Steem is a blockchain solution that enables users and content creators to earn the project’s proprietary cryptocurrencies - Steem (STEEM) or Steem Dollars - by engaging with each other on the social media platform called Steemit.
The process of engagement involves publishing written or video content in the blog, which gets upvoted (or downvoted) by the followers or other members of the Steemit community. Each upvote earns the creator a certain amount in Steem Dollars, depending on the so-called “voting power,” which relies on the amount of Steem tokens staked in the personal blockchain wallet that is provided to all users upon registration.
Users can upvote the content for the duration of seven days, making it more valuable and visible on the platform - the funds stay locked at that time. Once a week after the publication date passes, the creator’s wallet gets credited with the corresponding amount of Steem Dollars, which the user can subsequently exchange to Steem, thus boosting the status of his account on Steemit, or exchange it for other cryptocurrencies by virtue of various exchanges.