Steem
Crypto Overview
Understanding the Intended Utility
STEEM is the native cryptocurrency of the Steemit blockchain-based social media platform. The platform was designed to reward content creators and curators through a blockchain-based reward system. Content creators earn STEEM tokens when their content receives upvotes from other users, while curators earn tokens for discovering and promoting valuable content.
Platform Mechanics
The platform operates on a 'Proof-of-Brain' system, which rewards users for their contributions to the platform. STEEM can be converted to Steem Power (SP) through 'powering up,' which gives users greater influence in the content curation process and platform governance. Users can also convert STEEM to Steem Dollars (SBD), a stablecoin designed to be worth approximately one USD.
Current Usage and Development
While Steemit's activity has decreased since its peak in 2017-2018, the platform continues to maintain an active user base. The blockchain processes thousands of transactions daily, primarily related to content creation, curation, and rewards distribution. Development activity continues, though at a reduced pace compared to earlier years.
Token Distribution and Governance
The initial distribution of STEEM tokens included allocations to the founding team and early investors. The ongoing token distribution occurs through the platform's reward pool, which systematically distributes new tokens to content creators and curators. The system is designed to be inherently deflationary, with annual inflation decreasing over time.
Crypto Impact
To assign a comfort level investing in Steem from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Steem.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.