Steem – Incentivized Publishing Platform & Community
Steem (STEEM) is a cryptocurrency released in 2016 and its primary goal is to be “a blockchain-based rewards platform for publishers to monetize content” and grow their community. Over $40 million has been paid out to content creators since the inception of Steem. The platform is the first publicly accessible database to provide blockchain secured document storage with a built-in incentive program.
Since content created with the Steem platform is stored on a decentralized blockchain, it can never be edited, censored, or deleted no matter how controversial it is. This is a major advantage over centralized content storage like Facebook, Reddit, Twitter, Google, etc. where the people in charge of the platform can censor content at will. Decentralized and cryptographically secure content publication software like Steem has the potential to greatly advance scientific and social advancement since ideas are never deleted.
Unfortunately, in our centralized world, good ideas are often deleted and stolen by those who feel threatened that they will lose money due to a new and better idea. However, the Steem platform aims to not let that happen. Moreover, it is easy for developers to build applications on this platform, which integrate the Steem protocol, and any internet content producing site can connect to this platform and start earning cryptocurrency.
Earn Money Simply By Commenting and Curating
75% of coins are distributed to content creators, curators, and commenters/voters. There is a site called steemit where there is lots of different content being posted, and people earn cryptocurrency for producing new content and commenting. They receive cryptocurrency based on how many votes they get, and only people who hold STEEM can vote. The more someone holds, the higher (usually) their reputation score is. It is actually quite possible to earn a living entirely from posting on steemit, so if you are a cryptocurrency enthusiast, you should look into it.
10% of coins are distributed to those who help maintain and secure the network via the delegated proof-of-stake (DPoS) algorithm, and participants receive freshly mined coins as an incentive. The block/confirmation time for this platform is 3 seconds, thus facilitating extremely fast transactions. This is magnitudes faster than Bitcoin, making it a better choice for cryptocurrency traders who are trying to profit off market fluctuations and arbitrage opportunities between exchanges. This platform is also one of the only crypto networks to have no fees.
A Truly Unique, First of Its Kind Platform
Each Steem coin is currently worth $2.70 and with 254 million coins in circulation, this yields a market cap of $686 million. This is the 30th highest market cap out of the thousands of different cryptocurrencies, and combined with daily trading volume around $10 million, this suggests Steemit is popular, widely used, and important to know about if you are a crypto watcher, investor or trader.
Considering the unique and essential capabilities of Steem, as being the first platform which stores data on a cryptographically secure blockchain that offers monetary incentive to produce content, it is likely that the value of STEEM will rise in the long term. Therefore, keeping some of it in your crypto portfolio is probably a good idea.
This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.