Steemit is the main platform which is all about social media. Steemit is developed on Steem blockchain with the idea behind to have a platform which is data-driven and flexible for end-users, especially for blogging. It has 3 currencies
- Steem (STEEM)
- Steem power (SP)
- Steem Dollars (SBD)
STEEM is the main currency which is used to get SP and then to power up SBD. Whereas SP is the internal token which is not tradeable but only to be rewarded for participating on Steemit platform.
A list of successful experts is attached to this network including:
Steemit has a large number of users within two years of time. It is getting most popular among users who are bloggers and passion to write. Anyone who writes a piece of content gets the reward as much as the people like that particular piece of content. So, more your words spread magic, the more you earn. The platform has a voting possibility for other users where your posted content can get upvoted and downvotes depending upon how worthy it is. Whereas vote of those users who have more coins on this platform can influence that content.
- Team of successful blockchain experts
- More than 500k users are already engaged
- Circulate its own currency while exchanging with two other crypto tokens including Steem dollar
- User-friendly for non-technical users
- Users make their own governance rules
- Slow development and lesser features
- Rich on the network is the boss over those who don’t own that much money
- Price fluctuation is dramatic, today up and tomorrow down in well
- Old fashioned UI/UX
The Official paper released in June has explained Steem in detail along with major risk and dilutions. Each of. Three currency is described how to use and gain. Another interesting point is voting abuse; which they have expressed with a story of the crab bucket.
Steemit is itself a real-life example of reward and earn. Anyone who is willing to earn for his talent can register and post their content; as much people will like his/her work he will get awarded accordingly. Rewards are in the form of STEEM which later can be used to power-up SP and then buy Steem dollars.
Every blockchain project uses a specific consensus which brings the whole community on a single page to be recognized universally. According to whitepaper in Steem consensus block are produced in rounds, each round consists of 21 witnesses to create blocks. Out of 21; 20 witnesses are selected by voting. Whereas the one (21st) is time-shared by each witness. This process is to let everyone participate in voting only if he or she is popular to do so.
One of the most challenging things to use any blockchain is a fee (even a small amount). Users mostly avoid those platforms where they need to invest money with the risk of losing it value. But on Steem elimination of transaction is a big plus. Like every platform has its own plus and negative point so it has as well.
The most common concern of any user related security was discussing by Steem as well. In 2016 Steem was affected by a cyber-attack which ultimately affected about 260 accounts and loss of $85k worth Steem. After this incident; they addressed the issue as criminal activity an started an investigation through cybercrime authorities. But like always only a few cases are resolved in history. Since then Steem has improved its security but trust is not yet fully regained.
Tips for security to keep you Steem account secure:
- Instead of account password Use POSTING PRIVATE KEY to login
- User ACTIVE PRIVATE KEY especially for funds transfer
- Keep your master password saved at somewhere else
There is no official list of investors ever published, which gives an idea that most of the investors are end users who are publishing content on the website and getting rewarded. As the coins are never sold out neither those can be bought. So, work and earn is the key to be an investor on Steemit.
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