Steemit

Advantages and Disadvantages of Steemit (STEEM)

advantages
Steemit has some advantages over other social networks, including how it can fight censorship, reward users, and reach an audience outside the cryptocurrency world.

Since Steemit is based on an immutable blockchain, it is very difficult for any central authority to censor people's content. Users who find themselves banned or blocked on other social networks without knowing it may find this attractive.

As mentioned, users can be rewarded for participating in the Steemit economy. Creating posts, commenting and voting on posts earns users small amounts of STEEM dollars, which can then be exchanged for other currencies such as bitcoin.

Obviously, most (if not all) Steemit users are familiar with cryptocurrencies. Plus, the content people create on Steemit is wide and varied. There are popular posts about things like current events, art, poetry, photography, cooking, finance, memes and more, creating a platform for a wider audience.

Drawbacks
Steemit also has its downsides. Some of them include how their reward system works and the fact that Steemit was taken over by a stranger in 2020.

Some have criticized Steemit for the way the reward system works. Since those with the most STEEM power have the most influence over which posts become popular, these STEEM "whales" (crypto slang for users with large cryptocurrency holdings) gain popularity from (and pay for) the network's content. can have an adverse effect. the user). ,

Meanwhile, newcomers may have to spend a lot of time on the platform before making a significant impact or earning real rewards, unless they're friends with whales who can pump their stuff quickly.

In 2020, Steemit was taken over by Justin Sun, the creator of Tron (TRX). Sun was able to purchase large quantities of STEEM tokens, which he was then able to use to control the network thanks to the Delegated Proof-of-Stake (DPoS) consensus mechanism. This allowed them to put their witnesses (users who voted for changes to the network) into leadership positions.

Some Steemit users who disagreed with this acquisition created a hard fork of the Steemit network called Hive (HIVE).