Steem (STEEM) API and Price Oracle

Steem

STEEM

For informational use only; request a custom oracle/API for production below.

General information

Contract address

0x0000...0000

Network

Steem

Methodology

MAIR

Update frequency

120s

Next update

24h Volume

API endpoint

https://api.diadata.org/v1/assetQuotation/Steem/0x0000000000000000000000000000000000000000

Source

Volume 24h

Trades 24h

Pairs

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Token information

What is Steem (STEEM)?

Steem (STEEM) is a blockchain-based social media platform that rewards content creators and curators with cryptocurrency. It was founded in 2016 by Ned Scott and Dan Larimer, and the platform was launched in 2016. Steem derives its name from the concept of "proof-of-stake" blockchain consensus. The cryptocurrency STEEM is used to incentivize users for their contributions to the platform. It offers an alternative to traditional social media platforms by allowing users to earn rewards for their content.

How does Steem work?

Steem is a blockchain-based social media platform that rewards users for their contributions. It utilizes blockchain technology, specifically the Delegated Proof of Stake (DPoS) consensus algorithm. The Steem blockchain serves as the foundation for various decentralized applications (dApps) and social media platforms like Steemit.

Steem operates on its own blockchain, which is designed specifically for social media and content creation. It uses a DPoS consensus algorithm in which a set of trusted delegates are elected by the community to validate transactions and create new blocks. This differs from other blockchain networks that use Proof of Work (PoW) or Proof of Stake (PoS) algorithms.

The functioning of Steem revolves around the concept of "Steem Power" (SP) and "Steem Dollars" (SBD). Steem Power is a form of staked STEEM tokens that represents a user's influence and ownership within the Steem network. Users who possess more Steem Power have a greater say in the platform's governance and earn more rewards for their content.

The platform rewards users with Steem Dollars for their contributions, such as creating posts, commenting, and upvoting content. These rewards are distributed based on the votes received from users who hold Steem Power. Users can then convert Steem Dollars into liquid STEEM tokens, which can be traded on exchanges.

Steem's underlying blockchain technology and DPoS consensus algorithm allow for fast transaction processing and scalability. It also enables a decentralized and censorship-resistant platform where users have control over their data and can be rewarded for their participation.