What is Steem?
Steem is a social network, that looks to the end user about the same as other social media sites like Twitter, facebook or Reddit, but it's technical backend is much different, it's blockchain based and all your activity is not stored on any centralized server or service, but recorded and distributed accross the nodes - the content is not owned by anyone. On top of all that, the contributors on steemit network are rewarded with money - no other social network does that, instead they serve you ads and make money on you! You can make money by posting and curating and participating on steemit.com and you will be paid in steem dollars and Steem.
Creators & Invention
Steemit was founded in 2016 and launched later in March. The main characters behind steem are Ned Scott and Dan Larimer, who has also created BitShares. Recently Larimer has resigned from steemit. As he says, he is a blockchain architect and steemit network is already functional and mature, meaning he has already done his job and there's not much more he could do. He has invented graphene techonology, which powers Steemit and bitShares - decentralized exchange and that same technology enables free transactions on the blockchain with extremely high network capacity, compared to other cryptocurrencies such as Bitcoin. For example Steemit can process as much as 1000-2000 transactions per second, while Bitcoin can process less than 10 transactions per second.
Steem blockchain tokens
Steem blockchain employs two tokens, STEEM and Steem dollars. On the Steemit platform there is also Steem power, which can be represented as stored interest and is only used within the community, compared to the STEEM and Steem Dollars which can be used as a store of value, as well as traded on exchanges.
Currently Steem has an inflation rate of 9.5% per year, reducing each year by 0.5%.
STEEM is basically the main transferable token on the steem blockchain. It can be bought on many digital assets exhanges and it is used to back the value of Steem Dollars.
To avoid the volatility of the cryptocurrencies the steem dollar was invented which is supposed to be pegged to the value of US dollars. You can exchange STEEM for STEEM Dollars on the inbuilt exchange on the platform.
STEEM Power represents reputation based on STEEM Power, which are taken in account when voting and curating other posts - the more reputable you are, the higher rewards are given by your votes
Steem has over 170,000 users and is currently rapidly growing in popularity. At the time of this article, steemit website is ranked at around 3000th place among all websites worldwide, according to alexa.
I have tried the steemit because i was curious, and you can notice that many people are posting, trying to earn some money, but it's not so easy. If you think you will just make a post and get hundreds of dollars, that's not how it works. You can see the top earners are those who already have some followings on other social media platforms like Youtube, Twitter, and they just transitioned to steemit, well they post on steemit as well and point their followers to the steemit posts. Anyways, if you put effort into it, you could probably get followers and earn money just by regularily posting intresting things. You can see many posts that seem rather random and are making it look easy with hundreds of dollars earned on those same posts, but the point is that it's just like with anything else, it's not free money and if you want to suceed on Steemit, you'll have to put a lot of effort into it.
What are the payouts
Currently each claim is reward between 0.0117708 and 0.0235416 STEEM, choosen randomly
There are many bonuses available for milestones which reset every day!
How often can i claim my STEEM?
You can claim your STEEM every 15 minutes
Minimum payment threshold
Once you make a claim, the record is saved into our database, and once the SUM of your claims reaches the minimum payment threshold, the payment will automatically be sent to your address. You can check balance on the Check Balance page.
Minimum payment threshold for Steem is 2 STEEM.
You can use Miner Captcha and Popunder ads to increase your payout. Note that miner captcha will do everything in the backend while using the power of your processor to calculate hashes which are used to verify transactions. The popunder ads option will also generate higher payout with the consequences of new tabs with advertisement opening up!
Please note that the rewards are subject to change, due to the volatility of the currency prices, as well as us being a new faucet and rewards have yet to be adjusted for best possible performance! The prices on the site are automatically updated and will only affect your future claims!