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Steemit is a blockchain-based social media platform that aims to "tokenize the content web." Users can not only create and curate content on Steemit but also monetize content and grow the community. On Steemit, people earn rewards in the form of cryptocurrency when their blogs get upvoted by other users of Steemit.
Steem Network
The Steem network has three different asset classes
STEEM: It is the fundamental unit of account holder on the Steem blockchain. It is a unit that users receive for participating in Steemit.
Steem Power: Users can commit their STEEM to a thirteen-week vesting schedule, providing them with additional benefits within the platform. By holding SP, a user has more influence on the Steemit platform. Users of higher SP have more influence on the distribution of rewards.
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Steem Dollars (SBD)
It is also used to reward users that participate on Steemit and it is pegged to the US dollar. It is denoted by the symbol SBD, an acronym for Steem Blockchain Dollars.
Witness
SP holders can elect individuals called witnesses to publish price feeds. The Steem blockchain requires people to create blocks and the consensus mechanism they use is the Delegated Proof- of -Stake.
Delegated Proof of Stake (DPOS) is the fastest, most efficient, and decentralized POS mechanism. It uses a reputation system and real-time voting to achieve consensus. In Delegated POS, community members vote for super representatives and super representatives will produce valid blocks successively based on specific distribution rules, and success in doing so results in the highest reward.
The community members elect witnesses who are trusted members, who contribute positively to Steem and Steemit in many ways. There are 20 full-time witnesses, producing a block every 63-second round. Every round, the top 19 witness accounts are delegated to produce a block, and 1 block is produced by a backup witness. Each account can vote for up to 30 witnesses.
How Steemit Proof-of-Brain mining works
Steem introduces a new concept called "Proof-of- Brain" which refers to the reward system that is divided between curators, content creators, and witnesses.
Steem reward system
Author Rewards: When you publish a post or a comment and other users upvote it, you earn author rewards
Curation Rewards: When another author publishes a post or comment and you determine it to be valuable enough to upvote it, you get rewarded a share of the value of your upvote as a Curation reward.
STEEMUSD prices pared some of its gains after a surge of more than 125%. It hit a high of $0.36 and is currently trading around $0.2180. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).
The near-term resistance is around $0.38, any indicative breach above will take the pair to $0.50/$0.63/$0.85. On the lower side, immediate support is $0.20, and any violation below targets $0.145/$0.10.
Indicators ( Daily chart)
CCI(50)- Bearish
Directional movement index - Neutral
It is good to buy on dips around $0.20 with SL around $0.145 for TP of $0.38/$0.50
