Due to the increase exploitation of the consumer by social media multinationals, Steem (STEEM) has stepped in to reward their participants. This is a new entrant in the sector with the aim of giving back to the user. Content creators earn STEEM dollars for their activities. However, only well researched and original content gets rewarded.
There are many ways a participant can earn digital currencies; once you register on their platform, you can become a content developer or a curator. Registration is free and you can only have one account, though this is not 100% adhered to more so if you run several Facebook accounts with altered personal data.
Idea behind Steem (STEEM)
The idea behind Steem is to deploy Smart Media Tokens (SMT) to millions of users across the globe and earn participating on a social media in their daily lives. As an ordinary platform participant, you get rewarded for posting popular content. This way, users reward content developers and editor (curators) to add value to the blockchain.
Introducing ordinary users to a paid social media ecosystem makes it a win-win scenario. You share earnings with the platform but the rewards are in form of tokens that you can convert to other digital currencies or fiat money and use in real life. Content monetization has always been the preserve of Google through AdSense.
How does the Steem Platform work?
You do not have to have any crypto-trading experience to earn STEEM. The App is easy to use and you can turn your passion into virtual money. You can blog, post photographs, and videos and other user will put comments or “like” your content and get rewarded with STEEM dollars. Simple!
By simply “liking” user content, you get your rewards. However, once you earn your Steem (STEEM) token, you cannot cash them out immediately into your wallet. Here is a 7 day wait time before the coins reflect on your Steem wallet. The system allows you to edit your content but if it gets a like or comment, it is rendered immutable; you cannot delete or edit it.
The platform uses the proof-of-brain; this means a lot of user creative ability is put into play to earn rewards. Original content get more earnings than spam or copied content and there is where the gainers and loser on the platform part ways. However, a good and unexploited niche will likely bring in more rewards than the common ones. You need to create content that helps the consumer make their lives better.
Steem (STEEM) Market Penetration and Performance
The platforms goal is to bring as many participants onboard as possible. Their media campaigns might have hit a dead end through the ad ban but there is so much hype for adoption to be slowed. Participants are using other mediums like WhatsApp groups and messaging interfaces to spread the word. The platform had targeted to hit 1million users by end 2017; a goal that fell short of a few thousand users.
The price of the Steem coin has had its ups and downs but not in isolation; it has also been affected by the market slump, state regulations and cryptocurrency ads. After hitting a high of $7.13 in January, the coin has taken the south. At press time the coin is trading at $1.98 going under the dollar with 3.08%.
The Steem performance might stay on the red but the market capitalization of $508,237,317 gives a brighter future for the token given that it was at $1,100,286,762 in mid-January. However the most striking part about the coin is its current circulating supply of 256,997,025 STEEM that gives enough user access and value in the market.
With increased adoption and a fool proof reward system, Steem (STEEM) is an ideal platform to invest in. however, to make good money takes time and effort and once you have earned some rewards and the price skyrockets, you earn better returns. This is for those willing to invest on the platform for a long time.