Steem and Steemit: Review, History, Rates and Perspectives

steem cryptocurrency

Virtual currency market has a number of interesting coins, which means The Coin Shark will continue to talk about cryptocurrency projects that managed to attract attention of many users and are worth mentioning. Today we have – Steem, a reward blockchain platform and Steemit social network that enables its users to earn virtual coins.

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  1. What is Steem
  2. The ecosystem of Steem platform
  3. History of Steem cryptocurrency project
  4. How to make money on Steemit
  5. Steem cryptocurrency exchange rate
  6. Forecasts

1. What is Steem?

Steem is a blockchain platform for monetizing user content. Steemit, a social network focused on creating and sharing users content on various topics, operates on Steem blockchain. It is similar to the platforms you’ve definitely heard about – Medium and Reddit. However, the main difference between Steemit and its market mates is content monetization. In other words, each user receives a certain number of cryptocurrency for the publication of a certain material, depending on how this material is valued by the community. The more posts, likes, comments users make – the more coins users get. It is supposed to encourage users to make good quality, interesting and useful works, as nobody actually expects to recieve a lot of likes, if he or she simply rewrites a Wikipedia article. So, content authors and curators  receive daily rewards based on the community voting. According to the information on the official website of the project, Steem has already paid more than $40 million to its users, and there’re almost one million accounts in Steemit social network itself. One and a half million publications are made each month.

The main language of the platform is English, but you may also find articles written in other common languages, such as Russian, German or Spanish.

2. The ecosystem of Steem platform

There are several virtual currencies operating on Steem. They form a single ecosystem of the project. STEEM is a basic coin of tge Steemit social network. However, in order to be able to vote on the platform, users need to convert STEEM to Steem Power. The more Steem Power a user has, the more important is their vote for a content. Those users who have a lot of Steem Power receive more than 90% of new STEEM coins issued, which, in fact, encourages Steem community members to invest the assets back into the platform by converting their STEEM to Steem Power.

There is also a coin called Steem Dollar. Its rate is 1:1 equivalent to the US dollar. According to the Whitepaper of the project, Steem Dollar confirms the community’s debt obligation to a holder, so a holder, in fact, lends money to the project for its development. Steem Dollar is actually very similar to stocks.

3. History of Steem cryptocurrency project

The startup was created in New York in 2016 by Ned Scott and Daniel Larimer. Larimer is a well-known figure in the world of IT and virtual currencies. In 2014 he developed a cryptocurrency exchange platform called BitShares, in 2016 he co-founded Steemit, and later joined a sensational project EOS. In addition, he is also the developer of the Delegated Proof-of-Stake (DPoS) consensus algorithm.

4. How to make money on Steemit

Every user of Steemit social network can receive a reward in Steem coins. The main thing is to post interesting and useful content that other users will appreciate with sufficient number of likes and votes. As we have already said, not only posts, but also comments, as well as other activities are taken into account.

Users vote, thereby forming a rating of content and determining how much reward the author will receive.

Steem coins are traded on the major cryptocurrency exchanges, like Bittrex, HitBTC, Upbit, Poloniex, Huobi, Binance, OpenLedger, RuDEX and GOPAX, where users can exchange them for fiat money (US dollar and South Korean won), and for other virtual currencies, such as Bitcoin, Ethereum, Tether, etc.

5. Steem cryptocurrency exchange rate

Currently (June, 2018), one Steem costs around $ 1.67, and project’s market capitalization exceedes $ 400 million. That allowes Steem to be the world’s 33 cryptocurrency buy market cap.

The first time the rate increased significantly was in the summer of 2016, when Steem reached a price of almost 4.5 dollars. However, then the rate fell, and did not exceed one dollar for almost a year. Once it was even as low as 9 cents. In summer, 2017, Steem rate increased again, this time to $ 2, and by the end of the year, together with most of other cryptocurrencies, Steem managed to set its all-time record having reached 6, 6.5 and finally 7.2 dollars.

6. Forecasts

Steem is a fairly young project, and so far only Steemit social network functions on its platform. Considering the fact that Daniel Larimer stands behind its creation, one can assume that the project will continue to develop, improve its technical base and attract new users. However, on the other hand, Daniel is already engaged in other projects, in particular EOS. The popularity of Steem platform will be a very important point of the project’s development – whether third-party companies and developers will use Steem blockchain to launch their own social networks with monetization mechanisms, already applied in Steemit.

