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Steem is an experimental Proof of Work blockchain with an unproven consensus algorithm.

• No Pre-mine, No ICO, No IPO
• Currency Symbol STEEM
• 1.000 STEEM block reward at launch
• Approximately 113% APR long term inflation rate

Steem was announced on Bitcointalk prior to any the start of any mining.

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.

Rather than attempt to describe the rules of the blockchain, it is up to each individual to inspect the code to understand the consensus rules.

The mining algorithm used by Steem requires the owner to have access to the private key used by the account. This means it does not favor mining pools.

./steemd --miner=["accountname","${WIFPRIVATEKEY}"] --witness="accountname" --seed-node="52.38.66.234:2001"

Make sure that your accountname is unique and not already used by someone else or your proof of work might not be accepted by the blockchain.