Steem
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Steem in numbers
Steem ranks #552 by market capitalization, at $34.18M. It belongs to the Tools sector (Social Media). It has traded since Apr 17, 2016, across 37 markets on 11 exchanges, with $3.96M of volume in the last 24 hours. Its all-time high of $8.21 was reached on Jan 3, 2018; the current price is 99.4% below that peak. Its cycle low of $0.0343762 came on Aug 18, 2026.
562.48M STEEM are in circulation. 2 team members are listed.
About Steem
Steem is a blockchain-based social media platform that incentivizes content creation and curation. It rewards users with cryptocurrency for participating in and contributing to the platform. Designed to be a decentralized alternative to traditional social media, Steem focuses on community engagement and content monetization.
Background
Steem Origins Steemit Inc. was founded in 2016 by Ned Scott and Dan Larimer. Dan, who previously founded Bitshares, acted as CTO until 2017 when he resigned to work on his next project, EOS. The Steem network is built on the same technology that powers BitShares, Graphene, which sustains 1000 transactions per second (tps) and has the possibility to scale to 10,000 tps with improvements to server capacity and communication protocols. Similar to social media like Facebook or Reddit, Steem includes a voting mechanism to bring the most engaging content to its users.
Steem's Token Variety Steem introduces a new incentive model and Sybil resistance mechanism that incorporates multiple native cryptoassets:
Creating SBD requires a reliable feed and a system is in place where SP holders elect witnesses who are paid to publish price feeds. If a feed producer tries publishing outliers, they will likely be in the minority and their reputation will be tarnished decreasing their chance of remaining voted in.
Governance Breakdown The community operates under a one STEEM for one vote process where individuals who have contributed the most as measured by STEEM balance have the most influence on contribution scoring. The platform only allows members to vote when STEEM is committed to a vesting schedule, creating SP. Steem also rewards voters proportionally based on the ultimate reward paid to the content creator. Posts receive payouts in either 50% SBD/50% SP or 100% SP, and they also have the option to decline in which case the money remains in the rewards pool to be distributed later.
Tron Foundation Drama and Hive Hard Fork On Feb. 14, 2020, the Tron Foundation announced it acquired Steemit Inc., the for-profit firm behind the Steemit application, as well as the company's substantial STEEM holdings (known as the ninja-mined stake). Steem witnesses (akin to validators) voted to remove the governance rights from Tron's newly acquire STEEM tokens as a "protective measure." Tron reportedly retaliated by coordinating enough support to reverse these governance restrictions. The concerns over network centralization pushed the Steem community to move to a new chain, called Hive, which went live on Mar. 20, 2020.