Steemit Crypto Academy Contest / S8W5 - "Let's Think About Steemit's Future".
Hello everyone, welcome to my blog.
It is indeed a pleasure to be among the participants of this week's crypto academy engagement contest which is aimed at discussing the present and future of Steem as well as the decentralized social media platform, steemit.
Here, I will be sharing my view on steemit platform as well as the Steem blockchain and its native token, steem.
WHAT IS STEEMIT AND HOW DOES IT WORK
Steemit is a decentralized social media platform built on the Steem blockchain with the aim of rewarding content creators who engage on the platform and publish quality contents.
The steemit platform which works by proof of brain mechanism is being widely adopted because of its decentralized nature and its ability to not just allow users to interact but also reward them with cryptocurrencies such as Steem, SBD, and TRX.
Because of the above listed benefits in addition to the fact that the steemit platform has been proven to serve as an idle place for learning and teaching, the platform has become my most used social media platform.
Unlike other social media platforms creating an account on steemit is quite easy and straightforward as if only requires a user's active email and phone number. This email and phone number is necessary in other to confirm that the user is real and not a bot.
A small fee is required in creating new accounts but this fee is fully covered by steemit thus making sign up totally free for users.
- Steem coin
The Steem coin is the native token of the Steem blockchain which helps in powering various decentralized platforms built on the Steem blockchain of which steemit is a good example.
The Steem coin is used in rewarding content creators on steemit thus enticing them to be more active and eager to share more quality content and interact with other users of the platform. This is because the steemit platform works on a proof of brain consensus algorithm thus making it only possible for users to earn steem based on the level of their content quality.
- How steemit makes it's money
One of the ways through which steemit makes its money is through transaction fees. This is because the platform also has a wallet which allow users to send and recieve steem coin within and outside the platform and fees are deducted from time to time during transactions.
There is also a decentralized market place on steemit which allow users to buy, sell and convert steem along side SBD of which they pay minor fees during those transactions.
Also, steemit makes money through staking rewards. Staking occurs when liquid steem is converted to steem power (SP) on the Steemit platform through a process known as power up. This staked steem helps in improving the security of the platform by allowing owners of the staked steem to act as independent nodes. This also gives them more influence and voting power on the platform of which they in turn earn incentives with regards to their stake amount.
Further earnings are made through delegations. Delegation is a term common on steemit and it occurs when users with little steem power desire to operate as nodes but can't do that efficiently because of their little influence as a result their small steem power. This users thereby decides to delegate their steem power to someone with much higher influence thereby making them operate as dependent nodes. The ones with higher influence now earn even more steem reward as a result of their now more increased steem power while the delegators earn delegation reward from those they have delegated to.
As at the time of this post, the price of Steem at coinmarketcap is $0.1982 and it is currently ranked 299.
Just like everyother cryptocurrency, steem is volatile which is seen by its high and low of $0.1913 and $0.1986 respectively in the last 24hrs.
- My understanding of this current price and situations surrounding it
This current price of Steem its not really encouraging and it has been majorly influenced by cryptocurrency market FUD. This FUD which stands for "FEAR UNCERTAINTY AND DOUBT" has majorly affected Bitcoin which has a cryptocurrency market dominance of about 40% thus making it drive down in value other cryptocurrencies including Steem which is why the Steem value is as low as it is now.
The FUD itself has been as a result of series of negative news release and occurances such as the collapse of Terra Luna, Chinese ban on Bitcoin mining and other U.S SEC release.
Personally, I believe that steem investment is a good one especially now its value is low as a result of FUD on cryptocurrencies. Also, it's total supply is not so big which makes it easier for it to attain scarcity which will in turn increase its value.
In other to help steem adoption, more awareness needs to be created especially through steemit which is a unique decentralized social media platform. Creating steemit awareness will eventually lead to more users joining steemit thus increasing steem adoption.
Also, popular exchanges such a Binance should be made to add steem coin to its futures option. This will lead to more steem awareness as millions of people trade Binance futures and will get to become familiar with steem coin as they are with other coins available on Binance futures. This will also increase steem trading volume as some of this traders will develop interest in trading steem.
I believe the above are some of the ways to get steem on the list of top 100 cryptocurrency on coinmarketcap.
Note: The above is not a financial advice as the cryptocurrency market is volatile thus require indept research and caution by anyone who chooses to invest in it.
Certainly, solidifying steem offering will help in the mass adoption of Steem which will lead to an increase in value. This solidification can be achieved through several means which includes;
- improved scsla
Enhancing the security of steemit will help to boost the confidence of its users and thus attract more investors to thd steemit platform. This security enhancement can be achieved through additional security measures such as two factor authentication and facial recognition during sign up.
