Steem and Steemit: Review, History, Rates and Perspectives 557

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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Multifunctional Platform or Overvalued Project: Review of Bitshares 279

bitshares crypto

The project, which will be discussed today, is a truly universal solution, since it is simultaneously:

  • innovative software;
  • a payment network with a large bandwidth;
  • a decentralized stock exchange;
  • a banking institution;
  • cryptocurrency;
  • a community;
  • a decentralized and reliable database.

The developers of this coin took all the best from the original blockbuster Bitcoin and made a number of changes, which, in their opinion, the first cryptocurrency lacked. So, let’s begin our acquaintance with the Bitshares cryptocurrency.

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  1. History of the project
  2. Technical information about the coin
  3. How to mine Bitshares?
  4. What are the Bitshares coins necessary for?
  5. Conclusion

1. History of the project

Basically, this project is the fruit of the labors of two people. The idea of ​​the Bitshares coin came to Dan Larimer back in the 2013. He spent a huge amount of work and managed to lay the foundation for the future development of the project. But it still wasn’t the coin we know today: Charles Hoskinson (one of the leading developers of Ethereum) helped. This rather media tandem played an important role in the successful launch of the project.

In early June 2013, entrepreneur Larimer showed the world his offspring, and then the first large investor appeared. After a short period of time, a full-scale presentation of the project took place in Atlanta.

The first product of the development team was BitShares (PTS) ProtoShares, for the creation of which the most advanced and innovative solutions in cryptography were used. After a short period of time, the project was renamed BitShares X, and many built-in services had already been integrated into it. The project was formed in the form, in which we now know it, as a result of the merger of several products into one in the fourth quarter of 2014.

2. Technical information about the coin

8 facts you need to know about the Bitshares cryptocurrency:

  1. It takes the 30th place in the global rating of CoinMarketCap;
  2. The capitalization of the coin is about 565 million dollars;
  3. The rate of Bitshares (at the end of July 2018) is about 21 cents;
  4. The network is built on the PoS algorithm;
  5. The claimed throughput is about 100 thousand transactions per second, although the current checks confirmed only 4 thousand / sec;
  6. Time of block generation takes from one and a half to three seconds;
  7. Remuneration is 1 BTS;
  8. The total issue of coins is 3.6 billion pieces.

3. How to mine Bitshares?

During the development of his new project, Larimer decided that the entire current mining concept could not withstand any criticism and needed reformation. In his opinion, the PoW algorithm can completely override the main feature of blockchain technology, namely decentralization. Since in countries with relatively cheap electricity potentially there can be large players who will be able to seize power over the network.

In addition, within the usual mining, the complexity of the network inevitably grows, which, over time, makes the process of mining coins unprofitable for the vast majority of miners who do not have large computing powers. A Bitshares coin can be obtained by anyone using an average home computer. You can also receive new BTS simply by storing coins on the official Bitshares Wallet.

4. What are the Bitshares coins necessary for?

This cryptocurrency can be used in various scenarios, but its main advantages are:

  • relatively low volatility, compared to other coins;
  • the existence of a unit of account;
  • the possibility of hedging, which can protect against losses.

5. Conclusion

The Bitshares project is a universal product, within which a variety of different services are integrated. The platform is already working for about four years and every year attracts more and more new users. The coin is included in the TOP-30 cryptocurrency projects, it can be considered as an investment asset. According to experienced traders, it is possible to allocate no more than 5% from the portfolio on BTS.

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ZenCash Coin Review: Is It the Best Anonymous Cryptocurrency? 292

The overwhelming majority of people believe that all cryptocurrencies are completely anonymous, but this is absolutely untrue. There are several projects on the market that really focus on anonymization. Such coins are not so many; the most popular of them are Dash and Monero. But today we will talk about the cryptocurrency, the developers of which assure that they were able to surpass absolutely everyone in the issue of the anonymity. Today, we will talk about the features, history and perspectives of the ZenCash coin.

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  1. A bit of the coin’s history
  2. Features of the ZenCash project
  3. Principles of distribution of awards in the network
  4. Conclusion

1. A bit of the coin’s history

This project is a “fork of fork.” Initially, part of the community broke away from the ZCash coin within the ZClassic fork, and already within the latter there was another fork that today showed our hero to the world.

The development team is 100% sure of its creation, so does not hesitate to call it the best anonymizer on the market. Their words are also confirmed by industry experts who rated the project higher than such giants as Monero and Dash.

