Leopedia / Steemleo FAQ
Table of Contents
- What is Steemleo?
- What is The LEO Token?
- What is Steem?
- What is the LEO Price Based On?
- What is a Token Burn?
- How Do I Create an Account?
- How Do I Spend The Cryptocurrencies That I Earn?
- How Do Token Rewards Work?
- How Much is An Upvote Worth?
- What Does Delegating Token Power Mean?
- What Is Token Staking?
- How to Login
- How to Create a Blog
- Post Payout and How to Upvote:
- Hot to Stake LEO
- How to Send LEO
- How to Use the SteemLeo Dashboard
Learn More About The Leoshop Marketplace & Leodex Exchange:
For the sake of simplicity, our other two websites have their own FAQ Pages:
- Learn About Leoshop —> https://steemleo.com/leoshop
- Learn About Leodex —> https://steemleo.com/leodex [guide coming soon]
What is Steemleo?
Steemleo is an online community centered around the topics of finance and investing. Users can create blog posts or even upload videos to our platform, which offers a few unique features over other similar platforms (like Seeking Alpha, for example):
- Content Immutability — content is stored on the blockchain, which means that it cannot be taken down nor censored, unlike traditional social media platforms like Facebook
- Tokenized Engagement — users earn LEO tokens for uploading posts, curating content and commenting on other posts
- Community Ownership — when users earn LEO, they are able to stake their tokens. The more LEO stake that a user has, the more power they have on the platform
What is the LEO Token?
The LEO token is a community-operated utility token that is used to distribute newly minted LEO, purchase digital products, trade for other cryptocurrencies and more.
Steemleo operates 3 websites that leverage the LEO token and the Steem blockchain to offer a wide array of features to our users:
- https://steemleo.com — a social media interface for content creators in the financial niche More Info
- https://dex.steemleo.com — a decentralized exchange for Steem-based tokens. More Info
- https://shop.steemleo.com — a decentralized marketplace for digital products. More Info
What Is Steem?
You’ll often hear about Steem when you’re on Steemleo. Steem is the technology that makes Steemleo possible. It’s a decentralized blockchain network that is capable of handling fast, free and trustless transactions. Steem is the base layer on which Steemleo is built — you can imagine it as being akin to what the internet does for any website.
When we use something like Facebook, we are also using the internet. The internet is a base-layer protocol that allows us to connect via the Facebook interface. In this scenario, Steem = the internet and Steemleo = Facebook.
What is the LEO Price Based On?
The LEO token operates on an open market. There are buyers and sellers from all over the world who trade LEO at various prices for various reasons. Thus, the price can fluctuate at random.
The main drivers for long-term usage of the LEO token is increasing the number of users who blog on the Steemleo interface, buy/sell products on the Leoshop marketplace, and leverage the Leodex trading interface for managing Steem-based tokens.
You can see the latest trends of the LEO token by viewing it on the Leodex at http://dex.steemleo.com/market/LEO
What is a Token Burn?
Burning tokens is something that is a common practice in many cryptocurrencies. When you burn a token, you are permanently removing it from the circulating supply, which decreases the amount of tokens that are “available” on the open market. Which, if it follows the basic laws of supply and demand, could lead to a more healthy trend for the underlying asset.
The Steemleo community operates a multitude of “sinks” (a.k.a. token burning mechanisms):
- Leoshop Marketplace — collects a 1% tx fee on transactions and burns LEO with it
- Post Promotion — users can promote their posts by hitting the “Promote” button at the bottom of their post. This burns LEO in exchange for extra exposure on their content
- Steemleo Rewards — LEO rewards earned by posts on official Steemleo accounts
- Leodex Ads — generates ad revenue and burns LEO
- Steemleo.com Ads — generates ad revenue and burns LEO
- CFL — Crypto Fantasy League is a fun discord game on the Steemleo discord server that mirrors Fantasy Football but uses crypto prices and portfolios instead of sports teams and players
How Do I Create an Account?
One of the many benefits of being built on top of the Steem blockchain (the base layer on which Steem-based apps such as Steemleo are built) is that you only need 1 Steem account to login to any Steem-based application. So your account on Steemleo is the same as your account on Leodex or on Splinterlands (a Steem-based gaming application), etc.
The account creation process for Steemleo is relatively simple. It just requires a manual verification from someone on the Steemleo team. To create an account, we recommend contacting us through one of the following means and then we’ll guide you through the setup process and tell you some best practices for receiving and storing your private keys.
Our account creation process is completely free and verification always happens in under 24 hours.