- Improved scalability
An improvement in scalability will also help in the wide adoption of Steem. In the Steem community is aspiring for wide range of investors, there should certainly be working towards improving scalability in other to accommodate multiple transaction on the blockchain more efficiently.
- User experience
User experience should be friendly as it will help to keep old investors and also attract new investors to steemit platform. This is a vital part of every social media as people tend to abandon social platform with much more complex interphase for simpler ones.
- Development of new features
Steemit should also work on developing new features. As a blockchain based social media platform, it should add new features which will allow the interaction of Steem blockchain with other blockchains such as Ethereum, Polkadot, Solana, etc. This will help in the easy swap of these other cryptocurrencies to steem without having to go through centralized means.
The steemit platform which is a decentralized social media built on the Steem blockchain is aimed at adding value to content creation without involving a third-party.
This reward mostly come as steem coin which is a very high potential cryptocurrency currently trading on various popular exchanges such as Binance, Houbi pro, kucoin, etc.
Personally, I would choose to invest in steem coin but as we all know, the cryptocurrency market is quite uncertain therefore I urge everyone to carry out their own research before investing.
Thanks and best regards.
I will like to invite @josepha, @simonnwigwe, and @albenis to join in this contest.
Greetings to your friend first of all!!
I am very happy that you answered all the questions in a very detailed manner and you are right about this platform that it not only provide us a source to interact with the society but also provide the very good opportunity to learn and to and in the form of cryptocurrency like STEEM,TRX and SBD. You are also right about the earning of this platform itself when we power up then it is known as the stacking and our steam power is basically present in just like a pool of the platform and I have said about in my article that this steem power is very useful for us also because it and and from curation and also it is beneficial for the platform itself.
It's very good that along with the life price of this coin you also told us the rank of this point and it is 299 but I am very hopeful that within few months or within sometime we'll be succeed to reach this coin from the top 100 cryptocurrencies but for this purpose we have to struggle hard and we have to focus on something as you have also give us the some strategies by which we can achieve this target.
I also like your thinking about the investment of steem but again this is my point of view that the person who wants to invest research about it first and then he move towards the advice of a perfect Crypto analyst. Overall I like your participation and thank you so much for participating in this engagement challenge of season 8 and week 5 and I wish you a lot of blessings along with success in your life and as well as in this engagement challenge.
Thanks for stopping by to read my post and for your nice comment.
My pleasure
Thank you, friend!
I'm @steem.history, who is steem witness.
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(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
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Your post has been supported by @josepha from team 2 of the Community Curation Program, at 50%. We invite you to continue sharing quality content on the platform, and continue to enjoy support, and also a likely spot in our weekly top 7.
Voting date:
Thank you
Saludos amigo.
Son muy interesantes tus puntos de vista, acerca de este tema referente al futuro de Steem; pues nos ofreces unas variedades de perspectivas donde podemos darnos cuenta lo que está pasando y la realidad que vivimos actualmente, y más o menos tener una idea hacia dónde se dirige el futuro de la plataforma.
Muchísimas gracias por compartir con nosotros este tema que en verdad nos ilustra un poco más en Cuál es el futuro que nos espera en Steemit?
Feliz día
Thanks for taking your time to go through my post.
Steemit is a great platform that Influence the lives of thousands people across the globe. I wish you success.
Yes, steemit steemit has influenced the lives of so many people in several ways. I’m a good example of someone that has been influenced by steemit.
You did actually well on your post, indeed I can see how much love and trust you have for steemit, if you continue it this rate you would probably become a steemcurator01 😆🤣🤣😜.
Back to where were, you are an awesome, derivated author and to be sincere I admire such skills from you and would ask you to keep it up.
This is another reason I love steemit, steemit uses the proof of brain technique to help reward users, that means you will only get rewarded if you work hard and smart.
Thanks for your awesome knowledge shared
Steemit is an awesome platform that reward it’s users when they uses their brain to produce very good and quality contents and steemit also gives its users the opportunity to acquire knowledge about so many things.
Thanks for your valuable comment.
Hi dear greetings
You have a good knowledge of crypto and you explain the topic briefly. It would be helpful for new commers and gave us chance to learn well.
You described well about steemit and it based on decentralized blockchain system, which is more good than other platforms.
Well you described why should invest in steem coin as its advantages in coming days.
You gave us idea how we can improve investment plan by adopting different strategies such as user experience and
Development of new features.
Best of luck
Thanks for your valuable comment. Steemit is a very interesting platform which better than other social media platform and the steem coin is a very good coin to invest in.
My pleasure yeah you are right
Incorrect...
cc @kouba01
Thanks for the correction