Steem (STEEM)
Steem (STEEM) price, charts, market capitalization, history. Check Steem live and history price in charts and tables, do analysis with special STEEM tools below. Steemit is a social news platform with its cryptocurrencies STEEM and Steem Dollars fueling its operations. The idea was envisaged in a white paper that was first published back in March 2016. According to the Steemit approach, their system is similar to viral content social media platforms like Reddit and Twitter except for a major difference that it allows payment for unique content that gets the upvotes. The other users also participating in the new platform get some rewards as well. Steemit can be seen as a social media platform that focuses on posts getting viral. The more viral the posts become, the more money you get. This is a great way to encourage more and more people to join your network on the new social media platform. The social media platform instead of being based on big hosted servers is based on the blockchain technology and maintained by distributed consensus based ledger. Due to this approach, only images can currently be uploaded to the Steemit network. Rest of the media file types and videos can only be embedded right now or pointed to other destinations.
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The Steemit platform was created by Ned Scott and Dan Larimer, who were both co-creators of Bitshares. They are experienced hands with years of working on the blockchain technologies. This exposure will certainly help them in the deployment of the first potentially successful decentralized social media network in the form of Steemit.
Decentralized social media networks are the based on blockchain and rely on consensus and absolute privacy. Now the problems with regular mainstream social media networks right now are as follows:
- They collect user data for ad campaigns
- They are often guilty of compromising data to other parties
- They host everything on huge servers and such that data constantly keeps moving around from one server to another and hence it is susceptible to theft
- They offer no monetary bonuses to the users themselves. You cannot earn money directly from facebook by making it more vial
Now all of these problems are real and Steemit is an approach to make things smarter and fairer. It may not have the great GUI of the Facebook or Twitter or the utility of Reddit but it is very much a work under progress and in the future when your data and the authenticity of knowledge will be real issues plaguing people every day, they are likely to turn to decentralized sociam media networks like Steemit.
There are three currencies that are used in the Steemit platform. They include Steem, Steem Power and Steem Dollars. Steem is the cryptocurrency that is publicly traded in cryptocurrency charts and it can be mined. Since it has no cap on the overall currency generations, it is a bad idea to invest in Steem for long-term. For long-term investment, you can look to Steem Power, another cryptocurrency that places a ban on trading for the next two years after the purchase. Steem Dollars on the other hand are directly associated with the US Dollars and are earned on the platform as rewards for discovering and sharing unique content. As your shared content viral and gets more upvotes, you get more Steem.
The future of Steemit is somewhat uncertain as the decentralized social media networks are still in their infancy. But, in the future, many predict that your privacy and security will become biggest personal concerns and that is when people will turn to the security offered by the blockchain based social media networks.
