Steemit Crypto Academy Contest Season 8 Week 5 - "Let's Think About Steemit's Future".

Hello 👋 friend,

Welcome to my blog today, today I would be writing about my concept and idea that might help steemit grow faster than other Blockchain, hope you enjoy it.

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What is Steemit And How Does It Work

To me Steemit is bea, my one and only love ❤️, steemit is one in a million Blockchain based platform that has changed a lot of things in our current generation and also in the technology world.

Formally Steemit is an online social media blogging platform that was built using web 3 features like Blockchain technology, cryptography, peer to peer networking etc.

Steemit is one of the first of it type that works with potentials and credibility, before i forget the platform also has an algorithm that permit genuine authors, content creator, investors and even curator get rewarded for their hardwork.

Steemit is owned by a US based company known as Steemi Inc, steemit is actually the best of it kind for so many reasons, do you know unlike other social media where you pay to register, steemit is totally free to create an account?

A little history of steemit.

Steemit was developed by Ned Scottand Daniel Larimer on the 4th of july 2016, this lovely platform is florishing despite all difficulties it faces, for example steemit was hacked some years ago but they lovely team refunded to lost steem to all affected users and the site was equipped with so many security tools to prevent any attack in the future.

This steemit team actually inspires me to never give up in what ever i do despite it outcome because better days are coming in no distance time, with patience and consistency the team overcame all shortcomings.

How do streemit work?

Steemit works like most Blockchain developed recently but it has a different consensus mechanism known as DPOS (Delegated Proof Of Stake), withness are elected to help verify a block which in return produces Steem rewards.

Whenever an author creates a content the content is been taking into a block, this block would then be verified and authenticated by the witness in duty and when it's successful verified, the block is sealed and added to the chain of older blocks. Each block has an unique id, used to track a block if the needs arise.

If this post is attractive and really important, it would attracted votes from larger investors and in return large rewards is gained, the bigger the investors the bigger your rewards., Every post is given a chance to remain active and collect rewards for 7 days, on the 7th day you are free to claim your reward in your internal wallet

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What Is STEEM Coin And How Does Steemit Make It's Money

Just like every Blockchain technology steemit has it own native coin and the coin is known as "Steem", this Steem was developed to help settle financial needs in the Blockchain. That's to say Steem is the medium of exchange on the steem Blockchain. When Steem is staked or frozen then its no longer called steem but steem Power, it remains steempower until you unstake or Powerdown your asset.

This Steem can be gotten through different medium, for example some people buy their steem from trusted crypto exchange, while some get theirs through peer to peer transaction but people like me and other steemians get ours as rewards for free whenever we create quality content on steem Blockchain .

How Does Steemit Make It's Money

So many people might want to know this because steemit don't do what most sites do to make money, steem doesn't run paid ads for companies, they registration fee is also very free, so therefore it's not from the registration of users. Unlike some sites Steem don't hold or sell it users data for any reason, so what do the steemit team do to generate more money.

After much research i found out some things steemit team might do to generate more money,

By Creating and Curation

Just like every steemian the steemit team gains for curating and creation important post on steemit, this is why i love the steemit team the lead by example. This shows there are very smart and the really have good leadership skills, compared to other Blockchain.

The steemcurators account generate a thousands of steem weekly for curating post on Steemit, isn't this amazing. The are really smart and very effective, this curation rewards would go a really long way, to make steemit a richer platform.

Also we have the steemblog account, this account is know for giving steemians updates about the latest updates on the steem Blockchain, also this account works as the mouth peice of steemit team.

When the price of the asset grows.

The biggest dream of a Blockchain technology is that their native asset goes bullish, so therefore whenever steem asset grows higher. steemit team is expected to make profit, whenever steem price rocks.

Also steem platform grows it's popularity so therefore much more investors are expected in the platform and much more amazing money fetching deals are expected.

####Steemit internal Market

Steemit also have their international market that permit users sell and buy steem at a convenient price, when more users use this, steemit team is expected to generate funds from the transaction fees gotten from the market.

When we invest or power up Steem.

Just like many financial institution, Steem can borrow those invested steem or steem power from investors wallet and perform very profitable business and the would return it as soon as the investors need them with the investors intrest.

For those that work in centralized bank would know that our cash are usually borrowed by the bank without our concert and they would return it with intrest without the invesor knowing. This is not actually bad, it's just been technical and smart.

