Steem

Steem

(steem)

Available

Prices are in USD.

Market Data For Steem

Current Price $0.64
Market Cap $253,650,064
Market Cap Rank #239
Total Volume $5,526,451
High 24H $0.66
Low 24H $0.62
Price Change 24H 0.01%
Price Change Percentage 24H 0.95%
Market Cap Change 24H $3,115,016.00
Market Cap Change Percentage 24H 1.24%
Circulating Supply 390,062,528 steem
Total Supply -
All Time High $8.19 -92.06%
January 3, 2018
All Time Low $0.0720 803.29%
March 11, 2017 -

Coin Data For Steem

About Steem

Steem Coin Review: Mining Guide, Price & Analysis of SteemCryptocurrency

Steem is a blockchain that engages society building and social interactions with cryptocurrency gains. It was founded in the year 2016 by Ned Scott and Bit shares creator Dan Larimer. It is a blockchain that allows users such as building developers , entrepreneurs who monetize content and holders who buy and sell shares in the world currency market including last but not least content creators in the social media market platform who have taken the industry by storm.

Steem Coin Review, Steem Coin Company

Team of Developers

Dan Larimer was born in Colorado and studied in Virginia polytechnic institute and State university in 2003 where he was awarded with a Bachelor of engineering in Computer Science. He is a visionary software engineer and serial entrepreneur.

He is also the CEO of cryptonomex which is a Blockchain consulting company other than that he is also the founder of Bitshares and Invictus innovations.

Nedd Scott studied in Bates College where he studied Business operations. He is the Financial Analyst at Gellert Global Group which consists of many leading North America food importing companies for over 100 years.

History

When Nedd was a student at Bates College between 2012 and 2015 he was venturing in the knowledge content on bitcoin when he stumbled across Dan’s work on his Bit shares project and became interested.

They met and between them sparkled the idea of steem was underway when Nedd innovated the idea of conjoining micro insurance with the blockchain and other similar opinions. Steem came up of the idea that people would have the ability and capability to help each other when struggling to solve questions or whenever they needed help.

Steem has therefore grown into a large company in the cryptocurrency world market and has rewarded people for posting and voting on content in the worldwide community.

Ways that You can Contribute

Ideas that consists steem and rewards to people who provide essential and useful contributions to the community are outlined below.

CAPITAL CONTRIBUTIONS

These are items that an individual can offer to attract wealth i.e. debt and ownership.

Ownership is held through liquid or vesting where liquid is short term indicating that it can be sold anytime and vesting is long term indicating it can only be sold when the investing time lapses.

STEEM

This is the fundamental unit on the steem block chain. It is a form of liquid currency where it can be bought or sold on exchanges or transferred to other users as a payment method. This is a platform where anyone can earn rewards through their quality content contribution also rating and commenting on what other users have already posted.

It caters for a wide variety of users including; content creators, authors and miners. Steen has really helped the community in which we are living where its now a possibility for people to share opinions and ideas that are helpful to the community at large. Also has enabled an uprising to problems in the society we live in  today.

Can Steem be Mined?

One must create  Steem account just like in Facebook and reddit .The next step is for the account verification which is done either through a registered email account or an SMS verification via phone. As always password secrecy is a great deal in any social media platform as when lost it cannot be recovered.

Mining really begins when the user installs the mining software on their CPU as its system cannot work in a GPU. The user then starts to explore by either commenting on an already published comment or posting his comments which is interesting to the community hence votes might be cast once other users are also intruiged by his post.

The user might post his hobbies ,likes, and work life to lure the community on what he posts to increase his reward chances. When mining Stem one has to be patient and ready to learn techniques being used and come up with a few more which might be of help to him and to the larger learning community.

Steen mining does not support copy pasting. This is enough proof that Steen requires hardworking and consistency on posting ,commenting ,publishing and even voting  on interesting content. You can also purchase Steem coin on exchanges like Bitfinex, Coinbase, Poloniex, etc.

STEEM POWER(SP)

This is a steem that has undergone a thirteen week vesting schedule .it is a long term capital commitment This enables customers to make long term plans hence it is untransferrable and non-divisible exception is via the automatically recurring conversion requests. The more a steem power a user has created great influence in the cryptocurrency platform. SP acts as an access code permitting absolute powers within the steem programme.

