Steemit is a blockchain-based social media website. Users can earn STEEM for publishing and curating content on the website. STEEM is a cryptocurrency that traders can trade on cryptocurrency exchanges like Binance, Huobi, and Bittrex. Steemit Inc., a privately held company based in New York City owns the Steemit website. Ned Scott and Daniel Larimer founded Steemit, Inc. in 2016.
Users are paid in Steem Dollars (SMD) for posting content on the Steemit website. Steem dollars are equal to 1 USD. SMD holders earn more than 10% interest yearly on Steem Dollars.
Steem Power is a token that shows how much ‘power’ a user has on the Steemit platform. Users with a lot of Steem Power earn Steam Dollars quicker. Selling SP can only be done over a period of 104 weeks, which prevents users from withdrawing all their money and causing the Steemit economy to collapse.
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