Hede.io Entry: Steem Power
Steem power is a
cryptocurrency token that represents how much "power" you have inside the Steemit network. Each steem power token represents a share of the steemit platform. Without steem power users can't participate in such activities as voting for content. Users with a large amount of steem power have a large voting weight.
Increasing steem power is known as “powering up” by converting
steem tokens into steem power. Decreasing steem power is known as “powering down” by converting steem power into steem tokens.
Powering up can be quickly done through a transaction on the
blockchain or by selecting the 50% or 100% option for payout before posting content. Powering down is done over a period of 13 weeks in order to prevent a situation in which users cash out rapidly and collapse the whole Steemit economy, similar to a "run on the bank" scenario.
Photo Source: steemit.com
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