08/10/18 07:37 UTC-4

The difference between Steem and most other coins on the market

Steem as a platform for social projects
Steem as a platform for social projects

The virtual currency called Steem is part of the decentralized Steemit shell, which demonstrates a social network filled with unique content. Users of this network can earn on the material being laid, so the higher its quality, the more reward the right holder receives.


Work principles

Blockchain technology, aimed at addressing the issues of monetization of social content and the development of the information market, implemented In Steemit. Another advantage of the new platform will be the ability to extract Steem cryptocurrency, depending on the amount of content produced, comments and work with the functionality of the network.

Interesting in the section: Zilliqa and it's high throughput

In fact, Steemit is a new level in the promotion of Internet content for ordinary users who, unlike large media holdings, do not have enough funds to advertise their material. To date, most platforms can monetize your content by exclusively selling ads from existing online resources. According to the developers of Steemit, their child solves this problem, giving content creators an effective tool for implementing creative potential.

Over the past two years, the number of users who block advertising on their devices has significantly increased in the world, this in turn has reduced the interest in content from consumers. The exchange of information in the Steemit network helps the development of the platform and, as a result, increases the profit from the implementation of unique content.

Steemit can be considered as an ordinary company, issuing shares to raise capital and working capital. The created ecosystem works as a trading platform for unique content and largely depends on attracting new users.



In the use of Steemit, there are three different tokens: the basic Steem, the advanced Steem Power and the functional Steem Dollars, each of which is responsible for certain actions. So, Steem is open for purchases and sales on trading Internet sites, and Steem Power is somewhat similar to a long-term contract, under the condition that you can sell the token only 13 weeks after the purchase. From the name of the third currency you can guess that it is tied to the classic dollar and allows you to convert cryptocurrency into fiat money. Working in Steemit, users should understand that their investments are long-term and will only bring profit if the platform is widely distributed.

Many experts say that Steemit thought of as a competitor to the portal called Reddit, but, unlike the latter, widely uses block chains using Blockchain technology. The addresses of users receive feedback and reputation, so there are practically no "trolls" on the platform. Confirmation of operations in the Steemit network occurs on the principle of "evidence of participation", that is, consensus is achieved based on the uniqueness of the content. Generation of tokens is distributed in such a way that 75% of the authors receive content, 15% goes to the owners of Steem Power coins, and the remaining 10% goes to support the network.

Undoubtedly Steemit has the potential for growth, but as we said earlier, it will not happen in one day. In the first quarter of 2018, Steem's capitalization is about $ 900 million.

Interesting in the section: Advantages and disadvantages of Veritaseum


The Steem cryptocurrency is fundamentally different from most other coins on the market, because its value lies in creating information material, rather than confirming the usual currency exchange transactions. At the same time, Steem can be exchanged for any cryptocurrency, using online exchanges.

Editor: Yuliya Soroka

#Steem #SteemPower #SteemDollars #Steemit #cryptocurrency



04/04/19 03:30 UTC-4

What is USDC? Complete Starter Guide for USD Stablecoin

​Description and characteristics USD Coin (USDC) is a type of cryptocurrency that is called a stable coin. You can always buy back a coin of 1 US dollar for 1 US dollar, providing it with a stable price.

12/07/19 05:00 UTC-4

Financial geography: countries where cryptocurrency is banned

Although cryptocurrencies have become an innovative novelty of the modern financial sector, they are not accepted in all states. There is a list of countries where the possession of cryptocurrency assets is not only prohibited, but also criminally punishable.

25/06/19 10:16 UTC-4

With the CEX.IO app, Bitcoin is in your pocket

​In a very short period, many cryptocurrency applications have appeared, worth billions of dollars. Cryptocurrency trading is now entering the mainstream, and traders should check prices constantly and even on the go on their Android or iOS devices.

12/05/19 05:00 UTC-4

Buy Bitcoin in 2010: how much did those who invested in BTC earn a few years ago?

​Bitcoin is the first and most popular cryptocurrency in the world. The maximum price increase of digital gold was recorded in December 2017, when the cryptocurrency overcame a maximum of $ 20,000. However, many do not recall that at the beginning of their existence, BTC coins were worth less than one dollar.

31/01/19 07:56 UTC-4

Proof of Work (PoW) – consensus algorithm and mining-tool

Today, cryptocurrencies have become an integral financial instrument. Many countries use crypto-coins and blockchain to improve the financing system and other areas of life. One of the popular terms that often appears in conversations about cryptocurrency is Proof of Work or PoW.