Steem (STEEM)

Social Media and Content Creation

Steem is mainly used as a blockchain platform that rewards users for creating and curating content. People earn STEEM tokens when they post, comment, or vote on content, turning social media participation into a way to earn cryptocurrency.

Community Building and Incentives

It helps grow online communities by giving users immediate rewards for their contributions. This encourages more engagement and helps platforms built on Steem attract and keep users.

Decentralized Applications (dApps)

Developers use Steem to build decentralized apps, especially social media apps like Steemit, DTube, and others. These apps use STEEM tokens to reward users and create incentives for participation.

Token Utility

STEEM tokens can be traded, transferred, or converted within the ecosystem. They also allow users to vote for witnesses who maintain the blockchain and influence platform decisions.

Smart Media Tokens (SMTs)

Steem supports creating custom tokens called Smart Media Tokens, which can be integrated into apps to reward users and grow specific communities or platforms.

Fast and Free Transactions

Steem offers fast, fee-free transactions, making it easy for users to interact with content and transfer tokens without extra costs.

For more details, visit steem.com.

Pros of Steem

• Community Rewards: Users earn Steem tokens by creating and curating content, encouraging active participation.
• Fast and Fee-Free Transactions: Uses Delegated Proof of Stake (DPoS) for quick and free blockchain transactions.
• Decentralized Social Media: Content is stored on the blockchain, making it censorship-resistant.
• Multiple Token Types: Includes STEEM, Steem Power (influences voting and rewards), and Steem Dollars (a stablecoin for more predictable payouts).
• Large Ecosystem: Over a million users and hundreds of apps built on the Steem blockchain.
• User Control: Contributors maintain control over their data and earn directly from their content.
• Liquidity: STEEM tokens can be traded on many exchanges, allowing easy conversion to other cryptocurrencies or fiat.

Cons of Steem

• Inflation: The supply of STEEM increases automatically by about 100% per year, which can reduce long-term holding value.
• Price Volatility: STEEM’s price can fluctuate significantly, making it less stable compared to traditional currencies.
• Centralization Concerns: Past ownership changes and voting power concentration have raised concerns about centralization.
• Learning Curve: Understanding the different tokens (STEEM, Steem Power, Steem Dollars) and how rewards work can be confusing for new users.
• Limited Fiat Purchase Options: STEEM is not widely available for direct purchase with fiat money on many exchanges.
• Dependence on Content Quality: Earnings depend heavily on the popularity and quality of user content, which can be unpredictable.

For more details, visit steem.com.

Founders of Steem

• Ned Scott: Co-founder and CEO of Steemit, Inc. He helped create the social media platform Steemit, which runs on the Steem blockchain. Ned has a background in business operations and financial analysis.

• Dan Larimer: Co-founder and former CTO of Steemit, Inc. He is a blockchain developer and visionary software engineer who also created BitShares and EOS. Dan designed the Steem blockchain technology and was involved until early 2017.

Institutional Investors

Steem has received funding from a few institutional investors including Fundamental Labs and Coinbar. It was also acquired by TRON in 2020, which is a major blockchain company.

Early and Community Investors

The platform was founded by Ned Scott and Daniel Larimer, and many early investors were individual users and community members who bought and held Steem tokens. There is a known group of large individual investors often called "whales" who hold significant amounts of Steem.

Venture Funds

There is a venture capital fund called The Steem Fund that supports startups building on the Steem blockchain, showing investment interest in the ecosystem's growth.

Summary

• Institutional investors: Fundamental Labs, Coinbar
• Acquired by TRON (2020)
• Early investors: founders and community members
• Venture capital: The Steem Fund

For more detailed or updated info, you can visit official sources or investor listings on Steem-related platforms.

Halal Status of Steem

• Yes, Steem can be considered halal because it is a digital asset used for social media and content rewards, which is generally viewed as permissible.
• It does not involve gambling or interest (riba), which are key concerns in Islamic finance.
• However, individual scholars may vary in opinion, so consulting a qualified Islamic scholar for personal guidance is recommended.