The ZenCash project is still at the earliest stage of its development, as the network began its work only in the fourth quarter of 2017. But despite this, the coin already has quite a lot of weight in the industry, occupying the 91st place in the global rating of CoinMarketCap for the time of writing the article (July 2018). The market capitalization of the coin is about 110 million dollars at the moment.

Such a dynamic development of the project is not accidental. The fact is that at the very beginning, ZenCash coins were supported by well-known and influential people:

  • Naval Ravikant, an early investor of many successful projects such as Twitter, Uber, etc.;
  • Roger Ver, one of the first cryptocurrency adepts, the creator of the Bitcoin Cash coin;
  • Barry Silbert, the creator of SecondMarket.

The list of names mentioned above is far from complete. This fork was highly appreciated within the framework of the crypto community, but many investors simply preferred to take advantage of the main feature of ZenCash and remain incognito.

2. Features of the ZenCash project

An important part of the ZenCash source code is an embedded data encryption algorithm that has zero knowledge. Due to the technology of Zero Knowledge Proofs, the network can provide total anonymity. Any data about the transaction in ZenCash is hidden from everyone except the participant who initiated the transfer.

Also, the ZenCash project has a number of tools that allow network members to not only make anonymous transactions, but also exchange messages and files:

  • Zen talk – allows you to attach small messages to transactions (up to 1024 characters);
  • Zen hide – allows you to circumvent increased censorship in the relationship of buyers and sellers (relevant for countries with poorly developed democracies);
  • Zen Pub – also allows you to anonymously attach and post various documents of IPPS and GNU Net formats.

3. Principles of distribution of awards in the network

ZenCash works on the PoW protocol, so the mining of this coin absolutely does not differ from the production of the bitcoin, for example. But the reward for the found block is distributed here according to a little peculiar scenario:

  • the most part, namely, 88% are received by the miners;
  • the operators of security nodes take away 3.5%;
  • 5% are used for further investments in DAO;
  • 3.5% go to the project team wallets.

4. Conclusion

The ZenCash project is still too young, even by industry standards, but the team managed to achieve some success even in this short time. The online rate of ZEN/USD at the time of writing is $25.56.

This cryptocurrency is focused on providing absolute anonymity. As assured by many industry experts, ZenCash has a very good technological base, which allows investors to hope for a decent profitability. But it should be remembered that for the full-scale implementation of this technology, the team still needs to do a lot of work, so it is not worth hoping for “fast X”. This applies to the vast majority of promising projects, since it is physically impossible to grow into a multibillion-dollar company in a few months, this requires years of painstaking work.

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Vitalik Buterin and Pavel Durov Entered the Rating of the Most Influential Young Entrepreneurs According to Fortune 317

crypto ranking

The famous American business magazine Fortune published a list of 40 Under 40, which gathered the most influential young people in business under the age of 40 years.

The founder of Ethereum Vitalik Buterin holds an honorable 22th line, American R&B- and pop singer Rihanna is ranked next to him, and the CEO of the well-known online cash platform Coinbase, Brian Armstrong.

Exactly one year ago, Buterin and Armstrong shared the 10th place in the list.

The publication noted that there are still rumours about Google trying to hire Buterin. He was supposed to help the corporation develop blockbuster projects, but he refused.

This year, the founder of Telegram Pavel Durov appeared on the Fortune list for the first time and took the 25th line. We would like to remind you that from January to March this year,  about 200 investors invested in ICO Telegram in the total amount of 1.7 billion dollars.

First place 40 Under 40 was shared by the head of Facebook Inc. Mark Zuckerberg and CEO of the social network Instagram Kevin Systrom.

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Cryptocurrency Prices for the 20th of July: the Cryptocurrency is Showing Growth 319

crypto price

According to the online platform Coin360, Bitcoin (BTC) has added 1.48% over the past 24 hours. The price at the time of writing is $7463 per coin.

Unlike BTC, most of cryptocurrencies in the rating are in the red zone:

crypto kurs

Bitcoin Cash lost 2.72% over the day and is worth $797;

Ripple decreased by 4.82% and is $0.45 at cost;

EOS minus 2.68% and its price is $8.31;

Litecoin lost 2.10% and is worth $85;

Cardano dropped by 2.60% and $0.17 at cost;

Dash added 5.72% – its value is $279 per coin;

Ethereum has lost 2.72% in the last 24 hours. Its price is $465.

