Price info: https://coinmarketcap.com/currencies/steem/
This is a popularity token on the social media platform Steemit. It is traded, albeit in low volumes. It's vulnerabilities come from no external sources of value flowing into the Steemit platform, thus the Steem coin is banking on presence to make it an effective trade with other cryptocurrency offerings. Its largest vulnerability comes from the non-earned method of acquiring the token. It requires that one be popular on the Steemit network in order to get 'up-voted' such that more Steem is sent your way based on the internal popularity algorithm.
Steemit CEO Ned Scott recently updated the community, reflecting on 2017 and looking forward to what will happen in 2018.
For 2017, Scott noted the 1,000%-plus growth in the user base and the 5,000%-plus price rise from the 2017 low. There’s also now over a dozen third-party applications built on top of the Steem blockchain. Its focus in 2018 is blockchain scalability, Steem Communities, effortless onboarding, and Smart Media Tokens.
In March 2018, Facebook announced that about 87 million users had their information collected by a third-party. The privacy scandal rocked the company, and Facebook faced a backlash as users deleted their accounts.
The story highlights the downside of large, centralized social media sites. They collect your data and store it in a central location, making it a honeypot for hackers. And they profit greatly from your information, without you getting a cut.
There are many companies trying to solve this problem, but the leader is Steemit, the decentralized, blockchain-based social network. It’s the most active and used blockchain in the world.
Right now, Steem processes, on average, 1.8 million transactions per day.
That’s nearly triple its closest competitor.
What’s unique about Steemit is that you get paid for your posts in Steem cryptocurrency. You can also get paid for curating other people’s posts.
People are catching on to the story. When we first recommended Steem in November 2016, it was just shy of 100,000 users. Today, it’s closing in on 1 million.
And the ecosystem is rapidly growing. There’s a number of apps that work on the Steemit blockchain that provide services other than blogging.
For example, there’s DTube, a YouTube alternative; DMania, a service where you can get paid for creating memes; DLive, for live streaming; and Zappl, a Twitter alternative.
Looking forward, one of the big projects for Steemit in 2018 is Smart Media Tokens.
Smart Media Tokens allow anyone, even with no coding knowledge, to launch their own token for just $1. They can do it without having to use steemit.com or the Steem cryptocurrency (except to buy in).
That means any content platform will now have the ability to monetize user-generated content with Smart Media Tokens.
The first Smart Media Token is being issued by a company called APPICS.
The best way to describe APPICS is it is like a decentralized Instagram.
The app is expected to launch in the third quarter of 2018.
With the current Facebook privacy scandal highlighting the dangers of centralized databases, the public is starting to catch on to social media alternatives.
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