Steem / STEEM Cryptocurrency Review(s) - User Opinions & Investor Outlook
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USD

Steem

STEEM Price:

$0.131721
-2.08%
Market Cap
$46.62M
-2.06%
Volume
$781,255
-30.75%
Transp. Vol.
$506,41165%
-34.01%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply353,961,870
Max SupplyNone

Token Summary

Market Cap
$46.62M
-2.06%
Volume
$781,255
-30.75%
Transp. Vol.
$506,41165%-34.01%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply353,961,870
Max SupplyNone

Steem is a cryptocurrency token that fuels a blockchain-based decentralized social platform Steemit that helps people monetize the content they create. In addition, there also exist such units as Steem Dollars (SD, a stablecoin) and Steem Power (SP, a utility token) that serve as a means of payment on the platform Steemit for creating and curating new content. In order to earn cryptocurrency, users of the Steem-based social network create engaging content. Their readers upvote the articles that they like. The more a single piece of content is upvoted, the higher is the author’s reward. After a certain period of time, authors convert Steem into Steem dollars and simply withdraw them to their linked fiat accounts. The decentralized nature of the Steem platform helps authors to protect their copyright and make real money by simply posting their articles on the web. Such a model has become really popular and for several years in a row Steem continues holding top ranks at Blockctivity. info as one of the most active blockchains. Similar to Bitcoin, Steem is available for trading with the fluctuating value on different exchanges. The core difference lies in the consensus algorithm. Steem is based on the Delegated-Proof-of-Stake (DPoS) which was developed as an alternative means of securing the blockchain network and verifying transactions on it. DPoS is a technological way of implementing democratic principles based on the voting and election process. Is serves to protect the network from getting centralized and being used for malicious purposes. Active users vote for their delegates as they place the tokens they possess on the name of their candidate without losing the ownership rights. Those candidates who get more votes gain the right to produce new blocks and govern the network activities by verifying transactions. Such a system allows the Steem blockchain to verify transactions in a much faster way than the PoW (Proof-of-Work) solutions such as Bitcoin and Ethereum. Also, it makes it scalable and energy-efficient. Unlike Bitcoin, Steem is an inflationary asset with the inflation rate decreasing in time. It was initially launched with a relatively high inflationary supply model, but due to community demand, it was set to be only 9.5% decreasing by 0.01% every 250,000 blocks or approximately by 0.5% per year. The inflation is expected to decrease at the same pace until it reaches 0.95% which is expected to happen by the year 2036. 75% of the newly generated tokens go to the reward pool which is then split among authors and curators. 15% of Steem tokens are granted to holders of Steem Power and the remaining 10% are paid to the witnesses who power the blockchain. The Steem blockchain was invented, developed and released by Ned Scott, Steemit’s Executive Chairman, together with Dan Larrimer who has a few other successful blockchain projects behind his shoulders (Bitshares, EOS). The two co-founders met in January 2016 and released the Steem blockchain 2 months later. In September 2018, Steemit experienced a 9-hour downtime. The cause of the outage has never been identified and no funds have been lost. 2 months later, Steemit reportedly laid off 70% of its staff due to the bear market and the overall sad condition of the industry.

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