Steemit is a blockchain based social network where the users can earn rewards, which are paid in the form of the cryptocurrency steem-based dollars (SBD).
Steem most commonly refers to the token money that comes in three forms – Steem, steem-based dollars (SBD), and steem power. Steem is also is the name for the blockchain database which the social media platform Steemit plugs into.
Steem is the standard cryptocurrency tradeable on various exchanges. Its value can fluctuate just like any other coin.
Steem Blockchain Dollars (SBD)
(sometimes referred to as Steem Backed Dollars) The Steem Blockchain Dollar (SBD) is a token that is meant to be worth about $1 USD, making its value much more stable compared to STEEM. To be a bit more technical, a steem dollar is a promise to pay one dollars worth of steem when it’s redeemed.
Steem Power (SP)
Steem Power are tokens that are either earned through posting on Steemit, or purchased by using Steem. Once steem power has been created, it has been locked in, meaning it can’t be immediately withdrawn to spend. Withdrawal of any amount must be requested and takes place over 13 weeks. Steem Power is what gives users influence on Steemit. The more SP a user has, the more money they give to authors with an upvote as well as the greater the curation rewards they can earn. There is a very small ‘interest’ rate earned by holding Steem Power.
A whale is a Steemit user who has built up a large amount of steem power and thus, their influence over aspects of Steemit such as voting power and payouts are quite extensive, especially when compared with new users.
An orca is the second-highest level of Steemit user.
A dolphin is a user who is relatively established on Steemit and who has built up a significant amount of steem power.
A minnow is a user who is relatively new to the platform, or, who has yet to built up a large amount of steem power.
A redfish is a new category of user, below that of minnow. It was introduced in spring 2017.
On the Steemit platform, each user has a wallet for storing their steem tokens. Through the wallet users can transfer steem or steem-backed dollars to other users or to exchanges off site, or trade it on the internal market.
Every Steemit user account is provided with a number of different keys. They include the owner, posting, active, and memo keys, and there is a public and private version of each.
A post is a piece of writing, image, or other item of content published on Steemit. Markdown language and some HTML can be used to format them. For help, see Tips for formatting your post and The Markdown Cheatsheet. Markdown editors can also be used to compose Steemit posts.
Posts that become popular are listed under hot posts and trending posts. They can also be promoted.
Posts by accounts that a user is following will show up in the user’s feed.
Steemit has policies against plagiarism. Plagiarism is the wrongful appropriation and stealing and publication of another author’s language, thoughts, ideas, or expressions and the representation of them as one’s own original work. Plagiarism is not in itself a crime, but can constitute copyright infringement. In academia and industry, it is a serious ethical offense. Even on a platform such as Steemit, plagiarism means the same. Presenting another person’s idea as your own in a broad sense constitutes plagiarism.
Curation is the act of up-voting a post or comment using the upvote button. While there is no downvote button, flagging a post can remove rewards and make the material less visible. However, flagging should normally not be done except for situations where the author has deliberately and repeatedly broken the rules of conduct on the Steemit platform.
Reputation is a piece of data that allows the network to communicate the “trust-worthiness” of any given member within the network. A user’s reputation score is calculated from the number of upvotes their posts and comments have received and how much steem power each of those accounts had behind them. The score is the number behind an account name.
Witnesses run computers that maintain the Steem blockchain. They are voted upon by the community.
There are many steem-related apps and tools. Many are listed at Steemtools.com.