-
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$0.0...01285
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-8.79%
What is the issuance and circulation of STEEM coins?
STEEM coins were initially distributed in 2016 through an ICO, raising $3 million for the development of the Steem blockchain.
Nov 26, 2024 at 08:14 pm
What is the Issuance and Circulation of STEEM Coins?
1. Initial Coin Offering (ICO)
- STEEM coins were first distributed through an ICO in March 2016.
- A total of 250 million STEEM coins were created, with 100 million sold during the ICO.
- The ICO raised a total of $3 million, which was used to fund the development of the Steem blockchain and ecosystem.
2. STEEM Power (SP)
- STEEM Power (SP) is a measure of a user's influence on the Steem blockchain.
- SP is earned by holding STEEM coins and interacting with the Steem ecosystem, such as posting content, voting on content, and curating content.
- SP can be used to reward content creators, vote on proposals, and run witnesses (nodes that maintain the Steem blockchain).
3. STEEM Dollar (SBD)
- STEEM Dollar (SBD) is a stablecoin that is pegged to the US dollar.
- SBDs are minted by converting STEEM coins into SBDs at a rate of 1 SBD = $1 USD.
- SBDs can be used to reward content creators, buy goods and services, or purchase advertising on the Steem blockchain.
4. Current Circulation
- As of March 2023, there are approximately 350 million STEEM coins in circulation.
- Of this, around 150 million STEEM coins are actively traded on exchanges.
- The remaining STEEM coins are held by long-term investors, users, and witnesses.
5. Issuance Rate
- The issuance rate of STEEM coins is determined by a formula that takes into account the total amount of STEEM Power (SP) in circulation.
- The issuance rate is currently set to 10% per year.
- This means that 10% of the total supply of STEEM coins is created each year and distributed to users based on their SP.
6. Burning Mechanism
- STEEM has a built-in burning mechanism that reduces the total supply of STEEM coins over time.
- When STEEM coins are converted into SBDs, 1% of the STEEM coins are burned.
- This mechanism helps to maintain the value of STEEM coins by reducing the total supply.
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