Steem Token (STEEM) is a cryptocurrency that powers the Steemit social media platform. It was founded by Ned Scott and Dan Larimer in 2016. Steemit is a decentralized blogging and content-sharing platform, where users earn STEEM rewards for creating and curating content. The name "Steem" is derived from "steam," symbolizing the platform's goal of encouraging content creators to generate value. STEEM can be traded on various cryptocurrency exchanges.
The Steem Token is a cryptocurrency that operates on the Steem blockchain. Steem is an open-source, decentralized blockchain platform designed specifically for content creation and social interactions. It was developed with the goal of revolutionizing social media by rewarding content creators and curators with Steem tokens.
Steem operates on a delegated proof-of-stake (DPoS) consensus mechanism, which means that block producers are elected by the community through voting. This allows for faster transaction confirmations and scalability compared to other blockchain networks.
The primary purpose of the Steem blockchain is to support the Steemit platform, a decentralized social media platform where users are rewarded for creating and engaging with content. When users publish a post or comment on Steemit, they have the potential to earn Steem tokens based on the number of upvotes they receive.
Steem tokens can also be used for various applications within the ecosystem, such as voting for witnesses (block producers), powering up to increase influence, trading on cryptocurrency exchanges, or transferring to other users.
One interesting aspect of Steem is its distribution model. A large portion of tokens are initially allocated to early adopters and contributors, which helps incentivize participation and quality content creation. This approach aims to create a self-sustaining ecosystem where the community actively engages and rewards each other.
Overall, Steem Token operates on the Steem blockchain, utilizing DPoS consensus. It serves as the native cryptocurrency for the Steemit platform, rewarding users for creating and curating content.
The Steem token is the native cryptocurrency of the Steem blockchain and offers several benefits compared to its direct competitors, particularly in the realm of content creation and social media platforms.
One of the key advantages of Steem is its decentralized social media model. Unlike traditional social media platforms, Steem allows users to create and share content while also rewarding them with Steem tokens based on the popularity and engagement of their posts. This incentivizes quality content creation and curation, as users have a financial stake in the platform's success.
Another benefit of Steem is its fast and feeless transactions. Unlike some of its competitors, such as Ethereum, Steem offers quick and cost-effective transfers of value. This makes Steem an attractive choice for microtransactions and peer-to-peer transfers.
Additionally, Steem has a robust and active community. The platform boasts a large and engaged user base, with a passionate community that actively participates in content creation, curation, and governance. This sense of community has helped Steem establish itself as a leading social media platform within the blockchain space.
In comparison to its direct competitors, such as Hive and Golos, Steem offers a more established and widely adopted ecosystem. With a longer history and larger user base, Steem provides users with a greater network effect and access to a broader range of content and opportunities.
Overall, Steem provides users with a unique social media experience that empowers content creators and rewards community participation. With its decentralized nature, fast transactions, and active community, Steem stands out as a compelling option in the blockchain social media landscape.
Steem Token is a cryptocurrency that is primarily used within the Steem blockchain platform. It serves multiple purposes, including incentivizing user engagement and content creation within the Steem ecosystem.
One common use case for Steem Token is as a reward mechanism for users who contribute valuable content to the platform. When users create posts, comments, or vote on content, they are awarded Steem Tokens. These tokens can then be exchanged for other cryptocurrencies or fiat currencies on various cryptocurrency exchanges.
Another common use case is for stake-weighted voting on the platform. Users who hold a larger amount of Steem Tokens have more influence in determining the visibility and ranking of content. This mechanism aims to create a democratic and merit-based system where popular and high-quality content is rewarded with increased exposure.
A specific use case for Steem Token is its integration with decentralized social media applications. For example, Steemit is a popular social media platform that utilizes the Steem blockchain. Users can earn Steem Tokens by posting content, and the reward system encourages active participation and high-quality contributions.
Overall, Steem Token has emerged as a unique cryptocurrency specifically designed for incentivizing user engagement and content creation within the Steem platform. Its various use cases demonstrate the potential for blockchain technology to revolutionize social media and online content creation industries.
DIA's Steem Token API is one of the many API endpoints provided by DIA to offer real-time price feeds of crypto assets. DIA constructs these price feeds by sourcing raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges. This allows DIA to deliver comprehensive and accurate price data that sets them apart from other web3 data providers.
Regarding the availability of DIA's API endpoints, developers have the advantage of accessing both free API endpoints for testing purposes and fully customizable, custom feeds. While the free API endpoints are publicly available on the DIA App's asset detail page, they are primarily provided for informational purposes and testing. However, the true power of DIA's API lies in its ability to build dedicated, custom API price feeds based on users' specific requirements. These custom feeds can be tailored in terms of sources, methodologies, update mechanisms, and more, providing users with a more personalized and valuable experience.
The use cases for DIA's API endpoints are vast and varied, spanning across the blockchain ecosystem. For DeFi applications, DIA's price information can be utilized in derivatives, options, futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the realm of NFTfi applications, DIA's API can facilitate peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.
In summary, DIA's Steem Token API is part of a broader range of API endpoints that provide real-time price feeds of crypto assets. While the free feeds serve an informative and testing purpose, the true value lies in the customization and personalization offered by the dedicated API price feeds. Developers can leverage these APIs to power a wide array of DeFi and NFTfi applications, enhancing the functionality and innovation within the blockchain ecosystem.
DIA's Steem Token price oracle is a smart contract that provides real-time price feeds for cryptocurrencies like Steem Token. DIA stands out from other web3 data providers as it is integrated with over 35 layer 1 and layer 2 networks, allowing for the deployment of price oracles in multiple blockchains.
DIA's price feeds are constructed using raw data from more than 85 on-chain and off-chain cryptocurrency and NFT exchanges, aggregating information from billions of individual trades. This vast data network enables DIA to offer accurate and reliable price information.
While DIA provides free demo oracles for developers to test, these are only intended for testing purposes and cannot be integrated into production applications. However, DIA also offers custom configuration options for users who require dedicated price feed oracles. These custom oracles can be tailored according to specific needs, such as selecting sources, methodologies, and update mechanisms. To request a custom feed, users can reach out to DIA via Discord or Telegram.
DIA's price oracles have a wide range of use cases, particularly in the DeFi and NFTfi sectors. They can be utilized in derivatives, options, futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, they can be employed in peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and various other applications in the NFTfi ecosystem.
A blockchain oracle, in general, refers to an external information provider that supplies verified data from outside the blockchain to smart contracts. Blockchain oracles play a crucial role in bridging the gap between the on-chain and off-chain worlds, enabling smart contracts to interact with real-world data and applications.
Both DIA's API and Price Oracle for STEEM offer a range of benefits for users in the blockchain ecosystem. One key advantage is the high level of customization available. Users can tailor each oracle and API endpoint to suit the specific needs of their decentralized applications. This includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining the update mechanisms and frequency for the feed. With this level of customization, the data and oracle remain robust and resilient to market conditions, providing a global market as well as specific individual or cross-chain market prices.
Transparency is another major benefit of using DIA's API and Oracle feeds. These tools offer full and granular transparency throughout the entire data journey. Users can closely track and monitor the oracle and API feeds thanks to various tracking and monitoring tools provided by DIA.
Overall, leveraging DIA's technology allows users to access accurate and reliable price data for cryptocurrencies and NFTs. The customization options and transparency provided by DIA's API and Price Oracle make them valuable tools for users in the blockchain ecosystem looking for reliable and tailored solutions.