Steemit Crypto Academy Contest / S8W5 - "Let's Think About Steemit's Future".
Hello everyone; I'm happy to participate in the week's engagement challenge at steemit crypto academy.
We would explore STEEM and Steemit, blockchain-based social media. We will discuss its basics, current price, and strategies for attracting additional investors.
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WHAT IS STEEMIT AND HOW DOES IT WORK
Photo by Austin Distel on Unsplash
Steemit is a decentralized social media platform that rewards content makers and readers with digital currency for their commitments to the platform. The forum was created in 2016 and depended on the blockchain technology of the cryptocurrency called Steem.
This is the way Steemit works:
Content Creation: Users can make and publish content on Steemit, for example, blogging, articles, recordings, and pictures.
Content Curation: Users can likewise curate content by upvoting and remarking on posts they like. This assists with expanding the clarity and reach of the content created.
Rewards: Steemit rewards clients for their commitments to the platform with a digital currency called Steem. The greater engagement a creator receives (upvotes, comments, and shares), the more Steem they procure.
Voting Power: Clients likewise have voting power, which decides the heaviness of their upvotes. Voting power diminishes after some time and can be replenished by going without voting for some time.
Steem Power: Users can also change their Steem into Steem Power, which gives them more effectiveness on the platform and allows them to acquire more rewards.
WHAT IS STEEM COIN AND HOW DOES STEEMIT MAKE IT'S MONEY
Steem coin is cryptocurrency that capacitates steemit. steem is a digital currency purchased, sold, and exchanged on different crypto exchanges. Steem depends on blockchain technology, which considers decentralized transactions and record-keeping.
Photo by Maxim Hopman on Unsplash
Steemit generates and makes money through several channels:
Initial Coin Offering (ICO): When Steemit was first launched, it raised money through an ICO, where investors purchased Steem coins in return for other digital currencies like Bitcoin or Ethereum.
Transaction Fees: Steemit charges transaction fees for specific exercises on the platform, for example, moving Steem coins to another user or changing over Steem into another digital currency.
Promoting: Steemit likewise generates income through advertisement. Organizations and people can promote their items on the platform, and Steemit acquires income from these advertisements.
Sponsorships: Steemit has partnered with organizations and associations for sponsorships, which can generate income for the platform.
Cryptocurrency Trading: Steemit gets income through its cryptocurrency, Steem. Users can trade Steem on a different cryptocurrency exchange, and Steemit earns a percentage of each transaction.
CURRENT PRICE OF STEEM AT COINMARKET AND MY UNDERSTANDING OF WHAT I KNOW ABOUT THIS CURRENT PRICE AND THE SITUATION SURROUNDING IT.
The steem price as of the time of this contest is $0.1941 at coinmarketcap.
Image Source: Coinmarketcap
Factors that can impact STEEM's price include:
Competition: Other blockchain-based online social media or similar cryptocurrencies might take market share away from Steemit and STEEM.
Supply and Demand: The collection of STEEM is limited, with a circulating supply of roughly 430,230,818 coins. As demand for STEEM rises, the price can increase, as well as the other way around.
Image by Pete Linforth from Pixabay
Market Sentiment: The overall sentiment of the cryptocurrency market can likewise impact STEEM's cost, as investors might move their focus between various cryptocurrencies in light of market trends and news.
IS STEEM COIN GOOD FOR INVESTMENT? AS A CRYPTO ANALYST, WHAT CAN BE DONE FOR STEEM COIN TO REACH A MAXIMUM SUPPLY AND BECOMES TOP 100 CRYPTO CURRENCIES IN THE WORLD.
Like all cryptocurrencies, STEEM can be a high-risk investment because its instability and vulnerability encompassing its long-term adoption and use. Understanding the possible dangers and rewards before putting resources into STEEM or some other cryptocurrency is crucial.
