I have read articles and watched youtube videos about it, but I still don't really get it exactly works.
I know that it's working with STEEM, which is a coinbased crytocurrency? Or am I wrong? And when your posts or videos get upvoted, you earn cash? But how? Can someone please explain it to me?
Thank you.
PS: Try to explain it with a baby language and don't use complicated words :D
Ok I will try.
You probably know how some people mine bitcoin by buying some expensive computers and running them 24/7. On STEEM, you don't mine with computers, the newly printed coins are given to the authors who had succesful publications on the network (that includes dtube). So basically you mine STEEM coins with your brain, and a computer can't.
Just like any other crypto-currency, STEEM coins can be bought/sold on exchange websites and eventually traded for real life cash.
Ok, I get the mining part, but how will the coins be given to the authors who had successful publications on the network? Like why, how, when? I don't get it.
Sorry, I'm new to all of this so yes, I might be asking stupid questions :D
Once you have explained that, could you then tell me what STEEM POWER is and what it does?
Well STEEM Power is what influences the rewards of each votes. The more SP you have, the more money your votes will generate in rewards for the people you upvoted.
You can convert STEEM to SP instantly, however turning SP back into steem takes a while at the rate of 1/13th of your total SP every week.
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