Steem provides very high transaction speed, better than Bitcoin or Ethereum and, what is also important, has no commission fees. The platform provides tools for launching and running blockchain business, in particular, users can issue their own digital currency. Steem’s special way to distribute cryptocurrency was called “Proof-of-Brain” consensus algorithm. In fact, users can earn virtual currency without any special IT-skills, any mining or trading involvement. Anyone who can create interesting and useful content can receive a reward.

However, Steem has its drawbacks. There are no technical restrictions for users who have the largest number of Steem Power (and, therefore, the most “important” votes), against voting for their own content, no matter how good or bad it may be. Steem has less than a million users, comparing, for example with Facebook, that has hundreds of millions. But it is probably too early to say what is going to happen with Steem in the long term and whether it manage to increase the number of users of Steemit social network and attract other developers to use Steem blockchain platform. First steps have already been made and appeared to be successfull, but it is still difficult to say what will happen in a few years or more.

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Binance Will Add Stablecoin USDC To Its Listing

Recently, one of the major crypto exchanges, Binance, has published a notice which says, Binance will open two new pairs for trading on November 17. Interestingly, those two pairs include a new-comer – USDC – stablecoin backed by Circle.

The trading pairs are USDC/BNB and USDC/BTC; the trading starts at 2018/11/17 03:00 AM (UTC). However, users are already able to deposit stablecoin in advance.

Moreover, Binance wrote there would be a “top-ranking auditing firm” to preserve the transparency of the stablecoin. Every month, the firm is bound to provide data of “the corresponding USDC and USD balances held/issued.

We want to remind you, such crypto exchanges as OKEx, Huobi, BitPay, Coinbase have already listed USDC stablecoin on their listings.

Dollar-Pegged Stablecoins Exceeded the Price Point of $1

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

One of the major USA banks has been approved the patent for a system of saving crypto assets. The application for the patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming at. The biggest part of major corporations serves their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of single corporate accounts that maintain the cryptocurrency storage.

At the same time, the clients will receive credit funds, the amount of which is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction, the system will provide customers with access to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.  

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Crypto Master Minds That Made It Into Forbes’s 30 Under 30

One of the most famous editions in the world, Forbes, came out with its annual rating of the most influential people under the age of 30 in different spheres of activity, including healthcare, music, art, retails and many others. This time the section of “finance” was replenished with a couple of blockchain and crypto personalities, namely:

1. JB Rubinovitz (26) is a crypto entrepreneur whose goal is to incorporate crypto mining as a way to provide bails for arrested people.

2. Olaoluwa Osuntokun (25) is one of the founders and a Chief Technical Officer of the company Lightning Labs. He raised $2.5 million to develop Bitcoin as a fully usable means of payment.

3. Hunter Horsley (28) is a CEO of the company Bitwise Asset Management. His firm specializes in creating crypto indexes.

4. Nader Al-Naji (26) and his company Intangible Labs are currently working on a concept of a cryptocurrency that could easily replace the usual banks.

We remind you:

Forbes Launches Its Own Version of the CoinMarketCap

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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The Real Estate Market Switches to Blockchain

The power of countries depends on the economy, which real estate market is a significant segment of. More than 50% of global finance belongs to it. An impressive share, isn’t it? This market segment is most adapted to reforms and crises.

However, this does not mean that it cannot be slightly improved by innovations, such as the blockchain. Technological upgrade will allow the real estate market, as well as the economy in particular, to move to a new stage of development.

While the real estate market is “collecting its belongings” and is preparing for a full-fledged move to the blockchain, a Japanese company has launched the sale of real estate for cryptocurrency. A couple of Bitcoins can buy you a paradise on an island somewhere in the Caribbean. The world of real estate is gradually becoming digital.

Definitely, the “relocation” of the housing market onto the blockchain will have a positive impact on its development. This promising combo will improve and facilitate the purchase of real estate as follows. It will allow to:

  • exclude intermediaries who charge a commission in the course of transactions;
  • reduce the time for the preparation of transactions and references;
  • reduce the risk of fraud;
  • simplify the process of checking property before selling:
  • customers can buy property at any time of the day;
  • opportunity to track the entire history of the transaction.

All this makes the purchase of real estate easier and safer, but not publicly available. The latter and the above mentioned benefits can be offered by Elements Estates.

The project provides an opportunity to buy housing not only to reserved players. Owing to blockchain technology the national boundaries are disappearing as assets can freely move from one country to another.

It is time to improve the global economy by reinforcing the real estate market with blockchain and cryptocurrency.

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