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Is the Hype About Steem (STEEM) Justified?

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Steem

In this rapidly growing digital world, social media platforms have become an indispensable part of our quotidian life. Social networking channels like Facebook, Twitter, Reddit, and Instagram are widely gaining popularity for myriads of functions. Apart from enabling users to connect with remote acquaintances, the social networking channels also serve as a powerful platform for sharing news and content. Although social media can be regarded as a dynamic space, it is not entirely free from exploitations and instances of consumer exploitations by social media multinationals are rampant across the globe. On the onset of such social media abuses, Steem (STEEM) has devised a potent networking platform that rewards its users.

The Steemit networking platform is a dynamic project, which operates as both a social network channel and blockchain; a platform for discussions and a reward system. Acknowledged for its radical approaches, this Steemit network has sparked widespread confusion. Here’s all you need to know about the hype about Steem (STEEM), a cryptocurrency regulating the Steemit network.

Steem (STEEM): The Social Media Game Changer

Operational from 2016, the Steemit networking platform allows users to create and curate content, just like any other content sharing network like Reddit. Although this blockchain is relatively a new addition to the crypto space, it has seen a flourishing growth in the user base. Nourished by a healthy follower base, this rising blockchain is powered by more than one virtual currency. Aside from Steem (STEEM), there are two other alternatives available to the users, Steem Dollars (SBD) and Steem Power (SP), to the users. Interestingly enough, Steem is not a regular digital currency and acts as a gateway between Steemit, the platform, and Steem Dollar, the virtual token powering the blockchain.

Just like Ethereum’s ERC20 tokens, Steem leverages Smart Media Tokens, but as opposed to Ethereum, Steem uses “Proof-of-Brain” protocols along with a reward system that has been specially developed the content business. Conveniently enough, the Steem (STEEM) token can be easily converted to Bitcoin and Ethereum for executing trades.

Steem and the Monetisation of Content

Steem has been conceived as a medium of distributing Smart Media Tokens or SMTs to millions of users, driving more participants to join the network. The users are rewarded with SMTs for publishing content on the social network, wherein they can earn revenue for socializing on the Steemit network. All participants, including content writers, editors, as well as curators, can add value while earning money. The monetization of content, which has been a domain of Google, that deploys AdSense for preservation, has a new entrant in the form of Steem. The users get to share their wins with the platform but the earnings are received in the token form, so users need to translate them into fiat currencies to make use of the funds in the real life.

Recent Developments on the Steem Blockchain

Investors who are attuned to the news must be aware of Steem’s sudden rise. With the majority of cryptocurrencies trading in the red, Steem’s upsurge took the community by surprise. The currency, which was invisible for a long time, has seen a steady rise in the price. As per the recent update posted by Steemit blog, the token experienced a threefold increase in trading volume, which coincides with a 30% hike in the prices.

Going by some of the developments that have taken place on the Steemit blockchain in the past few weeks, it’s not hard to figure out what sparked the interest of the investors.  The new update, Equality Version 0.19.3, along with other significant events like Steem’s listing on Huobi and Hadax, has influenced its response to the market, improving its market reach by and by. In addition to this, Steem has also invigorated fresh interest due to upcoming Hivemind protocol, which will boost community functionality on the Steemit network.

 Steem’s Market Reach

This year has been a big year for lesser-known altcoins, which have gained momentum from the price slump. Among the most promising coins in the market, mention must be made of Steem, which has made a smashing comeback in April. The cryptocurrency, which witnessed a steady 30% gain, has managed to persevere. As per the latest updates, Steem’s (STEEM) total cryptocurrency reaches $998,394,058. Steem, which traded up 1.88% on May 2, has a trading volume of $12,783,100. Trading at $3.93, Steem has slipped 0.69% from its earlier position. Overall, its performance has been consistent in the market, showing signs of further growth. Now that the network has monetized content sharing, Steemit blockchain is all set to embrace new changes. Looking at its accomplishments, it is not hard to imagine it as a powerful contender competing with the likes of Facebook and Reddit.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of bixentro via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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