Blockchains like Steem and Bitcoin produce new tokens each time a block is produced. Unlike Bitcoin, where all of the new coins go to the block producers (called miners), the Steem blockchain allocates a majority of the new tokens to a reward fund. The reward fund gives users tokens for Steemians participating in the platform.
When you are paid on the website Steemit, you can choose to be paid 50% in STEEM Power and 50% in STEEM Dollars, or 100% in steem power. Here's an example of a 50/50 payout: If you earn $200 on a post, you will get $100 STEEM Dollars, and 50 STEEM Power (assuming STEEM Power is worth $2 each, at the current time).
STEEM is the base liquid currency token in the platform. STEEM can be powered up into STEEM Power, traded for Steem Dollars, and transferred to other accounts. It is a cryptocurrency token, similar to bitcoin. STEEM is the standard Cryptocurrency tradable on various exchanges. Its value can fluctuate just like any other coin.
Read more: STEEM
VESTS (Steem Power)
STEEM Power (abbreviated SP) is a measurement of how much influence a user has in the Steem network. The more STEEM Power a user holds, the more they can influence the value of posts and comments.
They are non-liquid, thus must be "powered down" before being able to trade them. Powering down Steem Power (VESTS) takes 3 months, and is paid out as 13 weekly payments. The power down rate will stay the same if you earn more STEEM Power while powering down, thus it's recommended to re-power down after earning a large amount of fresh STEEM Power.
STEEM Power gains interest over time, and usually gains interest faster than the power down rate, thus you will still be earning interest while powering down.
SBD (Steem Dollars)
Steem Dollars may also be converted into STEEM in a process that takes 3.5 days. There are another quick option trading it in the Internal market. Steem Dollars can be used to buy things in marketplaces, such as Peerhub.
Read more: Steem Dollar (SBD)
- Where do the new STEEM tokens come from? Steemit FAQ, retrieved in 1/1/2018
- What is the difference between STEEM, STEEM Power, and Steem Dollars? Steemit FAQ, retrieved in 1/1/2018
- Steemit : https://steemit.com
- Steem.io : https://steem.io
- Steemithelp.net : Basic concepts in the Steemit ecosystem Retrieved in March 8, 2017.
- @lukestokes : The Currency of Steemit Isn't Steem Power, STEEM, or SBD July 22, 2016
- @sigmajin : Understanding the Steem Economic System Vests, SBD, Steem, Dilution interest and all those crazy things. July 23, 2016
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- @donkeypong : Still Confused by Steem, Steem Dollars, and Steem Power? The Power Plant Analogy September 7, 2016
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- @somethingsubtle : Steem, Steem Power and Dollars - A Metaphor July 1, 2017.
- @digicrypt : Launching the First Steemit Crypto Investment Report! July 5, 2017.
- @steemloverr : Three Currencies in Steemit ( STEEM, STEEM POWER, SBD) July 22, 2017.
- @penguinpablo : Charts: How much STEEM is being transferred from and to the exchanges? August 9, 2017
- @cryptoctopus : Why STEEM is different and why I'm ALL-IN September 3, 2017
- @heiditravels : Learning Crypto: What's the Difference Between Cryptocurrencies and Tokens? November 10, 2017
- @adsactly : ADSactly Fun - The Potato Dollar - The Most Important Value January 10, 2018
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- @dragosroua : There's Something VERY Strange Happening With STEEM and SBD In The South Korean Exchange Upbit! January 20, 2018
- @clayop : Steem has Achieved the First B+ Grade on Weiss Cryptocurrency Rating February 2, 2018
- @phgnomo : Steem Economy Guide - Part 1 February 22, 2018
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- @jerrybanfield : 25 Reasons Steem Will Replace Bitcoin as #1 Cryptocurrency by 2021! April 17, 2018
- @spectrumecons : Steem explained by an economist June 23,, 2018
- How to transfer STEEM between Steem account to Exchanges
- Increase your Steem Net Worth
- Steem Exchanges
- Steem Wallets
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In other languages
- Bahasa Indonesia (Indonesian) : Steem Token (id)
- 繁體中文 (Chinese, Traditional) : STEEM代幣
- 简体中文 (Chinese, Simplified) : STEEM代币
- Español : Criptomonedas STEEM
- Français : Jetons Steem
- Galego : Tokens STEEM
- Italiano : Criptovalute STEEM
- 日本語 (Japanese): STEEMトークン
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If you're already a steemian you can be rewarded with steem, see how in @steemcenterwiki.