

1. What ghost? One of STEEM's three digital currencies

Children's shoes participate in some blockchain projects, probably to understand what the next project is doing, what are the advantages, what are the tokens, how to trade, and most projects only have one kind of tokens, such as Bitcoin's BTC, Ethereum's ETH, SIA's SC, etc., are still relatively easy to understand. However, on the STEEM platform, there are three types of STEEM / SP / SBD. Anyway, when I first started to contact, I read the white paper and a lot of articles. I was still savvy, but now I understand how much I understand. I also share with you a clear understanding.

Well, let's do it. Let's start with an example of a more common startup company in reality.

Saying that a startup company (named Niuwang) did a project and their funds work this way:

(1) Niu Wang publishes a kind of bullion every year. This kind of coin can be freely traded in the market, a bit like a game currency.

(2) The equity of Niu Wang is called Niugu. As a shareholder, of course, you can enjoy dividends, and each year you can share the majority of the newly issued bulls by shareholding percentage.

(3) You can also buy cattle net bond, called cattle debt, 10% interest each year, much stronger than current bank deposits.

(4) Newly issued bull coins will be rewarded to authors who participated in the creation of posts, reviews, etc., as well as those who silently perform technical services.

Well, what is the project of this cattle network? It will not be a liar. Why should we buy their cattle/niugu/bovine bonds ah? Let's uncover their bottom? ? ?

(1) They are doing social media, a bit like domestic microblogging, foreign microblogging and the like, but the difference is that in Niuwang post, reply/comments can be earned! money! of!

(2) Shareholders can vote on these posts, and the more shares there are, the more votes they have. More posts can get more money.

(3) Since posting posts can make money, and the more people who like them, the better, then netizens try hard to write good posts on the line, big V does not rely on advertising to make money. Wow, the whole world is clean!

(4) We can find useful information here, and our data and attention can not be treated as leeks and sold for free!

(5) The best part is that this cow net is running automatically. The startup company is disbanded, but all of the above items continue to run automatically. No one can tamper with it.

The end of the story is: All people in the cattle net happy, open, free, but also make money life ... ...

All right, the story is over and we're back.

2.1 STEEM - "Cash"

The STEEM platform is like the cow net in the story, and STEEM is the issued bull, which is like the cash in this platform, and can be exchanged for Bitcoin on some exchanges at any time. Of course, its price must fluctuate, just as the exchange rate between the US dollar and the yuan will change.

2.2 Steem Power (SP) - "Equity"

The SP is like the bull stock in the story. The SP shareholders can enjoy the following rights:

(1) Enjoy 90% of the newly issued STEEM each year, and distribute them according to the proportion of each person's shares. Shares dividends more!

(2) When voting for postings on the platform, it is not a one-person-one-vote, but who has more SPs and who has more votes, and has greater influence on the rewards that posts can obtain. Large shareholders certainly have more say!

2.3 Steem Dollars (SBD) - "Bonds"

SBD is like a cow debt in a story. Since it is a debt, it has to repay the debt. It has three advantages:

(1) Preserving value: SBD is anchored in US dollars, meaning that regardless of how STEEM prices fluctuate in the market, 1SBD must be equal to STEEM worth US$1.

For example: I have 1 SBD in my account. The price of 1STEEM on the market today is 0.5 USD. Then when I convert this 1SBD to STEEM, the platform will give me a value of 1 USD, that is 2 STEEM; if STEEM falls, The market price has become 0.05 US dollars, I want to convert this 1SBD to STEEM, the platform still gives me a value of 1 US dollar or 20 STEEM.

(2) Paying interest: 10% annual interest can be obtained.

(3) Better liquidity: Although liquidity is not as good as cash (STEEM), it can be converted into cash (STEEM) in the internal market of the platform, and it can also be bought and sold in the external market. Of course, the SBD value of the external market is affected by the relationship between supply and demand. Not exactly equal to 1 US dollar, generally fluctuating around 1 US dollar.

2.4 Transition between STEEM / SP / SBD

The reason why the STEEM platform designed three kinds of digital currencies is all useful.

STEEM is a basic currency that can be used as a medium of conversion and measurement for the other two currencies. Enhance liquidity. It can be converted into SBD in the internal market at any time, or be exchanged for Bitcoin in the external market, or it can be converted to SP by 1:1.

SP is the form that the platform wants users to use the most, because the long-term holding of the equity can keep paying attention to the platform, make contributions, and promote development. SP can be bought or converted from STEEM, or can be exchanged for STEEM in the internal market, but it needs 13 Weeks equal to the account, a bit like the phasing out of the shares in phases.

