Being new to the Steemit community, I have been wondering if I fully understand what Steem, Steem Power and indeed, what Steemit factually is? I have asked myself if I am in the best position to utilize this seemingly wonderful and informative platform? Here are my findings and my new and improved understanding of what being a member of the Steemit community means.
What is Steem?
Steem is the name of the token that can be bought and sold on the open market, the same as other cryptocurrencies, it is the fundamental unit of account on the Steem blockchain. The Steem blockchain creates Steem and in turn Steem Dollars which can be traded by users when earned for posting, discovering, and commenting on others content.
What is Steem Power?
Steem Power, often refereed to as SP, is Steem which has been converted into Steem Power. This then gives you much more influence on Steemit. As you begin to build your SP it will give you more money to give to authors by upvoting. In addition you will earn greater curation rewards. Owning SP units is essentially like making a long term investment in the currency because to 'Power Down' it will transfer 1/13th of your SP back to Steem each week for 13 weeks, starting one week from the time it is started. 'Power Down' is the covertion from SP back to Steem.
What is Steemit?
Steemit was founded in early 2016 by Ned Scott and Daniel Larimer. Steemit is a blogging and social networking platform that is powered by blockchain technology. Each day new units of the currency is created by the network and distributed to its users. Steemit then rewards users who upload articles, images, commentary or video. Users can also earn through sourcing and up-voting popular content.
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