Steem.it is a social media and content platform that rewards users for the contributions they make. It shares elements from platforms like Reddit (user-generated content, multi-media, and community voting and curation) but it features longer-form content and a complex crypto economy. Three different tokens power the system. STEEM is a freely tradeable token, which can be instantly converted into Steem Power, an internal currency used in voting and user rewards. The system also issues rewards in Steem Dollars, a tradable asset pegged to 1 USD and convertible to STEEM. The network is built upon Graphene, the same codebase that powers Bitshares, and shares a similar delegated proof-of-stake consensus process. The platform launched in spring 2016 and forked later that year to update components of the token model that proved unpopular. It was founded by Ned Scott and graphene developer Dan Larimer.