#BitwiseBitcoinETF Steem is explained as a fundamental unit of account on a platform called Steemit. Steemit is a blockchain-based platform where users can publish content and vote on it like any other social media platform, but with the difference that on Steemit, they are rewarded with tokens. The Steem network offers new units of Steem to editors and voters every day. Steem can be exchanged for Steem Power (SP) or Steem Backed Dollars (SPD). Steem Power is a token used to promote content, which helps generate income for both a voter (in SP) and for an editor (in SPD) proportional to the amount of Steem Power the voter has. Steem Backed Dollars represents an amount of Steem equal to 1 USD. SPD helps protect content creators from the volatility of the Steem cryptocurrency by promising them that they will receive a fixed amount of money, regardless of how much Steem will cost when they withdraw the money.