steem

Companies such as Facebook, Twitter, and Youtube provided a platform where users could share content with other users. In turn, platforms sell ad data for all interactions on their platforms and sell them to advertisers. No matter how hard you work on a given piece of content, you will see that you will not get much or no results from the value you set for your platforms.

 

According to Steem’s founders, this has to change. In their social media blockchain applications, you can generate income with cryptocurrencies in your content. Steem’s other groundbreaking idea is that the social media platforms have been entirely decentralized. No central authority censors content or memory or sells user data to targeted advertisers. Users decide how the platform should be used, what it looks like, and what content should be most important.

What is Steem coin
What is Steem coin

Steem’s central platform, Steemit, is a social media network built on Steem’s blockchain. Similar to today’s favorite content-focused social networking sites such as Steemit, Reddit, and Medium, but what’s different is that their entrants are awarded cryptocurrencies. Let’s take a look at how it works:

In fact, more valuable content brings more people, and individuals can earn more by creating and exhibiting that content. Users vote about the content. Positive votes earn more posts. The platform also allows the user to use negative votes to give more flexibility to the user. Steemit is a meritocracy where more money holders can vote with more influence.

How is Steem different from Bitcoin?

Steem coin review
Steem coin review

Steem and Bitcoin were designed with a specific function in mind. Bitcoin was created to serve as a digital currency between individuals. Steem is basically a social media platform. Many social media platforms use voting systems such as upvotes, sharing to prioritize content. STEEM incorporates a unique, block-chain-based platform that will pay for these concepts, the contributions of STEEM users to the network. Although STEEM and Bitcoin are both cryptographic currencies, the use of STEEM is specific to social networks.

Steem has 3 cryptocurrencies

There are three digital tokens that make up the Steemit ecosystem: STEEM, Steem Power (SP) and Steem Dollars.

Steem is the founder of the cryptocurrency of the Steemit network. With STEEM, many known exchanges, Bitcoins or other cryptographic currencies can be exchanged. However, in order to vote, you need to bring your STEEM to Steem Power (SP). This process is known as “reinforcement”. You can also convert STEEM to Steam Dollar.

Lumen Chart of Bittrex
Lumen Chart of Bittrex

Steem Power (SP). When you convert STEEM to SP, you are investing in network shares. A STEEM unit is taken as SP equals one vote. Those with the most SP have the greatest influence on what content will be on the hill. The plus and minus signs, or “flags,” from users with a large SP are more valuable than those with less SP. In addition, 90% of the new STEEM created goes to users with a large number of SPs. This creates an incentive to invest participants’ earnings in the network. The rate limits for converting SP to STEEM are known as “power reduction.”

The Steam Dollars are the same value as the US dollar, and the Steam Dollar is a unit used to define a short-term debt. Having the Steam Dollar described Steem’s technical report as a way to lend money as a US dollar counter to encourage collective growth.

Steem Block Chains

Steem block chains allow the new creations of social media platforms, and content creators are rewarded directly for what they have given. This enabled people to reward the content they created with the social media economy. Moreover, attendance such as liking, sharing and voting will also give users micro prizes. People can directly convey the small rewards of Steem money to the creator as an indication of appreciation.

Probably your first answer: why would users pay for content when they have the chance to access free content on almost any limitless amount on other platforms? Let’s take a look at Steemit’s first social media platform created in Steem’s blockchain. On Steemit, creators reward content that has received support from others for their content that has appreciated. On the other hand, people who give a content grade that is revealed by a large Steemit user group are rewarded. In addition, those who leave helpful comments are also rewarded. You are rewarded for creating valuable content and for being actively involved in the Steemit platform. Users are rewarded with Steem, Steam Power, and Steem Dollar.

Lumen Chart of Bittrex
Lumen Chart of Bittrex

Steem is trying to compete with the Steemit platform as well as other social media platforms. Steem created Photosteem as an opponent to Instagram. SteemQ is a video sharing platform that is part of Steem’s blockchain and tries to get YouTube’s share of the market. Both of these new platforms use the same model as Steemit. As Steem is a source of openness and announced that they will support new applications, there seems to be more Steem platform going in the future.

Steem team

Ned Scott and Daniel Larimer founded Steem. They were openly on social media to share their views and creations, and they were doing it in a very convincing way. Ned Scott, founder, and chairman of Steem, graduated in 2012 and decided to disrupt the current social media model after three years of food industry analysis. It seems to have bingo with a successful serial entrepreneur, Bitcoin adapter, software engineer and praise programmer, co-founder Daniel Larimer. Before establishing Steemit, Daniel founded Bitshares, a successful, decentralized stock exchange for all kinds of digital assets. Since Steem created the blockchain and started to work, he resigned in March 2017 and started working on his new project (Ethereum’s competitor EOS)

Their founders had the power to attract talented developers with their revolutionary ideas, and they had a strong development team of 5 people. But Steem has a unique gentle presence in his own community. The number of Steemit users increases day by day and plays a community with a strong sense of belonging. Community members are proposing or developing improvements every day for Steem and Steemit, and the Steemit community is rewarded with social status and Steem cryptocurrencies.

Why should we invest in Steem?

Contrary to over-elaboration, there are two main reasons:

The platform is quite useful for content sharing. It is important to take your site (linked to my site’s crypto) to Steem, which is also important for backlinks. (Helping with SEO)

Speculation on prices will increase in the future. When I compared the current social media model with the Steem model, I was confused. Facebook, Twitter, Reddit and all of them, in essence, use our content for free and sell it to advertisers; while Steem is kept with content creators.

What are the downside risks of Steem?

Downside risks include
There are about 171,000 users on the site, and Steem’s market value is over $ 224 million, which is more valuable than other user-based social media platforms.
Growth can slow down, stagnate or decline.
Automatic message bots can destroy it.
Other platforms such as Zappl may not be successful.
It can be difficult to pass people on to Steem from other social media platforms.
Codes may not be robust (no technical knowledge of this area) may be hacked or there may be other problems.

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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