STEEM cryptocurrency is an internal payment instrument of the Steem blockchain platform, which is a kind of social network. Within this platform, users will be able not only to communicate with each other, but also to conduct financial transactions using the digital coin Steem. At the same time, the level of earnings of crypto network participants will directly depend on the quality of the generated information content.
STEEMUSD chart courtesy of TradingView
Taking into account the specifics of this project, as well as its capabilities, it will be necessary to familiarize yourself with how to mine STEEM on Nvidia and whether it is possible to mine this coin using the Steem mining pool.
STEEMUSD chart courtesy of TradingView
A little history
The parent platform of the STEEM token, called Steemit, is a social network based on blockchain technology, which allows participants on this platform to earn income through generating content. Payment of rewards to users is carried out by the crypto network in the format of the Steam crypto coin. Users can publish various informational posts on their personal pages, as well as upload media materials. For such actions, Steem coins will be credited to user accounts. At the same time, the number of coins awarded directly depends on the quality of publications, which is determined based on the level of interest in this information on the part of other participants in the crypto network, who simultaneously act as content consumers.
The digital coin Steem appeared in 2020. Ned Scott and Daniel Larimer mainly worked on its creation. Larimer at one time was directly involved in the creation of another popular crypto project, Bitshares, which was included in the TOP 50 largest crypto platforms by capitalization level.
As for the Steem project specifically, its capitalization has reached $150 million, which is a good result for such a young crypto coin.
If you believe the promises of the project’s authors, then in the near future we should expect the introduction of new functions aimed at increasing security indicators and the speed of financial transactions between users. In addition, there is a possibility of introducing the possibility of mining coins through cryptocurrency pools, which will increase the efficiency of crypto mining of this asset.
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The currency and platform were in Beta until July 4, 2020.
Unlike other cryptocurrencies, Steem has built-in inflation of 100% per annum and a limit.
The platform itself (Steemit) has grown significantly since its release and currently has over 70,000 users, however, the number of active users is significantly lower.
You can earn Steem dollars and Steem power on Steemit by publishing and voting on articles.
Features and Specifications
Taking a closer look at the Steem platform, one cannot ignore the main features inherent in this project. Despite the positioning of the site as a social network, Steam still has a number of fundamental differences from traditional social networks.
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The features of the Steem platform and its internal cryptocoin include:
- full-fledged decentralization of the structure of the cryptonetwork, ensured by the software basis of the site, working on blockchain technical solutions. The cryptonetwork is not controlled in any way by external management levers. Thus, the Steem crypto network lacks a single central control center. This factor is the main distinguishing feature of this project from traditional social networks;
- the final profit is distributed among the users involved in generating the content, and not among the project management. As a rule, most social networks do not pay the work of users who are authors of information and media content. At the same time, social networks receive enormous profits thanks to users and their activity. Unlike other similar projects, the Steem crypto network pays its participants for activity and content generation;
- high level of remuneration for activity and work activity. Users of the Steem crypto network receive a higher level of income compared to users of other sites. Profit is made by generating media content and information posts. At the same time, almost all of the financial income received is paid to users. Other social networks, if they pay remuneration to their authors, do so only to a minimal extent;
- the final amount of remuneration depends not on the quantity of published materials, but on their quality. The amount of funds paid directly demonstrates the quality of the content created. The cryptonetwork calculates the amount of reward based on the number of views of the post, as well as the likes given to it. Therefore, the user is directly interested in creating high-quality media content and publishing informative as well as useful text posts;
- fast payment of funds. Other social networks are reluctant to pay their content creators. In addition, the process of transferring funds is quite complex and lengthy. Users are also forced to pay a significant commission. If we are talking about the Steem crypto network, then its participants receive payments to their personal accounts within 24 hours. At the same time, the commission size is minimal.
Steem
Steemit is a new social media platform on the Steem blockchain where the community rewards individuals for their posts, comments and votes. It was founded by Ned Scott (CEO) along with Daniel Larimer (CTO of Steemit and founder of Bitshares).
Rate as of 08/14/2020
- Rate:
0.228871 USD - Symbol:
STEEM - Rating (CMC):
111
Algorithm
Algorithm: SHA-256
Steemit.com has its own listed cryptocurrency token called Steem, which performs well on bittrex.com, a US-based exchange, and openledger.info, a blockchain-based exchange. With Steemit.com, posts, comments and votes are immutable. Attribution is a given. Accreditation is not carried out without reasoning. And community recognition is a real reward.
