What is Steem?
A cryptocurrency that was specifically developed for the social applications which are running on a blockchain is named a Steemit. The idea of Steemit belonged to Ned Scott and Dan Larmier and they began realising it in 2016. It’s also a social project that gives rewards to the participants who are sharing content and gives them an opportunity for profit streams. The Steem coin is needed in the system to give bonuses to those users who are forming communities and sharing/posting/writing useful content. An unusual feature of this coin is that even in case you can mine it, actually, you don’t need to do that cause the platform distributes to its users new Steem coins every day. As of April 2019 circulating supply of the coin is 317 million STEEM.