The existence of SBD is to ensure the stability of the platform economic system, otherwise there will be many drawbacks, such as:

The huge fluctuations leave netizens with no interest in participating and the platform will shrink. The author tried to publish a post and received a STEEM reward for the platform, but the author does not know what this means because with the price fluctuations of STEEM, it may be worth US$1, and it may be worth only US$0.05. A stable measure.

However, if the SBD is rewarded, the measurement standard is uniform and consistent with the real-world value perception. Reward to me 0.5 SBD, I naturally know that this means the actual value of $ 0.5, I can always change to 0.5 US dollars.

On the other hand, too much volatility will make it difficult for the digital currency to be accepted as a means of payment by external merchants. The good news is that you can already purchase products at https://www.peerhub.com.

The conversion relationship between the three is shown in the figure below:

Oh, yes, the above mentioned internal market, you can register in the menu after seeing steemit below; the exchange recommended P (https://poloniex.com) and B (https:// Bittrex.com at the beginning can buy and sell STEEM and SBD.

2.5 Three digital currency holding suggestions

The three digital currencies have different characteristics. According to the different purposes of holding, the following are recommended:

(1) It is recommended to hold STEEM in order to chase sell-off arbitrage on the exchange;

(2) Ability to maintain value and increase value properly within one year, low risk, and ability to realize cash at any time: It is recommended to hold SBD;

(3) Be optimistic about STEEM's long-term development, actively participate in the platform, accept low liquidity: It is recommended to hold SP.

1. How does Steem's currency generate and distribute?

STEEM is issued by the platform according to a specific algorithm, which basically increases its annual rate by 100%. That is to say, the total amount is doubled each year. How do these currencies are allocated afterwards? :

90% allocated to shareholders: According to the proportion of SP, assigned to SP holders;

The remaining 10% goes into the pool of contribution incentives and is divided into three parts, roughly divided as follows:

(1) Creator awards such as posts/comments/responses, etc.; 75%;

(2) 15% of those who voted for these posts;

(3) 10% of those “witnesses” who have hard-coded all this happening on the Internet and packaged them into blocks.

1. How much money can I make on steemit?

4.1 The basic rules for voting

Seeing the above content, some well-written children's shoes must have been eager to try and send a post to make some money. Don't worry, we have to figure out what the factors affecting our posts are to make money. If you want to say "Of course it's the quality of the content", well, the question you win is whether the platform decides whether your content is good or bad. Let's take a look at it. ? :

(1) In simple terms, the prize pool will be distributed together. What about points? In this way, we have made posts that allow shareholders to see, cast votes, score points, who have more SPs, who have more votes, and the proportion of votes is large. Finally, a distribution ratio is determined according to the score.

(2) When someone replies to your post and comments, he will get a reward, but you can get 50% of his reward.

At this time you may ask, what if someone cheated and pulled many people to vote for their posts?

4.2 Means to Prevent Cheating

In order to minimize cheating, STEEM has taken some measures, such as:

(1) Use veto tickets. If cheating, there will be "just" netizens who can't stand and vote for the veto. Of course, this encounters another problem. What if the veto is maliciously denied? Every user on STEEM has a “reputation value”. This reputation value has nothing to do with the SP etc. It needs to gradually accumulate and upgrade through platform activities such as posts and comments. If a person with a low reputation scores a veto for a person with a high reputation value, it does not work. Just like sesame credit, if your score is higher, you will cherish your credit and will not casually add some bad records to yourself.

(2) Limit voting speed. In order to achieve this, the STEEM platform adds another indicator to each user, which is called "voting power." Just like the "blood value" of the battle game, everyone can only cast a limited number of tickets each day, such as newbies. The "full blood" value is 20, each vote will be "bleeding", until exhausted, you can no longer vote, and as the "blood value" decline, the impact of the corresponding vote is also reduced.

(3) Delayed rewards. Each vote is postponed for 24 hours and included in the calculation award. In this way, if there is a concentration of cheating in the last few seconds, other people still have the opportunity to correct it.

After reading these, I believe that you are right: the quality of the content is very important, and then it is actively published.

How to operate? Let's take a look with me this big white, this most of the content is similar to the daily Weibo, relatively easy to understand.

1. Let's start steemit journey

5.1 Registering Steelit

Log in to https://steemit.com and click "Register" on the homepage. Enter the account name, email address and other information as prompted. It should be noted that the platform will generate a key, which must be properly recorded and stored, otherwise it will not be able to log in and recover later.

5.2 Post / Vote / Comment / Reply / Forward

5.2.1 Posting

After logging into your account, click on "submit a story" next to the portrait in the upper right corner to start writing your post. Edit mode has edit mode and Markdown mode, the former