Powerdown is a process of unlocking Steem Power (SP) and converting it to Steem. Powerdown moves 1/13th of your Steem Power per week back into STEEM cryptocurrency over 13 weeks. So for example, if you have 1300 Steem Power and power down, you will have 100 STEEM a week unlocked into something you can spend, trade, transfer or withdraw.
- @sykochica : Answering Common Questions: Steem, Steem Power, Steem Dollars and What Should I do with them?. May 2017
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If you're already a steemian you can be rewarded with STEEM, see how in @steemcenterwiki.