Every now and then a new blockchain digital currency platform comes into being that genuinely breaks the “sameness barrier.” One such digital token is Steem (STEEM). But what is STEEM?
The developers of this platform have applied the development of their platform to social media, creating a fully-incentivized social network that is powered underneath by a blockchain protocol. STEEM is the underlying value-store for the social platform called Steemit, a platform that allows users to upload and mix and mash content as they do on regular sites like Reddit, Facebook and Twitter. The difference here is that unlike most traditional social media platforms, users of Steemit are rewarded for the content and level of work that they put in.
The whole system, as mentioned before, is powered by the STEEM. blockchain. This is manifest in a one fundamental unit of measuring value; within that framework are derivative units of receiving and giving value. The two derivative units currently on the platform are Steem dollars and Steem power. These two units encourage users to divest themselves of Steem cryptocurrency, opting instead for converting their holdings into either Steem dollars or Steem power. Additionally, accumulated tokens can be converted into Bitcoin (BTC), giving users another medium through which they can extract any value built up on the platform.
STEEM. also has a scalable model that sees supply of the digital tokens increasing by 100% each year. This provides the basis for scalable growth in line with the community framework that developers have used to bring Steemit into being.
Of the two derivative units of value, Steem power offers the greatest flexibility for participating in the Steemit community and for making an impact. Users are able to use their Steem power to vote content up or down. Additionally, users can power down their capacity in this unit by converting their Steem power to another unit.
Since launching in 2016, STEEM. has grown steadily as a platform. It has attracted more than 70,000 users, a decent figure for a platform that is barely two years old. The underlying empowerment of Steem users is being seen as a clever way of growing the network. Currently users can upload articles, vote on articles and generally curate content. For that users can earn Steem dollars and Steem power.
STEEM’s real advantage for both users and developers is its built-in proof-of-brain capabilities. Unlike its rival digital tokens like Ethereum’s ERC-20, STEEM. is able to provide the scalability needed by digital content businesses. This is a huge advantage in terms of giving the currency the ability to continuously attract viable web assets. The online basis for such a platform means that the platform can tap into a much broader pool than other digital tokens that have based their future on a non-eco-systemic means of growth. STEEM’s smart media tokens have created in the space, a truly global and scalable alternative to what is out there.
Traders and investors looking to invest in STEEM will find an ample platform and exchange distribution profile. The digital token has seen a fairly stable profile over the last month or so. Around the March 14 STEEM hit a high of $2.65, only dropping to a low of $1.52 on March 18. Since then it has kept its head above those lows, rising to a high of $2.27 on April 3. This spike wasn’t quite like the big jump to $2.65 in March, but it was sufficient proof that investors have cemented their belief in the token and what they believe it can do over the course of a longer-term trading time horizon.