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What Is The Current Price Of STEEM At Coinmarket. Explain Your Understanding Of what You know About This Current Price And The Situation Surrounding It.

The price of steem recently moved upward causing it to reach the $0.2137 which is equivalent to #99.39 naira, the Steem asset just had an increase by 3.38% and hopefully it would keep rising.

As an old steemian i would say that this is a low price for steem, but when compared to this year progress we would see it really means an improvement and the steemit team is working harder.

From my prediction it is expected to rise higher than it current price in the next 12 hours before it goes back to it lower price or it hit it's support line or on a lower probability it might break it resistance line and go higher (i hope it comes to past)

In the chat above i use the kdj indicator, to make a prediction but as you know it's not always perfect. In the chat "J" line moved upward and the width shows it's going to take some time for the three lines to meet, the meeting might be the begging of another bearish move.

The price of steem really fell so low and down and it made this change on steemit, the fall in price reduced the voting algorithm on Steem. I t also caused the stoppage of the printing of SBD on steemit. This is actually depressing but we all hope the price of steem stabilizes and thing goes better than they are now.

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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.

Yes steemit is a lovely coin to invest in, although i am a smaller investors I hope to stay for a long time because believe in steem, infact lately i have been talking with my friend Dybala who's a millionaire to invest in steem and hopefully he will very soon. More details in on my next diary post.

For steem to go higher in the ranking of crypto asset, i say there are so many factors to check and work on. I believe in no distance time steem would grow higher than it is now.

Burnsteem

Burning a crypto token has been known to help improve the price of the crypto token drastically, infact burning of Bitcoin is one of the reasons Bitcoin is the most expensive coins. Also i noticed the tron Blockchain has been burning so much asset to increase tron price.

Burning steem means removing a good amount of steem from the circulation by sending it to an eater account or burnner like @null on steemit, this would cause a reduce in supply of steem and increase the demand of steem then as a result it will increase the price of steem drastically. When investors see this they would be running to steemit to work with the platform, if this happens steem price and ranking would go upper than before.

Retaining old members:

To me this is where steemit is facing problem, they platform are loosing so many good content creators with influence and connection, it's one thing to have new investors and another thing to keep your authors

Although you might say new people are coming but to be sincere there are some people that can't be replaced on Steemit, what i would suggest is that there should be a program to activate old accounts on Steemit.

Also i would encourage the steemit team to try bring much more innovative programs that would keep people busy, infact if it's possible both minnow support, weekly crypto academy assignment, trading challenge, engagement should be continued. Also monthly awards should be given to top authors and curators this would improve the standard on interest of steemian

Promotion of steemit

Compared to before steem promotion has been slowing down, this shouldn't be. I remembered back then there used to be assigned steem promoters who make weekly reports on POD community.

This duty inspires them to work harder because they know the are expected to bring feedback by the end if the week, i hope they steemit team think this through. In summerry i want to plea the team to that they should back all this awesome innovation.

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How Can We Do To Solidify STEEM Offering In Terms Of Technology And Operating System Inorder To Attract More Investor

Steemit should create much more applications on steem Blockchain, this would attract a larger amount of people, probably something like an e-commerce, NFT, Gaming, video streeming and gambling site that uses steem as primary medium of exchange.This would increase the use of Steem coins

✅Steemit should also make deals and partnership with top and famous companies worldwide like Microsoft or Binance, this would help strengthen it popularity and trust with top investors. Steemit would be of great benefits uf they take this advice.

✅I would also advise steemit to update their sites to improve it's user interface and some lovely interface, this is the reason i love @rme and his new mission because he has this in mind. I hope the steemit team continue to support and motivate him.

✅Running charity and physical project.
The steemit team should also try to set up awesome physical project in strategic spot, i say strategic i mean spot where large investors could be attracted. I have seen so many projects come to light after performing some awesome charity activities in the world, also big investors like Elon musk and bill gates is have generated larger fame by constantly participating in global charity activities.

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In conclusion

Steemit is a lovely platform that has so much potential to top the ranks of crypto currencies and I believe with this zeal and consistency we will reach that spot. Thanks for going through, starrchris care's ❤️

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_{I am inviting @ikwal @lhorgic negro-bby @sir-charles-jude @drqamu}

Note: The above ideas are just from asumption and logical reasoning, as you know I don't work with the inner steemit team .