Steem (STEEM): Question and answer platforms have continued to grow in popularity as the people continue to collaborate on a much larger scale globally. Businesses and the general public have also taken to online platforms as the main source of information on which many decisions are made both at individual and organizational levels. By creating a platform with a native currency pegged to the US dollar, Steemit has created endless opportunities for individuals to earn from making contributions in any of the above mentioned areas. STEEM, the token, which currently ranks 31st on coin market capitalization provides a vehicle with which value can be transferred from one party to another while blending the benefits of a digital currency with the stability and confidence of the US dollar.
Steem rewards on Steemit
Steem was developed as a cryptocurrency that rewards publishers for sharing their content. To date, over USD 40 million worth of rewards have been disbursed on the platform in the 2 year period since operation started. The platform challenges the current status quo that has seen many social media companies generate billions in revenue by leveraging content generated by users on the platforms.
Facebook, Twitter and snapchat are just some of the platforms that have used user content to generate billions and grow to become some of the largest corporations globally. Steem (STEEM) was developed to facilitate the distribution of value created to users that make contributions that play a role in the development of such platforms through their content.
Steem ranks second in Chinese government ranking
China’s Ministry of Industry and information technology just released results from a research aimed at ranking crypto asset projects. Among the leading projects is Steem (STEEM) which ranked second, only trailing Ethereum by about 14 points in terms of the overall index. The project outperformed other major projects such as the bitcoin, NEO and IOTA which ranked slightly lower with indices of 88.1, 103 and 98.2 respectively.
The research based its analysis on three subcategories of technology, application and innovation. Steem outperformed its peers mainly in the technology and innovation categories where it registered 82.6 and 23.9 respectively, behind Ethereum in technology and coming 4th in innovation. It however came last among the top 15 projects in terms of application.
The Steemit platform is likely to take advantage of the fast transaction speeds of less than 3 seconds and the lack of transaction fees to grow its foothold in the market. As of today, the platform has been handling more transactions compared to those handled through the bitcoin, Ethereum and Litecoin platforms cumulatively. With the Chinese government’s appreciation of the platform as seen in its ranking as 2nd only to Ethereum, the platform is likely to gain more confidence among the Chinese and the other global users further cementing its place and giving it further opportunities for growth.
Slow on the mass media marketing?
The platform has however received little media attention with sections of the public considering the lack of attention a misstep in the journalism industry. The Steem (STEEM) coin has also been viewed by other to be among currencies likely to drop in price as the year progresses as token distributions come to an end for many coins and as other coins and tokens are introduced to the market by new block developers. It however remains to be seen how the coin will perform as the underlying platform continues to take an edge against its peers.