FAQ

Blockchain

Developers

Economics

Security

General

Witnesses

Blockchain

How do I use cli_wallet?

Here is a guide from the user @pfunk explaining how to use the cli_wallet: https://steemit.com/steemhelp/@pfunk/a-learner-s-guide-to-using-steem-s-cliwallet-part-1

Can I mine STEEM?

No. Proof of work mining has been removed from Steem.

Where can I find the information for the official launch of the blockchain?

The original launch of Steem was on March 23, 2016, announced on Bitcointalk.org. The blockchain launched on March 24, 2016, via Bitcointalk.org.

Is there a way to see the raw data that is stored in the blockchain?

Yes. The blockchain data can be viewed in different ways with third-party tools such as steemd.com and steemdb.com.

How often does the Steem blockchain produce a new block?

The Steem blockchain schedules witnesses to produce a new block every 3 seconds. 21 witness nodes produce 21 blocks in each 63-second round.

What is the difference between Proof of Work, Proof of Stake, and Delegated Proof of Stake?

Proof of work – Miners solve a complex mathematical problem. The miner that solves the problem first adds the block to the blockchain. The network rewards the miner for doing so.

Proof of stake – Requires ownership, or stake, in the cryptocurrency. The more tokens you own, the more block creation power you have. Benefits: eliminates the need for expensive mining rigs, runs on a tiny fraction of the power, and it requires block producers to have a stake in the network.

Delegated proof of stake – Block-creating accounts, called witnesses, are collectively approved by Steem stakeholders. Instead of relying on proof of work to find blocks, the Steem network actively schedules these accounts to improve the time between blocks to 3 seconds.

How is Steem different from Bitcoin?

On a technical level, the two networks rely on the same model of a blockchain, but are built upon different technologies and codebase. Steem is based on a new state-of-the-art blockchain technology called Graphene, which uses "witnesses" instead of "miners" to produce blocks.

The "delegated proof of stake" model of using witnesses instead of miners allows for greater efficiency in block production. With BTC, 100% of the new coins that are created are allocated to block producers (miners). With the Steem blockchain, only 10% of the new coins are paid to block producers (witnesses). The other 90% of new STEEM coins are awarded to content producers, curators, and Steem Power holders.

What is the difference between Steem and Steemit?

Steem is the blockchain technology and cryptocurrency. Steemit is a social media platform built on top of the Steem blockchain. Steemit.com is just one of many applications that can be built on the Steem blockchain.

How does bandwidth work on the Steem blockchain?

Bandwidth on the Steem blockchain is a resource that gets consumed when users perform certain actions like posting, commenting, voting, and transferring tokens. Users with more Steem Power have more bandwidth available to them. Bandwidth regenerates over time.

What is the Steem blockchain?

Steem is a blockchain-based social media platform that rewards users for creating and curating content. It uses a Delegated Proof of Stake (DPoS) consensus mechanism and features three types of tokens: STEEM, Steem Power (SP), and Steem Dollars (SBD).

Developers

What is available for developers interested in Steem?

Developers have access to comprehensive APIs, SDKs, and documentation to build applications on the Steem blockchain. The Steem blockchain provides a robust platform for creating social media applications, games, and other decentralized applications.

Is there a Github page for the Steem blockchain?

Yes, the Steem blockchain code is available on GitHub at https://github.com/steemit/steem.

Are the Steem blockchain and steemit.com code open-source?

Yes, both the Steem blockchain and Steemit.com are open-source projects. The code is available on GitHub and developers are encouraged to contribute and build upon the platform.

Economics

Where do the new STEEM tokens come from?

New STEEM tokens are created through the blockchain's inflation mechanism. The inflation rate starts at 9.5% per year and decreases by 0.5% each year until it reaches 0.95% per year. These new tokens are distributed to content creators, curators, witnesses, and Steem Power holders.

How long does it take to transfer STEEM or SBD tokens between users?

