Daniel Larimer and Ned Scott founded Steemit in 2016. It is a social media platform similar to Reddit in that users can post or read articles written by others. However, some key differences distinguish the Steemit platform.
For starters, it is a decentralized project, meaning no single person or authority controls the system. This is possible because it is based on blockchain technology, which distinguishes it from competitors such as Reddit or even Facebook, where website owners can censor or remove content if they don’t like it.
The Steemit platform is also unique because writers can be paid if their posts are liked. A voting system works similarly to the “Like” button on Facebook. The writer can earn more money if you get more likes! However, writers are not paid in actual cash, such as US dollars or Euros, but rather in Steemit’s native cryptocurrency, Steem.
The Steem coin functions similarly to other cryptocurrencies such as Bitcoin in that users can send, receive, or hold coins from wallet to wallet. It even has its own blockchain rather than relying on Ethereum or NEO.
The Value of a Steem Wallet
When you buy Steem coins (or any other cryptocurrency) from a cryptocurrency exchange (such as Poloniex), your funds are held in a “Third-Party Web Wallet.” This means you don’t have any control over your money. If suppose the third-party exchange’s servers were hacked (as Poloniex did in 2014), all of your coins could be stolen. It is one of the primary reasons why you should get your own Steem wallet.
When you install a Steem wallet on your desktop or mobile device, you are the sole owner of your private keys. A private vital functions similarly to an online banking password. They have complete control over your coins if they have access to them.
You can also primarily send and receive coins with your private Steem wallet. You will be given your own wallet address, which functions similarly to a bank account number and allows you to interact with the blockchain.
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