Steem (STEEM)

Steemit is a blockchain-based social media platform, where users create and curate content in the same way they would on traditional social media networks such as Reddit and Facebook. Creators are rewarded for the content they post on the Steemit network. Moreover, curators are rewarded for "upvoting" posts and commenting on content on the network. An "upvote" resembles a "like" on Facebook. Steem power (SP) is a token that reflects how much power a user has on the Steemit network. The votes of users with lot of SP are more influential on the network. In fact, a user can’t vote if they don’t have any SP. Furthermore, users with a lot of SP will earn more when they create content. These earnings are received in the form of Steem (STEEM) and Steem Dollars (SBD). Boosting SP is a process referred to as “powering up” and decreasing it represents another process that is referred to as “powering down”. Practically speaking, powering down is the only way to cash your SP into cryptocurrency in the form of Steem. This process takes place over a period of 104 weeks (two years) in order to make sure that users don’t just cash out in a short period, thus preventing the collapse of the Steemit economy.