Steem is an open-source blockchain protocol capable of storing social information and distributing tokens based on a Proof-of-Brain algorithm. As a fast, heavily transacted blockchain, Steem’s blockchain protocol is capable of, and is currently powering, multiple user-facing applications including busy.org , d.tube, dlive.io, steemit.com, dsound.audio, and more.
The Steem blockchain creates opportunity for entrepreneurs by providing a scalable blockchain protocol which their application can tap into that is capable of storing a user’s content, social information, account information, JSON metadata, and more, while simultaneously empowering those users to earn cryptocurrency tokens (called STEEM) in exchange for sharing that information. The STEEM token features best-in-class properties like: three second transfers and no fees thanks to Steem’s three second blocks and Delegated-Proof-of-Stake algorithm.
With the upcoming release of the Smart Media Tokens protocol (SMT), the community will be adding to the Steem blockchain the capability to allow any entrepreneur, developer or community builder to launch their own customizable STEEM-like tokens on top of the Steem blockchain equipped with specific smart contracts for ICOs, Automated Market Makers, Autonomous Token Distribution, Founders Tokens, and more. SMTs will take full advantage of the Steem blockchain’s speed and scalability to enable entrepreneurs to monetize their platform and bootstrap the value of their coin by leveraging all the lessons learned from Steem and steemit.com.
STEEM tokens is used to power Up” to Steem Power, exchange for SBD in the internal market, withdraw to an exchange, and trade for BTC or other digital tokens, purchase items through third-party stores.