Foundations of Blockchain

Voting model in Steem

The Steem platform has a cryptocurrency token called STEEM. Steem operates on the basis of one STEEM, one vote. In this model, individuals who have contributed the most to the platform, as measured by their account balance, have the most influence over how contributions are scored.

Existing systems that are similar to Steem allow contributors to be paid when the consumers show their appreciation for the content by tipping, usually through a micropayment channel. The drawback of these platforms lies in the incentivization model, which doesn't necessarily always incentivize good content. Steem is designed to enable effective micropayments for all kinds of contributions. Content consumers don't have to decide how and how ...