Steem is designed around a relatively simple concept: everyone’s meaningful contribution to the community should be recognized for the value it adds.
What Is Steem (STEEM)?
Steem is a blockchain focused on community building and social relations, with rewarding those who provide valuable contributions with cryptocurrency. As stated in their whitepaper, Steem is the first cryptocurrency to accurately reward users based on their contributions to the platform.
Steemit is the first website/app built on the Steem blockchain, and it’s publicly available for anyone interested in signing up. They already have over 1.2 million users registered and many are already reaping the rewards of providing value on the platform.
How Does Steem Work?
Following a different approach to other existing social platforms, Steem operates on a one-STEEM one-vote principle. The fundamental unit of account on the Steem platform is STEEM, a crypto currency token. Under this model, individuals who have contributed the most to the platform, as measured by their account balance, have the most influence over how contributions are scored. Furthermore, Steem only allows members to vote with STEEM when it is committed to a vesting schedule. Under this model, members have a financial incentive to vote in a way that maximises the long term value of their STEEM.
Existing platforms operate on a one-user, one-vote principle. This creates an environment where rankings can be manipulated by sybil attacks and the service providers must proactively identify and block abusers. People already attempt to manipulate the Reddit, Facebook, and Twitter scoring algorithms when the only reward is web traffic or censorship.
The History Of Steem
Dan Larimer and Ned Scott are the co-founders of the Steem platform.
Steem mainnet was launched in April 2016.
Is Steem (STEEM) A Good Investment?
Building a social media platform is difficult, and even after doing it well some unfortunately don’t last long (like MySpace, Hi5, Vine, and much more). However, we are talking about the metaverse here, which many years down the line can be the next big thing. Can Steemit pioneer its way and become the leading metaverse social network that grows in popularity or will it just be another fad that dies out, eventually. Or will someone else building within the Steem ecosystem manage to build a revolutionary app that catapults the Steem blockchain into the top 10 crypto projects.
As for the STEEM token you can see on the graph below, the highest that it has ever reached is $6.61 back in January 2018, and then a few years later it dropped and is now sitting below $0.30.
To stay up to date with the current STEEM price data, click here.
Should You Buy Steem (STEEM)?
If you have done research on the team, vision, whitepaper and you are satisfied with what Steem has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
The Steem Whitepaper
Steem released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.
If you want to read the Steem whitepaper click on the button below.
How Many STEEM Coins Are There in Circulation?
Steem has a total supply of 409 million STEEM coins.
How Can You Buy STEEM Coins?
It’s actually quite easy to buy STEEM. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists STEEM. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase STEEM.
Where Can You Buy STEEM Coins?
If you would like to purchase some STEEM coins, below are a handful of cryptocurrency exchanges which list them.
- Huobi Global