What is Steem (STEEM)?

Deep Dive

1. Purpose & Value Proposition

Steem was created to decentralize social media and reward users directly. Its core value proposition is a "Write to Earn" model (CoinMarketCap). Unlike traditional platforms, value flows to the users who create and curate quality content, not to a central corporation. The blockchain serves as a public, incentivized database for social interactions, aiming to ensure fair compensation based on contribution.

2. Technology & Tokenomics

Launched in March 2016 by Dan Larimer, Steem was an early innovator. It uses a Delegated Proof-of-Stake (DPOS) consensus for high speed and low fees. A key innovation is its dual-token system:

• STEEM: The liquid, tradeable token.
• Steem Power (SP): Obtained by staking STEEM, it represents influence and commitment. Holding more SP grants greater voting power on content and governance, and unlocks higher reward distributions. Unstaking SP takes 13 weeks, promoting long-term alignment.

3. Ecosystem & Governance

The flagship application is Steemit, a blogging platform. Governance is community-driven through elected "witnesses" and curated by users holding Steem Power. Recent initiatives like the monthly Community Curators program (allocating 13 million SP in December 2025) and regular challenge seasons show an active focus on decentralized content curation and rewarding engagement.

Conclusion

Steem is fundamentally a blockchain infrastructure for decentralized, reward-based social networks, powered by a staking mechanism that ties influence to long-term participation. How will its early "Social-Fi" model evolve alongside newer decentralized social platforms?