Just shoot us a message on any of the following platforms and we’ll get back to you right away to setup your account:
How Do I Spend The Cryptocurrencies That I Earn?
You can trade second-layer tokens (such as LEO) on the Leodex by logging in with your Steem account. When you trade a token like LEO, you trade into the base pair of STEEM.
Think of STEEM as the base currency of the Steem blockchain. Everything you do here can translate into earning STEEM or earning something that you can convert into STEEM. Once you’ve got STEEM in your account, you can withdraw it onto an exchange and convert it into the currency of your choice.
A common question that new users ask is “how can I spend the STEEM that I earn”. There are more and more solutions popping up all the time that make it easier to spend STEEM in the real world.
As of this writing, one of the easiest methods for spending STEEM is to withdraw your STEEM to an exchange like Binance or Bittrex, convert it into Bitcoin and then either spend that Bitcoin using a crypto debit card or convert that Bitcoin into your local fiat currency (i.e. USD).
Spending cryptocurrencies in the real-word is still a rather complex process. It’s come a long way since the beginning of the crypto industry, but there is still a ways to go until buying everyday goods with cryptocurrencies like BTC, STEEM & LEO become a mainstream activity.
How Do Token Rewards Work?
When you create posts on Steemleo, your content is eligible for LEO rewards as well as STEEM. LEO and STEEM rewards operate on a similar set of parameters which are commonly referred to as “Proof of Brain”.
If you’ve heard the term Proof of Work before, then you likely heard about it in reference to the Bitcoin blockchain. On the Bitcoin blockchain, new inflation is earned by miners who own computers that help to run the network.
On the Steem blockchain, users are able to similarly earn new inflation in the form of STEEM tokens by creating content for the network. Mining newly minted Bitcoins on the Bitcoin blockchain is very similar to mining newly minted STEEM tokens on the Steem blockchain, but instead of using computer hardware to mine tokens on Steem, you are using your “Brain” to create content that other users may enjoy which in turn may lead to you earning their upvote.
When an upvote is cast on a post, it signals to the blockchain that a particular user believes that another user deserves a certain amount of rewards from the rewards pool. The rewards pool is simply a “pool” of tokens that are currently “up for grabs” for content created on the blockchain. When an author or content curator earns rewards, they are earning rewards from this reward pool.
The same set of rules are used for LEO tokens. When an author or curator earns LEO token rewards from a post, they are earning from the LEO token reward pool.
So on Steem, you’ve got multiple rewards pools depending on how you use the blockchain. When you make a post from https://steemleo.com, you are automatically opting-in to earn rewards from both the STEEM rewards pool and the LEO rewards pool. So when another user upvotes your content, a certain amount of LEO and STEEM will be distributed to you from the rewards pool.
How Much is An Upvote Worth?
A logical follow-up question after learning about how the rewards pool works is to try and figure out how much an upvote is worth and why it is worth that much.
Both the Steem and LEO rewards pools operate on the same principle of “Proof of Stake” — the more [staked] tokens you have, the more your upvote is worth.
In a simple example of this, Jerry has 100 LEO + 50 STEEM staked and Ana has 400 LEO and 150 STEEM staked, Ana’s upvote in terms of LEO will distribute 4x the amount of LEO rewards to a post and 3x the amount of STEEM rewards to a post.
There are other variables that can affect the actual rewards distributed to both author and curator. For most people, knowing these variables is unnecessary. For those who want to dive into them and learn how they can maximize the value of their upvotes, please see the advanced section labeled [What Are All the Variables That Affect an Upvote’s Value?].
What is Token Staking?
In the previous question, Proof of Stake was mentioned as the means of distribution for rewards. Stake is referring to tokens that are “vested” in an account. Essentially, vested stake just means that tokens are “locked up” in your account. You can stake tokens in a multitude of ways, two of the easiest ways to do it are
- directly on your wallet page which can be reached by clicking your profile link in the top right corner of Steemleo.com or by going directly to https://steemleo.com/@username/transfers (replace username with your username).
- On the Leodex by logging in, going to “Wallet” and clicking the “Lock” icon to the right of the token you want to stake.
Stake tokens on Leodex
[advanced guide coming soon]
How to Use The https://steemleo.com Interface:
How to Login
As mentioned previously, to login to Steemleo.com, you just need to get yourself a Steem blockchain account. There are a ton of ways to do that and if you would like to get a free account + a small delegation of currency to help grow your account, you can get in touch with the Steemleo team on discord or Twitter.
