There’s another digital currency, or cryptocurrency, on the markets. Now, we are going to give you an overview on this recently launched token, togeth
There’s another digital currency, or cryptocurrency, on the markets. Now, we are going to give you an overview on this recently launched token, together with some basic info.
The token’s name is Steem, and it can be mined as of now, but you should read more about it on the project’s official site at https://steem.io/
First of all, we have to tell you that Steem became the 3rd largest digital currency on the market as far as capitalization is concerned, and it recently surpassed the four hundred million dollars mark.
However, many economists and crypto enthusiasts have some concerns about it that we’ll also approach throughout this article.
Let’s give you an overview. In July, Steem increased over two thousand percent in capitalization, going from about eighteen million dollars to a whopping four hundred and twelve million dollars in only 14 days.
The way to mine steem is quite straightforward: you post content on social media platform “Steemit.” Your content is measured by popularity and upvotes, and you receive steem tokens appropriately.
The developers behind the currency state that this is a way to reward users for the content they curate share and create.
In a recent interview with CoinDesk, Joe Lee – CIO of Magnr – told the digital currency publication that Steem is like a mash-up of Quora and Reddit. Lee added that the social platform is the key to success here and that economics don’t matter as much as in other currencies.
Some experts have argued that Steem was probably better off using a third-party crypto instead of its own, but that is a choice best left to the platform’s developers.
Answering to some criticism, the platform’s founders emphasize that there are mechanisms set in place to provide an incentive for users to keep the currency, such as Steem Power.
Find more about this power by checking the official Steem website as it is ever changing and ever updating.
We hope to see another crypto grow the next year of 2017, and this is definitely an interesting concept to stay tuned on.