Cryptocurrency Q&A
How do Steem coins work?
How do Steem coins work?
henry_grayson_lawyer
Tue Aug 06 2024
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7 answers
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Could you elaborate on the mechanics behind Steem coins? How do they function within the platform? Are they mined like Bitcoin, or are they distributed in a different manner? How are they used to incentivize content creators and curators on the Steemit platform? Additionally, how do users acquire and trade Steem coins, and what factors influence their value?
7 answers
Maria
Thu Aug 08 2024
The STEEM blockchain operates on a unique consensus mechanism known as Delegated Proof-of-Stake (DPoS). This system rewards block producers for validating transactions on the network.
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CryptoLordGuard
Wed Aug 07 2024
As part of this process, ten percent of newly minted STEEM coins are allocated to these block producers. This serves as an incentive for them to maintain the security and integrity of the blockchain.
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GwanghwamunPride
Wed Aug 07 2024
The exchange's spot trading platform allows users to buy and sell cryptocurrencies at current market prices. Futures trading, on the other hand, allows users to speculate on the future price of cryptocurrencies.
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Valentino
Wed Aug 07 2024
BTCC's wallet service provides a secure and convenient way for users to store their cryptocurrencies. The wallet is accessible through the exchange's website and mobile app, making it easy for users to manage their holdings on the go.
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Elena
Wed Aug 07 2024
In addition to block producers, STEEM also rewards those who stake their coins on the network. These individuals, known as STEEM stakers, receive governance tokens called Steem Power (SP) in proportion to their stake.
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