STEEM is a cryptocurrency that was created in 2016 by Ned Scott and Dan Larimer. It is the native currency of the Steemit social media platform, which is a decentralized blogging and social networking site that rewards users for creating and curating content. STEEM is designed to incentivize content creation and engagement on the Steemit platform, as users can earn STEEM tokens for posting, commenting, and upvoting content. The more engagement a post receives, the more STEEM tokens the author can earn.

One unique feature of STEEM is its three-tiered system of tokens: STEEM, Steem Power (SP), and Steem Dollars (SBD). STEEM is the base currency and can be traded on cryptocurrency exchanges. Steem Power is a long-term investment in the Steemit platform, as it gives users more influence over the content that appears on the site. Steem Dollars are a stablecoin that is pegged to the US dollar and can be used to buy and sell goods and services on the Steemit platform. Overall, STEEM and the Steemit platform offer a new way for content creators to monetize their work and for users to engage with content in a more meaningful way.