- Earn Steem every time you post content that is rated by others.
- Earn Steem by being the first to vote for popular content.
- Steem rewards long-term commitment!
- SteemDollars rewards bring you stability.
Collectively, user-generated content generates billions of dollars in value for the founders of social networks like Reddit, Facebook and Twitter. Steem supports social networks and online communities by returning a significant portion of its value to the people who contribute to its development by rewarding them with virtual currency.
Certain cryptocurrency platforms force users to give something away in order to reward others for their contributions. With Steem, rewarding others is as easy as upvoting a post on Reddit or sharing an 'about' on a post on Facebook.
Payouts are made on the blockchain, 50% in Steem Power for voting, and 50% in Steem Dollars. The blockchain distributes rewards, similar to how Bitcoin pays miners, approximately 24 hours after content and votes are posted.
Steem comes from the word “esteem”, which means “to honor” or “to appreciate”. Steem also has the same sound as the word “steam”, which is often associated with energy, and going even further, the principle of steam trains has provoked the appearance in English of such idioms as “pick up steam” (“pick up steam”) "). Associations with recognition, language, and empowerment only become stronger.
Who can “gain momentum”?
- Entrepreneurs. Take advantage of using Steem dollars in parts of the world that need stability.
- Content creators. Be recognized for the quality of your work by the people you target.
- Readers. Read new posts identifying the best content to earn Steem Power and Steem Dollars.
- Traders. Earn on the spread by helping to make the market between Steem and Steem dollars on a decentralized blockchain-based exchange.
- Social media. Integrate with Steem to provide your users with the opportunity to earn money from their posts and their time on your site.
Advantages
When familiarizing yourself with the main advantages of the Steam platform, analysts advise paying attention to the following advantages of this crypto project:
- experienced and strong team of programmers behind the creation of the site. the project was developed by people who have extensive experience in creating similar blockchain projects. For example, one of the creators of Steem is Daniel Larimer, who at one time took part in the creation and launch of the Bitshares project;
- promising site concept. The Steemit project has the status of the most popular and sought-after social network based on blockchain technologies. At the same time, this social network is still unable to provide serious competition to platforms such as Facebook or Reddit. True, in the future the situation may change dramatically;
- the ability to mine cryptocurrencies without using special ASIC equipment. This opportunity is appreciated by miners who do not have the financial means to purchase expensive specialized ASIC equipment;
- the ability to create unique digital tokens based on SMT. This concept echoes the idea of using the ERC-20 protocol to create new cryptocoins. The fact that such a function exists opens up new opportunities for cryptocurrency creators.
In general, the prospects for the Steem cryptocurrency in 2020 will depend on the listed advantages, as well as on the effectiveness of conveying information to potential users about the functionality of the platform, as well as ways to earn money.
Who can use Steem?
Cryptocurrency is designed for the average person. Everyone can take part in this. You can only receive rewards for developing online communities. In the future, they will have an even larger audience, which will develop the platform and allow it to be effectively monetized.
Steem processes a huge number of actions every second. Rewards for actions come automatically and instantly. Some payments can be made within 24 hours (directly depends on the popularity of the content).
Flaws
The Steem project also has some disadvantages:
- Steem tokens have no value outside of the mother platform. In addition, users note the fact that this coin is not backed by anything, which could lead in the future to a sharp collapse in the token’s exchange rate quotes. As a result, this has a negative impact on investor activity in relation to investing in this digital asset;
- not the most thoughtful scheme of miners, which limits the potential of the coin in terms of expanding the user audience interested in mining this crypt;
- a strange algorithm for evaluating content generated by site users. It is necessary to understand that even high-quality content may turn out to be useless in the opinion of the cryptosystem only due to the presence of negative reviews and negative ratings. Due to the specific nature of the Internet audience, which is ready to criticize absolutely anything, the prospect of monetizing useful content becomes vague;
- The project development team consists of some notorious figures in the crypto market, known for their fickleness. in the end, everything may end with the closure of the site by its developers when the first problems arise;
- Despite the fact that this platform has no direct competitors operating on the basis of blockchain, we still cannot forget about classic social networks that have multi-million user audiences and offer various alternative methods of content monetization.
