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Steem (STEEM) is a blockchain-based cryptocurrency for a decentralized social media platform where users earn rewards for content creation.

The rise of Web3 offers a range of solutions to replace traditional Web2 platforms, addressing market monopolies and enhancing user control and privacy.

Filecoin is a decentralized data storage network built on IPFS, created by Protocol Labs. It encourages users to provide storage and retrieval services using its native token, FIL. To guarantee data reliability, Filecoin uses unique consensus mechanisms, Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt). Since its mainnet launch in October 2020, the Filecoin ecosystem has evolved, introducing the Filecoin Virtual Machine (FVM) to support smart contracts, boosting computational capabilities and cross-chain interoperability. Filecoin is essential for Web3 applications, permanent storage, and the decentralized data economy, offering secure and efficient distributed storage services.