Steem Review, Steem Features

After the thirteen week period vesting SP holders earn new tokens in the remainder where holders are paid 15% of annual inflation. Transfer from steem to SP is known as powering down where SP to steem transfer is known as powering down. Powering down SP is returned to user over a period of thirteen weeks through 13 equal payments commencing one week after power down is initiated.

STEEM DOLLARS

This was designed as an attempt to bring stability to the cryptocurrency market and the steem community network. Created by a mechanism similar to convertible notes where it brings a higher return than an investment in equities. It is denoted by the symbol SBD standing for steem blockchain Dollars. Its creation requires a number of reliable price feed and guidelines that protect against abuse

Subjective Contribution

This implies that they can be used to build a community around any concept that has a defined purpose. Rewardees completely depend on the communities ideas and opinions of the influencers. The value each currency achieves is dependent on the demand of influence within a part community and how large the market believes a community can grasp.

It enables a community to fund the development of what is valuable and monetize its growth as well. As people join a community they engage into a particular set of beliefs and may vote to reinforce a certain value in the community.

Distribution of Steem

A user contributes by either through a buy in or work in. where in both cases users are earning value of the currency. When it comes to distribution tasks as per how to gauge the relative quality and quantity of work that the community does to effectively reward the millions of users using;

  • Distribution of fixed amount of currency regardless of how much work an individual has done.
  • Rewarding everybody who contributes anything even positively with something. It is done by ranking all work done and dividing proportionately with the value earned.

Voting On Distribution of Currency

  • Every vesting user votes on who did the best work and the available currency is distributed proportionately on the cast votes
  • Naïve voting process is conducted where each voter has a choice to vote for themselves at the expense of the larger community hence no currency will be distributed to them however, If one of the voter defects and votes for another user they win undeserved profits. Through this voting process the voted user ends up being in the limelight and under the public scrutiny.
  • Negative voting is whereby small stakeholders join and form large groups and vote against large shareholders in which the large stakeholders ends up voting for themselves. This brings about the crab mentality which makes people think that someone else is profiting at their own expense.
  • Rate limited voting Is also possible where users can only read and evaluate so many work items per day. Allocation of a fixed amount of voting power. Every vote counted in uses a percentage of the remaining voting mandate .i.e. if one votes for more posts in a day each vote will be worth less and a full voting power will take time whereby voting power recharges at a fixed linear rate of 20% in a day.

Payouts

When a payout is posted it indicates 50% steem dollars and 50% steem power whereby steem power gives a user increased voting transaction power and steem dollars gives an immediate advantage in stable currency.

Algorithm Used

This is when a community comes together to acknowledge an anonymous agreement on a certain piece of information. This creates an even better forum for decision making in the cryptocurrency world where cryptographically signed testimony from individuals is recorded in a public ledger that establishes the overall global order of events. The ledger is then processed to derive a universally accepted decision. In the case where all the members agree on the processing algorithm therefore it is authoritative.

Advantages

  • Excellent answers to questions asked by a user from the community hence clarity.
  • Free transactions and payments.
  • Users are able to plan long term plans and acquire their benefits through steem power.
  • There is competition which engages people who add value to the community.
  • Flexibility is exercised during casting out by converting steem dollars to steem.
  • 10% annual interest is earned on every conversion.

Disadvantages

  • Distinguishing meaningful contributions that are useful is a challenge.
  • Obtaining an algorithm for ranking users that they consider fair is timely.
  • There is monopoly of users hence creating opportunity for exploitation.
  • Fees are an entry barrier where not just anyone can access.
  • Changing fees are a concern to many since cryptocurrency value fluctuates.

Final Verdict

Basically steem is a platform founded in 2016 where individuals are assisted and solutions to problems in the cryptocurrency world are created. It provides an online platform technology where authors, content creators and minors can earn through steem, steem dollars and steem power being the main currency used in the cryptocurrency world of steem.

Reward increase in longevity and monetary value as the dollar currency value increases especially in liquid vesting during the 13- week period where a user earns a very worthy price for their investment.

 

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