STEEM Overview?
Steem is a cryptocurrency for trade on exchanges and for use on the Steemit platform. It is a currency produced by the platform and distributed as rewards for the curation of content. The quantity a person receives is based on their Steem Power. You can find out more about the Steemit platform here.
Pros:
- The Steemit platform is going from strength to strength and is currently a top 1000 site.
- Steem is rewarded by using the platform. The more you are involved, the more Steem you earn.
- Steem is one of the most traded cryptocurrencies. Proving it's demand.
Cons:
- The amount of Steem tokens inflate by roughly 10% per year. This % decreases year-on-year. However it could gradually dilute Steem value depending on adoption.
- Steemit is an evolving platform and as it adapts the valuation of Steem changes. For good or bad.
Official Video:
Comparison:
- Reddit, if votes were monetized.
- BAT, Basic Attention Token used in the Brave browser.
- ONG, OnG.Social platform, incubated by IBM.
Competitors:
- OnG.Social, supported by IBM.
- Akasha, rewards Ethereum rather than it’s own token.
- Synereo, rewards based on views not votes.
2018 Market Outlook:
Value as of March 1st 2018 - $3.27
What is your target for STEEM by the end of 2018? Tell us in the comments.
Intelligentsia:
- Co-Founder, Ned Scott.
- Co-Founder, Dan Larimer, creator of BitShares and EOS.
Milestones:
- Before SteemIt officially launched the platform was hacked. Roughly $85,000 USD worth of Steem Dollars and Steem was taken.
- July 2016, Steemit, Inc officially launches Steemit.
- March 2017, Dan Larimer resigned as a head of technology.
- By January 2018 over $22m USD in Steem Dollars and Steem tokens had been rewarded.
- February 2018 co-founder Dan Larimer talks about his Steemit competitor that is run on EOS.
Roadmap:
- The Steem token roadmap is tied to Steemit.
- 2018 has an open roadmap where the company have requested that the users provide goals.
Supply:
- As of March 1st 2018 there are 250,763,989 STEEM in circulation.
- As of March 1st 2018 there are 267,738,083 STEEM totally available.
Function:
- Blockchains allow for the distribution of currency rewards.
- Via Steem those rewards can become fiat money or other cryptocurrencies.
- Steem is a token that allows people to cash-out of the platform fully or partially.
- Steem can also be used to buy power on the platform. Power makes your votes more favorable and rewards more likely.
Usage:
- The Steem cryptocurrency is currently used by Steemit.
- Steem is produced by Steemit.
- Steem is for trading or consumption within the Steemit platform.
Conclusion:
As a coin to hodl long-term Steem is likely as good as it gets right now but it's thriving in a zero competition market. The challenge comes when competitors whom offer similar rewards start to get traction. If Steemit can keep content creators hooked and happy then Steem HODLers win. Therefore the success of Steem as a cryptocurrency is tied exclusively to the Steemit community. As an investor this causes concern but as a Steemian, it's actually very exciting.
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Doubling?? I thought it was 10% inflation each year.
It was described as “STEEM supply will double every year. Every 3.32 years a 10:1 reverse STEEM split will occur.”
However, information changes and perhaps my data is outdated. I will re-look into this first thing tomorrow. Thank you for reaching out.
Kirkins, you are 100% correct. I had gathered outdated information. Thank you for the heads up.