STEEM Outlook for 2020
So far, the future prospects of the STEEM cryptocurrency are assessed negatively by the expert community, which is explained by a drop in interest in this platform from both users and investors. It is especially surprising that such a situation has arisen given the availability of a finished product at the site.
As a result, the cost of one STEEM coin may fall to below $1. True, if the site’s authors manage to eliminate the shortcomings and also obtain the necessary financial instruments to conduct a full-fledged advertising campaign, the situation with the future of the project will change dramatically.
In addition, it should be noted that users complain about the ill-conceived interface of the site and the strange algorithm for assessing the usefulness of content, which directly affects the level of income of content makers, who are actually the basis of this social network.
STEEM course:
| 1 STEEM = | 0.80050000 AED |
| 1 STEEM = | 0.00000000 AFN |
| 1 STEEM = | 23.0600000 ALL |
| 1 STEEM = | 90.2900000 AMD |
| 1 STEEM = | 176.120000 AOA |
| 1 STEEM = | 0.31690000 AUD |
| 1 STEEM = | 0.00000000 AZN |
| 1 STEEM = | 0.20930000 BAM |
| 1 STEEM = | 0.00000000 BBD |
| 1 STEEM = | 21.3800000 BDT |
| 1 STEEM = | 0.54080000 BGN |
| 1 STEEM = | 0.05409000 BHD |
| 1 STEEM = | 1.62900000 BOB |
| 1 STEEM = | 1.22300000 BRL |
| 1 STEEM = | 0.00000000 BSD |
| 1 STEEM = | 0.00001931 BTC |
| 1 STEEM = | 0.00000000 BTN |
| 1 STEEM = | 6.87200000 BTS |
| 1 STEEM = | 0.69450000 BYN |
| 1 STEEM = | 0.30040000 CAD |
| 1 STEEM = | 0.20650000 CHF |
| 1 STEEM = | 1.54400000 CNY |
| 1 STEEM = | 809.330000 COP |
| 1 STEEM = | 141.390000 CRC |
| 1 STEEM = | 4.98200000 CZK |
| 1 STEEM = | 0.00247300 DASH |
| 1 STEEM = | 1.89200000 DKK |
| 1 STEEM = | 64.3700000 DOGE |
| 1 STEEM = | 13.9300000 DOP |
| 1 STEEM = | 5.12300000 DZD |
| 1 STEEM = | 113.590000 EAC |
| 1 STEEM = | 3.83500000 EGP |
| 1 STEEM = | 4.32000000 EMC |
| 1 STEEM = | 5.52200000 ETB |
| 1 STEEM = | 0.00053740 ETH |
| 1 STEEM = | 0.19140000 EUR |
| 1 STEEM = | 0.12890000 FCT |
| 1 STEEM = | 21.7000000 FTC |
| 1 STEEM = | 0.17300000 GBP |
| 1 STEEM = | 0.70620000 GEL |
| 1 STEEM = | 0.04349000 GGP |
| 1 STEEM = | 0.00568600 GIP |
| 1 STEEM = | 2.07900000 GTQ |
| 1 STEEM = | 1.77600000 HKD |
| 1 STEEM = | 5.79300000 HNL |
| 1 STEEM = | 1.47300000 HRK |
| 1 STEEM = | 73.0700000 HUF |
| 1 STEEM = | 3377.32000 IDR |
| 1 STEEM = | 0.78300000 ILS |
| 1 STEEM = | 17.2000000 INR |
| 1 STEEM = | 211.930000 IQD |
| 1 STEEM = | 47460.0300 IRR |
| 1 STEEM = | 29.6800000 ISK |
| 1 STEEM = | 41.0400000 JMD |
| 1 STEEM = | 0.16810000 JOD |
| 1 STEEM = | 24.1800000 JPY |
| 1 STEEM = | 24.3200000 KES |
| 1 STEEM = | 12.2500000 KGS |
| 1 STEEM = | 790.210000 KHR |
| 1 STEEM = | 266.000000 KRW |
| 1 STEEM = | 92.6400000 KZT |
| 1 STEEM = | 334.830000 LBP |
| 1 STEEM = | 45.5600000 LKR |
| 1 STEEM = | 0.00401700 LTC |
| 1 STEEM = | 2.19600000 MAD |
| 1 STEEM = | 3.13700000 MDL |
| 1 STEEM = | 0.00000000 MGA |
| 1 STEEM = | 259.190000 MMK |
| 1 STEEM = | 0.00000000 MVR |
