Dear ATOMARS Community,
We are pleased to announce the listing of Steem (STEEM) on Atomars exchange. Steem (STEEM) deposits are effective starting from November 1, 2019 and the following trading pairs will be available: STEEM/BTC and STEEM/ETH.
STEEM PROJECT SUMMARY
STEEM is a social media-based cryptocurrency built on the Steem blockchain. It was created by blockchain developer and creator of Bitshares and EOS Dan Larimer and Ned Scott on March 24, 2016. It is a DApp platform for publishers to monetize content on the blockchain. Steem seeks to decentralize social networking by moving revenue from advertisers to the users through its first DApp, Steemit.
Social networking and content creation are done on the Steemit platform. Users are rewarded when they contribute to the website. STEEM powers the network along with other digital coins in the network such as Steem Power and Steem Dollars. Steem uses the Proof-of-Brain algorithm and works on the same principle as social media portals like Medium and Reddit where people can create content and earn Steem tokens (STEEM). On Steem, users can earn by creating content as well as by voting on content like blogs and articles.
STEEM (STEEM) FEATURES
Primitives Designed for Content Applications
Users of Steem can publish or store different types of content permanently on the blockchain ledger as text. Once it is stored in the blockchain, developers can access the data that is now publicly available to build from. Developers can interact with content directly in the blockchain through available APIs. Some blockchain developers build from primitives such as account names, posts, comments and account balances.
Native Name System
Bitcoin and Ethereum native technologies only permit long strings of letters and numbers for wallet addresses. These wallet addresses can create difficulty in transacting with other users in the context of social media as users find it hard to remember such long addresses.
Steem blockchain uses the name of participants as their wallet name, which makes for an easier user experience for users attempting to send tokens as they can easily determine addresses from memory.
The Steem decentralized token exchange is quite similar to Bitshares’ exchange. On the exchange, users can trade STEEM and SBD tokens through a peer-to-peer market. Users can place buy and sell orders, with order matching done automatically on the blockchain. Order books and order history are publicly accessible for users to analyze the market. The blockchain API provides a way for users to interact with the Steem blockchain or through a GUI like the one found on Steemit.com.
Payments Through Escrow
Blockchain transactions are irreversible. This is an important security feature, although there are instances where users feel uneasy with sending tokens to another individual without a way of getting them back should the other user go back on the agreement.
Steem blockchain offers a way for users to send coins to each through a third party escrow service. The escrow service determines if the agreement has been kept before releasing funds to the receiver or, in the case where it hasn't, return it to the sender.