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.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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