Steem (STEEM)

Steem is currently trading at $0.1656, after a price change of -0.34% in the last 24 hours.

Ranked as cryptocurrency #276 by capitalization today, STEEM market cap is valued at $70,256,857. STEEM trading volume reached $4,690,882 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on STEEM coin price prediction page.

What is Steem?

Steem is a social blockchain featuring a community of users for generating revenue and rewards in content sharing. The platform is secured through a delegated proof-of-stake consensus model governed by 21 witnesses who voted to create and sign blocks. The witnesses, akin to validators, are changed in every round, and those who miss a block or do not produce in 24 hours are disabled until they update their block signing key. Blocks are minted every 3 seconds and integrated using the NTP protocol. 

Steemit was the first application built on the Steem blockchain and launched in 2016. Tron blockchain announced that it had acquired Steemit, Inc., the not-for-profit entity behind the application. Steem witnesses, however, voted to revoke Tron’s rights on Steem as a protective measure. Attempts by Tron to reverse the decision pushed the community to a new chain called Hive in 2020. 

STEEM is the native token on the Steem protocol. There are currently 394,951,699 circulating STEEM tokens from an uncapped supply of 409,190,981. The initial STEEM supply was zero, and the allocation was made using a proof-of-work with around 40 STEEM per minute being released to miners and an equivalent for content reward pools. Following a hard fork in 2016, Steem minted new tokens at a yearly inflation rate of 9.5% and decreased at 0.01% every 250,000 blocks. The general token supply is inflationary with a decreasing inflation rate. Steem was founded by developers Ned Scott and Dan Larimer.