If you’d like to explore an alternative option, check out the Steemit account creation process at https://signup.steemit.com/. This is one of the easiest ways to get an account and the approval time is usually anywhere from 24-72 hours.
Once you have a Steem blockchain account, you have two methods available for logging in to https://steemleo.com. The first is to login using your private posting key. This is one of the keys that came with your Steem account when you created it. It (and the other private keys) always start with the number “5”.
Be very careful with how you store and use these keys. Each key unlocks a different level of security to your account. To login to Steemleo for blogging/commenting/upvoting purposes, the private posting key is recommended. Your private active key is required for transferring LEO or STEEM and managing other wallet-related functions. Use the private active key more sparingly as it controls the funds in your account.
Just like a password or PIN number to your bank account, it is obviously a bad idea to let these keys fall into the wrong hands.
The other option for logging in to Steemleo.com (and this is the recommended way to login to most Steem-based applications) is to download and install a browser extension called Steem Keychain. There’s a Leopedia guide available which gives detailed instructions on how to download Steem Keychain and set it up in just a few minutes. It’s a pretty straightforward process. Once you have Keychain setup, it becomes FAR easier to use things like https://steemleo.com, https://dex.steemleo.com and https://shop.steemleo.com… to see the guide on that, just head over to https://steemleo.com/keychain.
How to Create a Blog Post:
Creating a blog post on Steemleo is a very easy process. Once your logged in, just click the “Pencil” icon in the top right corner and it will take you to the “Create a Post” page.
Once at the “Create a Post” page, you can refer to the following bullet points to see what each field means:
- Title — enter the primary title for your post
- Body — write your post. This field is styled in markdown which is has an extensive set of codes that can help you add more advanced style to your posts. Things like header text, italic, bold, image links, image sizing, charts, etc. can be created in markdown styling
- This is where you put the tags for your post. Just separate each tag with a space. When you post from Steemleo, it automatically adds the #steemleo tag to indicate that your post is from our community. Other tags that you use should relate to the content of your post. (i.e. if you’re creating a post about your recent trade in Amazon stock, then you might add the tags: amazon investing amzn stocks money trading)
- Advanced Settings offer a few more advanced options to posting from Steemleo. Here, you can set [post beneficiaries] and even save your own templates to load in future posts
- When you’re done with your post, just hit the big “Post” button and you’ll see your post shoot onto the blockchain!
- Preview — you can preview your post as you’re writing it by viewing the preview box just below the Post button
- Markdown Styling Guide — this is the same guide as linked above in these bullet points. It will take you to a page that explains all the different things that you can do in markdown styling
Post Payout and How to Upvote:
To upvote a post, just hit the little upvote circle to the left of the current payout. In the image below, the current post payout is 73.06 LEO and there are 337 accounts that have voted on the post.
If you want to see more advanced information about the post payout and see the people who have already voted on the post, you can just click on the amounts to get the dropdown with more information:
When you click for more info on the payout, you will see the current LEO pending payout followed by the amount of time left until the post pays out (in 7 days) and finally the “STU Payout $16.75” which refers to STEEM portion of the posts payout. In this case, you would read this information as being a Pending Payout of 73.079 LEO + $16.75 USD worth of STEEM being paid out in 7 days.
How to Stake LEO
To stake your LEO tokens and vest them as “Powered Up LEO” (which gives you more influence over rewards on the https://steemleo.com platform), just head over to your wallet page and click the LEO amount in your wallet and then select “Stake” from the dropdown. It will open a pop-up window that will allow you to select the amount of LEO you want to stake.
How to Send LEO
To send LEO, just head over to the same wallet page (as seen above), click your LEO and then select “Transfer” from the dropdown window. Then you’ll get a popup where you can choose:
- To — what steem account to send your tokens to
- Amount — how many tokens you want to send
- Memo (optional) — you can send a public message with the transfer, but it is optional
How to Use the SteemLeo Dashboard
The Steemleo dashboard offers an additional set of features that make it easier to manage your Steem account. You can find the dashboard by clicking the “Dashboard” link at the top of the screen or by going directly to https://steemleo.com/@username/dashboard (replace username with your username).
The top 4 boxes on the dashboard will show your:
- Lifetime Earnings
- Curent LEO Voting Power
- Current Resource Credits
- Current Value of Your 100% LEO Upvote
Below that you’ll find 2 buttons to take you to the SteemLeo Dex and the your wallet page. Below those buttons, you’ll see 3 different feed selections — “Recommended Posts”, “My Feed”, and “My Blog”.
On the left, you’ll see a box that has a few more links with additional Tools & Resources as well.