What is STEEM ? A Quick Overview of STEEM | Crypto Currency STEEM
Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content. It’s currently the only blockchain that can power real applications via social apps like Steemit.
Free Transactions - Intelligent bandwidth allocation enables free transactions
Fast Transactions - Processing occurs every 3 seconds, 24/7/365
Built to Scale - The only blockchain that can handle social applications at scale
When was STEEM invented?
Steemit is the first app that was built on the Steem blockchain, and it launched on July 4, 2016.
How Steem blockchain produces a new block?
For creating blocks, the Steem blockchain uses a consensus mechanism called delegated proof of stake, or DPOS. This model uses “witnesses” instead of “miners” to produce blocks.
Witnesses represents a set of people who own the block-creating accounts. The whole Steem community, means all those who have Steem accounts, can vote to elect the witnesses. Each account holder can vote for up to 30 witnesses. The community elects 20 full-time witnesses, and the backup witnesses share the 21st position. These 21 witnesses act as the network`s block producers and governance body. Each witness requires producing a new block every 3 seconds. Thus 21 witnesses produce 21 blocks in each 63-seconds. For creating each block, the witnesses are compensated with Steem Power.