The total market capitalization is $284 billion. Bitcoin accounts for 45% of the total volume. In monetary terms, this is $128 billion.

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So There Should Be Bitcoin: Review of Decred 588

cryptocurrency decred

A large number of projects have tried to challenge the cryptocurrency flagship, in attempts to shift the bitcoin from the honorable first place, but this has not yet been done to anyone for 10 years. There is no secret that the BTC has a number of shortcomings which its competitors are trying to solve. In the framework of this article, we will talk about another contender for the “cryptocurrency throne”, which has a number of interesting features and contradictions. So, what is a Decred (DCR) coin?

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  1. A bit of the coin’s history
  2. Basic information and advantages of the Decred project
  3. Disadvantages of the coin
  4. Conclusion

1. A bit of the coin’s history

Decred is a rather unusual altcoin. Firstly, no initial placement of coins was made for its creation, all funds were provided by the development team. And secondly, the so-called company 0, which has a direct bearing on the initial promotion of bitcoin, has put its hand to its creation. These two facts strongly highlight this project against the background of the other altcoins.

The announcement of the Decred coin took place in 2016, but its road map was kept secret from the public until the first quarter of 2017. To attract participants, the development team decided to distribute the first 5,000 tokens free of charge. Company 0 went from the opposite, they did not ask for money from investors, but rather handed them out. It is worth noting that this plan worked perfectly, and the already good excitement around this project went up with a new force.

2. Basic information about the project

Creating a new coin, the development team took all the best that was in the original blockchain of bitcoin, and also made a number of improvements:

  1. The combination of the PoS and PoW protocols, which in tandem are able to solve one of the biggest problems that Bitcoin is facing, it is decentralization. The fact is that every year the first coin increasingly depends on a narrow circle of the largest miners, the total capacity of which can soon exceed 50%.
  2. Ability to scale blocks.
  3. The low complexity of the network, which allows you to mine a coin without having a huge amount of processing power.
  4. The PoS protocol solves another very important problem, namely the hybrid system of consensus, which allows all participants to vote equally for certain innovations.

3. Disadvantages of Decred

From the information mentioned above, we can conclude that the coin is an excellent tool for investment, but like any other cryptocurrency, Decred has its shortcomings, which we cannot fail to mention:

  • Firstly, the coin has not quite a cohesive community, but a similar picture can be seen within almost any cryptocurrency;
  • Secondly, a large number of skeptics are sure that Decred is a blank that was artificially inflated and in the near future nothing except memories will remain of it.

But, for the sake of justice, it is worth noticing that such statements are not supported by any adequate arguments, so they can be considered a healthy criticism with great reserve.

4. Conclusion

Speaking of Decred cryptocurrency, we can say that the project has everything necessary to take its place in the industry. The development team makes every effort to keep up with its RoadMap. The coin is only 2 years old, but it already enters the TOP-30 in the global ranking of Coinmarketcap.

The symbiosis of the PoW and PoS protocols is not unique in the market, but in this case it can bring good results, since such an approach can solve a large number of problems and take the coin to a new level. We will not guess, but we promise to closely monitor the development of events and inform you in a timely manner.

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Did the Winklevoss Brothers Buy the Approval of Gemini Exchange? 581

Winklevoss Brothers

The cryptocurrency experts have recently noticed an interesting coincidence between the fact that the Winklevoss brothers sponsored the political campaign of a government official and the approval that was received by their cryptocurrency exchange Gemini immediately afterwards. Or is it not a coincidence?

As the New York Post reports, Cameron and Tyler Winklevoss have both recently sent $50k each in support of the campaign of Andrew Cuomo, an American politician.

This happened in late April. About 3 weeks later, the digital currency exchange Gemini got an official permission from the administration of New York to conduct cryptocurrency trading operations.

Moreover, after another month passed the brothers sent another $15k checks each to Cuomo, even though they have never supported this politician prior to April. Nobody can deny the fact that the situation is pretty strange.

Despite all the suspicions, the members of Cuomo’s campaign claim that the Winklevoss twins just see Andrew Cuomo as an effective politician with good potential.

According to the representative of Cuomo:

No contribution of any size influences any government action.”

We remind you that this spring the twins Winklewoss have launched Gemini Block Trading for large transactions.

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