| 1 STEEM = | 231.710000 MWK |
| 1 STEEM = | 5.00900000 MXN |
| 1 STEEM = | 0.94710000 MYR |
| 1 STEEM = | 0.00000000 MZN |
| 1 STEEM = | 5.02100000 NAD |
| 1 STEEM = | 105.620000 NGN |
| 1 STEEM = | 0.22090000 NMC |
| 1 STEEM = | 2.27700000 NOK |
| 1 STEEM = | 30.5100000 NPR |
| 1 STEEM = | 0.99380000 NVC |
| 1 STEEM = | 17.2400000 NXT |
| 1 STEEM = | 0.35260000 NZD |
| 1 STEEM = | 0.09419000 OMR |
| 1 STEEM = | 0.22000000 PAB |
| 1 STEEM = | 0.80930000 PEN |
| 1 STEEM = | 1.30900000 PGK |
| 1 STEEM = | 13.3000000 PHP |
| 1 STEEM = | 38.6600000 PKR |
| 1 STEEM = | 0.84690000 PLN |
| 1 STEEM = | 0.74330000 PPC |
| 1 STEEM = | 1575.62000 PYG |
| 1 STEEM = | 0.77720000 QAR |
| 1 STEEM = | 0.81280000 RON |
| 1 STEEM = | 24.8000000 RSD |
| 1 STEEM = | 16.3500000 RUB |
| 1 STEEM = | 0.91820000 SAR |
| 1 STEEM = | 1.92200000 SEK |
| 1 STEEM = | 0.31150000 SGD |
| 1 STEEM = | 0.00000000 STR |
| 1 STEEM = | 0.00000000 SVC |
| 1 STEEM = | 4.62600000 SZL |
| 1 STEEM = | 6.96400000 THB |
| 1 STEEM = | 0.43800000 TND |
| 1 STEEM = | 127.880000 TOP |
| 1 STEEM = | 1.66100000 TRY |
| 1 STEEM = | 1.98400000 TTD |
| 1 STEEM = | 7.75400000 TWD |
| 1 STEEM = | 505.990000 TZS |
| 1 STEEM = | 6.17900000 UAH |
| 1 STEEM = | 832.650000 UGX |
| 1 STEEM = | 0.22610000 USD |
| 1 STEEM = | 9.75900000 UYU |
| 1 STEEM = | 2737.16000 UZS |
| 1 STEEM = | 905639.3000 VEF |
| 1 STEEM = | 3244.08000 VND |
| 1 STEEM = | 0.78500000 VTC |
| 1 STEEM = | 24.5700000 VUV |
| 1 STEEM = | 0.00000000 WST |
| 1 STEEM = | 138.540000 XAF |
| 1 STEEM = | 0.00249300 XMR |
| 1 STEEM = | 94.6200000 XOF |
| 1 STEEM = | 2.82700000 XPM |
| 1 STEEM = | 0.76930000 XRP |
| 1 STEEM = | 4.12000000 ZAR |
| 1 STEEM = | 4.45000000 ZMW |
Is it worth buying Steem now?
Expert forecasts for 2020 for STEEM indicate the presence of a number of prerequisites for the growth of exchange rate quotes for the coin. At the same time, one cannot reject the possibility of continued stagnation of the token rate or its collapse, just as the instability of the crypto market and the unclear policy of the Steam authors can lead to the collapse of the project.
Due to these features of the STEEM token, it can only be considered as a tool for long-term investment. However, we must not forget that in order to increase the chances of making a profit or at least to minimize possible financial losses, you will have to study the specifics of the site’s operation, as well as identify factors that have a direct impact on its operation and exchange rate fluctuations.
Recommendations for buying cryptocurrency
In addition to the traditional ways of obtaining crypto through mining or generating media content, STEEM tokens can be obtained by purchasing them through cryptocurrency exchanges. While due to the low popularity of the coin, crypto exchange platforms cannot offer services for the direct exchange of fiat money or other crypto coins for STEEM tokens. For this reason, you will first need to exchange fiat into Bitcoin or Ethereum, after which the option of converting Bitcoin or Ethereum into Steam will be available.
