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Steem

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Description

What does Steem do?

Steem is a unique project that combines cryptocurrency with a social network, similar to Reddit in its democratic mechanisms. Users that generate traffic with their posts receive payment in STEEM (the native token of Steem). Users can also voice their approval of posts by voting to pay more STEEM to an individual’s post.

Steem also allows its users to create Smart Media Tokens, which are ERC-20 tokens intended to provide a model for content creators to earn income through cryptocurrency. Steem seeks to disrupt current models for generating web revenue (such as advertising and user tracking) and allow for a new economy based on interactions on the web.

What is STEEM used for?

STEEM is the primary Smart Media Token of Steem. STEEM tokens are used to generate revenue for content creators across different platforms, including Steemit.com. Tokens can also be used as a store of value and a means of exchange, similar to other cryptocurrencies such as Bitcoin.

STEEM tokens are used to buy Steem Power (SP), which is part of the Steem voting system. The more SP a user has, the more their vote is worth.

STEEM are also useful for staking, because Steem uses Proof-of-Stake (PoS) to reach consensus for the creation of new blocks. A certain number of tokens will be accumulated and held by miners for staking, which entitles miners to mining rewards.

How can STEEM value appreciate?

STEEM has considerable appreciation potential if more content creators adopt Steemit as a revenue stream. If developers adopt Steem as a platform for creating more Smart Media Tokens, the value of the entire platform will increase, increasing STEEM’s price, as well.

Because the Steemit platform gives its users an opportunity to generate income through posts, it has attracted a large number of people that post low quality content, hoping to earn money. This has given the platform a reputation for being “spammy.” If the platform is successful in only rewarding quality content and can improve its reputation, adoption will grow and STEEM will be more valuable.

What is the difference between Steem and its competitors?

Steem has seen broad adoption of its main social media platform, and offers easy integration on other platforms as well as easy token creation. Steem competes with Tron in many ways, as both platforms seek to provide revenue to content creators.

The difference between Steem and Tron, however, is that Steem has a social media platform, Steemit, directly attached to its cryptocurrency. This makes earning revenue from advertising and data mining simple and convenient.

  • Mainnet Launch: March 2016
  • Open Source: Yes
  • Consensus Type: DPoS
  • Technology: Blockchain
  • Total Coin Supply: 272,161,145
Reward
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REWARD
REWARD
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Risk
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RISK
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Our opinion

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Idea
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Innovativeness

Is the project solving a new problem?

Feasibility

Is the project’s solution realistic?

Clarity

Does the project’s message make sense?

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Team
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Core Members

How experienced and skilled are the team members?

Commitment

Are any key members involved in other projects?

Advisory Board

Is the project advised by anyone notable?

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Awareness
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Attention

Is the project on the public’s radar?

Hype

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Community

Is the project supported by a large number of crypto enthusiasts?

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Coin Utility
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Usefulness

Is the project’s native currency needed for key features?

Versatility

Does the native currency have a number of different uses?

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Our opinion

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Description

What does Steem do?

Steem is a unique project that combines cryptocurrency with a social network, similar to Reddit in its democratic mechanisms. Users that generate traffic with their posts receive payment in STEEM (the native token of Steem). Users can also voice their approval of posts by voting to pay more STEEM to an individual’s post.

Steem also allows its users to create Smart Media Tokens, which are ERC-20 tokens intended to provide a model for content creators to earn income through cryptocurrency. Steem seeks to disrupt current models for generating web revenue (such as advertising and user tracking) and allow for a new economy based on interactions on the web.

What is STEEM used for?

STEEM is the primary Smart Media Token of Steem. STEEM tokens are used to generate revenue for content creators across different platforms, including Steemit.com. Tokens can also be used as a store of value and a means of exchange, similar to other cryptocurrencies such as Bitcoin.

STEEM tokens are used to buy Steem Power (SP), which is part of the Steem voting system. The more SP a user has, the more their vote is worth.

STEEM are also useful for staking, because Steem uses Proof-of-Stake (PoS) to reach consensus for the creation of new blocks. A certain number of tokens will be accumulated and held by miners for staking, which entitles miners to mining rewards.

How can STEEM value appreciate?

STEEM has considerable appreciation potential if more content creators adopt Steemit as a revenue stream. If developers adopt Steem as a platform for creating more Smart Media Tokens, the value of the entire platform will increase, increasing STEEM’s price, as well.

Because the Steemit platform gives its users an opportunity to generate income through posts, it has attracted a large number of people that post low quality content, hoping to earn money. This has given the platform a reputation for being “spammy.” If the platform is successful in only rewarding quality content and can improve its reputation, adoption will grow and STEEM will be more valuable.

What is the difference between Steem and its competitors?

Steem has seen broad adoption of its main social media platform, and offers easy integration on other platforms as well as easy token creation. Steem competes with Tron in many ways, as both platforms seek to provide revenue to content creators.

The difference between Steem and Tron, however, is that Steem has a social media platform, Steemit, directly attached to its cryptocurrency. This makes earning revenue from advertising and data mining simple and convenient.

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