The concept of creating an online community based on blockchain technology and able to be able to compete with Facebook or Reddit is a bit enticing However, the Steem project that is trying to realize this dream has been able to raise more than 1 billion dollars and is now one of the most successful startup companies of all time.
Examination of the Stem
Steem’s story started in the year 2016 after Denis Scott and Net Larimer conducted a poll about the need to build an online social network based on blockchain technology on some of the forums for cryptocurrency. Soon, a team was formed to form a team, and Scott and Larimer became creators of one of the world’s most popular and exciting blockchain-based projects Steem. Steam.
The next-generation social network allows users to store all user-generated posts in a shared ledger, which eliminates having to edit or eliminate them. Incredulous, the creators of Steem are completely against the practice of censorship which is being utilized recently on Facebook and Twitter, which clearly differentiates this social media platform from the rest of other social networks.
It is in the process of beta-testing and has about 50k users. Also, should the developers be able to resolve a few problems:
- Enhance the security of networks (a hack has been reported which allowed hackers to steal over $100,000);
- Increase the toolsets to win
- Boosts popularity among people who speak English.
then the capitalization as well as the conversion rate for Steem cryptocurrency, the principal assets of this network may rise multiple times.
Blockchain social network that offers the chance to earn
Another advantage that is a part of Steem can be that its users may be awarded a prize for engaging and well-written materials. The author’s profit is determined by the number of views on an article or comment. Steam is paid by two methods:
- The total amount of compensation will be paid out in Steam Power – – tokens for the platform’s internal platforms which allow users to carry out specific actions
- The first half of the money will be paid out by Steem Power, and the remaining portion is paid of the amount is paid in Coins the cryptocurrency that is liquid, which is then traded or sold on a variety of well-known websites.
The audience of Steem decides whether the content is of sufficient quality to warrant adding to the blockchain by voting. This let the developers remove unwelcome ads and bots whose entries aren’t paid. But, at present, the quality of Steem’s materials is comparatively poor.
Read more the Cryptocurrency Lisk What is it and what it does, its features, and mining predictions for the year 2018
Storage and extraction
To mine cryptocurrency it is the PoW algorithm is employed however the method used for the production of its coins is different from mining other currencies. Each block is mined by there are only 21 members of the network. Of them 19 members, 19 are selected through a vote, one is randomly selected and one is picked by the system among those who have the greatest computational power. Each block is created every two seconds. miners get 95% of their rewards while the rest is given to the creators of the blog posts.
You can keep Steem money on its official wallet for cryptocurrency. For access, sign up for accounts on their website. Steemite is the first step. then click the appropriate tab. Mobile wallets are also available , called valuedwhich lets you manage tokens with your smartphone.
The social network’s policy is founded on working with authentic verified users, so at the moment of development only registered users can access social media platforms Facebook, Reddit (with a excellent name) along with Gmail. After approval, the user will receive seven network tokens to the account to allow him to work.
Buy and Course Steem
Since Steem is among the most backed cryptocurrency available It has been listed by a number of major exchanges which include:
- Houbi allows you to purchase Steem in USDT, BTC, or ETH;
- Binance Here, tokens can be traded as pairs using BTC or ETH.
- Bittrex offers Steem users only BTC.
The moment that Steem was introduced to the marketplace in the month of July, the price went up to $3.5, and then the crash and a slow recovery in positions. The highest price of Steem was observed in the beginning of 2018 when some sites sold Steem at $7.1 and the total market capitalization climbed by $1.3 billion. In the following months, in line with the general market trend, the coin quickly fell and, for a lengthy period, was unable to break the $1 threshold. At the time of writing Steem’s exchange rate of $1.7 and moves very unpredictable.
Cryptocurrency Development Prospects
Although there is an actual product, experts are observing a decrease in the interest for Steem from both users and investors. If this trend is continued, then the price of Steem will continue to fall and may drop below $1.
However, if the designers can decide on the security of the site and then take the necessary steps to promote the site and the project will be revived. Users are also frustrated with the complex interface of the network as well as some issues creating the algorithm to earn tokens to reward views and likes that require some clarification from the creators.