Concerning reaching maximum supply and becoming a top 100 digital currency on the planet, there are a couple of things that might assist STEEM with accomplishing these objectives:
Image by Reto Scheiwiller from Pixabay
Platform Improvement: The development team behind Steemit could proceed to improve and grow the platform's features, making it easier to understand and enjoyable to a broader crowd.
Promoting and Awareness: Expanding awareness and advertising efforts around Steemit and STEEM could assist with drawing in new investors and new users to the platform.
Strategic Partnership: Steemit could consider forming alliances with different organizations or associations to expand its reach and utilization.
Community Support: The Steemit community could proceed to help and promote the platform and STEEM, which could assist with driving adoption and use.
HOW CAN WE DO TO SOLIDIFY STEEM OFFERING IN TERMS OF TECHNOLOGY AND OPERATING SYSTEM INORDER TO ATTRACT MORE INVESTOR
To solidify STEEM's technology and operating system offering, a couple of things should be done to draw in additional investors.
Continued Development: The Steemit development team could improve and update the platform's technology and operation, making it easier to understand, proficient, and secure. This could incorporate carrying out new features and functionality and addressing any bugs or technical issues.
Integration with Different Platforms: Steemit could integrate with other famous online social media or content creation platforms to expand its reach and user base. This could integrate with existing blogging platforms, video-sharing platforms, or other communities.
Partnership and Collaborations: Steemit could consider forming alliances with different organizations that align with its values and mission. This could assist with expanding mindfulness and reception of the stage.
Promoting and Awareness: Increasing marketing and awareness efforts around Steemit and STEEM could assist with drawing in additional users to the platform. This could incorporate designated publicizing, influencer partnerships, and community outreach.
Photo by fabio on Unsplash
CONCLUSION
We talked about STEEM and Steemit, the blockchain-based social media platform. We discussed the basics of STEEM, its current price, and strategies for solidifying its offering to draw more investors While introducing exciting opportunities.
I'm inviting @iamnimesh @alamir101 @simonnwigwe
Hi @donorsam,
Thanks for taking part in the contest. Your efforts are highly appreciated and commendable. But unfortunately, you are not eligible to take part in SteemitCryptoAcademy contests.
You are a newcomer on the platform and I must recommend you to complete your at least 4 achievement tasks and learn some basics of the platform before entering here.
Also, be active in other communities and you will be eligible to take part here after performing well in other communities. Thanks.
You give your best in this article and shared really a very good knowledge with us but it's very unfortunate to know that your entry is unvalid. Brother I suggest you to not get disappointed you to this because ups and down the part of life and you have to work very hard for achieving your goals and first you should complete your four achievement task in the new comes community and then you can openly write blogs in different communities.
You shared in a very good way that how this platform is working and what is STEEMIT? Moreover you also told us about the earning that how this platform earns and how the users of this platform earns. I don't think so that it's up tough task to earn at this platform because to earn at this platform is not something by which you can get bored but you have to just focus on your mind and create the content by utilising your energy your mind and then you can also get the curation rewards as you have also mention that we can get the curation rewards and earn money.
Thank you so much for sharing your knowledge with us!!
You shared a very good post. don’t be disappointed about the fact that you are not eligible to participate in the contest, it’s all part of experience.
Just keep working hard to reach the necessary requirements to participate in the contest.
Ánimos.
La próxima será mejor. Al menos tienes claro este tema, no te decepciones ni te desanimes.... Espero verte pronto con tus publicaciones.
Bienvenido y sigue adelante. 👍🏻
You did well man, but there are steps, procedure and rules to be followed for steem to be organized, hopefully you will be able achieve them all before you reach this stage.
Feel free to ask me anything 😉🙂 concerning this steps, thanks for attempting, expecting your comment on my post
https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-season-8-week-5-let-s-think-about-steemit-s-future
Dear friend
You try to explain topic very well. I guess with passage of time of course you will improve your knowledge and definitely as new comers you have strong potential snd ability to move ahead with hardwork.
I wiah you success next time