Transfers of STEEM and SBD tokens are processed within 3 seconds, as new blocks are produced every 3 seconds on the Steem blockchain.

Are there fees for Powering Up, Powering Down, trading on the internal market, or converting SBD to STEEM?

No, there are no fees for Powering Up, Powering Down, trading on the internal market, or converting SBD to STEEM. These operations are free on the Steem blockchain.

How much are the transaction fees for sending tokens to other users?

There are no transaction fees for sending STEEM or SBD tokens to other users on the Steem blockchain. The network is designed to be free for users.

Will I get a 1099 from Steemit?

Steemit Inc. does not issue 1099 forms. Users are responsible for reporting their own earnings and complying with applicable tax laws in their jurisdiction.

How can I withdraw my STEEM or SBD coins?

You can withdraw STEEM and SBD tokens by transferring them to external exchanges or wallets that support these tokens. Popular exchanges include Bittrex, Poloniex, and others.

Can I sell goods and services on Steemit?

Yes, you can promote and sell goods and services on Steemit by creating posts about them. However, you should comply with Steemit's terms of service and avoid spam or misleading content.

What is a MVEST?

MVEST stands for "Mega VESTS" and represents 1,000,000 VESTS. VESTS (Voting Equivalent Steem) is the internal representation of Steem Power used by the blockchain for calculations.

What can I do with my SBD tokens?

SBD (Steem Dollar) tokens can be traded on exchanges, converted to STEEM, used for purchases, or held as a stable value token. They are designed to maintain a value close to $1 USD.

What can I do with my STEEM tokens?

STEEM tokens can be traded on exchanges, converted to Steem Power (SP) for increased voting power and rewards, converted to SBD, or used for various blockchain operations.

Security

How do I report a security vulnerability?

Security vulnerabilities can be reported through the official Steem channels. Contact the development team through GitHub or the official Steem Discord/Slack channels.

How does the stolen account recovery process work?

If your account is compromised, you should immediately change your passwords and keys. The Steem blockchain has a recovery process that allows account recovery using the owner key if the account was recently compromised.

What should I do if I discover that someone hacked my account?

If you discover your account has been hacked, immediately change your passwords and keys using your owner key. Contact Steemit support and consider using the account recovery process if available.

Are my STEEM and Steem Dollar tokens insured in the event of a hack or if someone takes over my account?

No, STEEM and SBD tokens are not insured. Users are responsible for securing their own accounts and keys. It's important to use strong passwords and keep your keys secure.

What do I do if I lost my password/keys?

If you lose your password or keys, there is no way to recover your account. This is why it's crucial to securely store your keys and consider using a password manager.

What are my different keys for?

Steem accounts have four different keys: Owner (highest authority), Active (transfers and power operations), Posting (posting and voting), and Memo (private messages). Each key has different levels of authority.

Why is the master password a long string of gibberish?

The master password is a long, random string to ensure maximum security. It's generated using cryptographic methods to make it virtually impossible to guess or brute force.

Why should I be careful with my master password?

Your master password (owner key) has the highest authority and can change all other keys. If someone gains access to it, they can take complete control of your account.

How can I keep my Steem account secure?

Keep your keys secure, use strong passwords, enable two-factor authentication where possible, be cautious of phishing attempts, and never share your private keys with anyone.

General

Where can I ask for help if my question was not answered here?

You can ask for help on the Steemit platform, join the official Steem Discord or Slack channels, or visit the SteemHelp community.

What is the Steem Whitepaper and what is its purpose?

The Steem Whitepaper is the official technical document that describes the Steem blockchain's design, consensus mechanism, token economics, and technical specifications. It serves as the blueprint for the platform.

Witnesses

How can I vote for witnesses?

You can vote for witnesses using your Steem account. Witnesses are responsible for producing blocks and maintaining the blockchain. Voting for witnesses helps secure the network.

What are Steem witnesses?

Steem witnesses are block producers responsible for creating new blocks on the blockchain. They are elected by the community and play a crucial role in maintaining the network's security and efficiency.