Steemit Crypto Academy Contest / S8W5 - Let's Think About Steemit's Future

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I hope you all will be great by the blessings and compassion of the Almighty Allah. Welcome to my participation in the Steemit Engagement Challenge season 8 Week 5 in the Steemit Crypto academy. A very attractive theme has been chosen this time for the challenge this week. We know that Steemit is among the growing platforms and attracting more users due to its security or decentralization So its future will be hopefully more worthy. The topic is Let's talk about the Steemit Future So let's start by responding deeply to the questions.

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What is Steemit and How does it Work?

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Steemit is a decentralized and blockchain-based blogging platform that entices users to build an environment of learning, sharing, and earning. Users can share their knowledge regarding different fields with all the people on the platform and can earn goods in return. It is like the social media platforms Facebook, Twitter, and Instagram where user can share their posts and interact with other users as well here we can share quality content and engage with other users to share our opinions concerning the field d but the point is that the users are rewarded here in return to the creation of the content.

This platform was Launched in March 2016 and was developed by the Ned Scott and Dan Larimer that was the blockchain developer. This was built on the blockchain mechanism, peer-to-peer networking, and cryptography. The underlying consensus mechanism behind the creation of the Steemit blockchain is the Proof of the brain that allows rewarding users based on their contribution to the platform. The platform rewards different tokens in return for the creation of quality content. The reward we got can be in the form of a Steem token, SBD, SP (stake form of Steem), and TRX.

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A system of reputation is built that is based on the upvotes the user receives when the content is upvoted by the curators or the other users the reputation of the user increases accordingly which helps to increase the influence of the user on the platform. In return for the upvotes, the respective post payout in the 7 days, and rewards of the Steem token, Sp, and TRX received in our wallets. Quality content is always supported on the platform more quality content you create more consent you will receive.

Working of the Steemit

Blockchain of Steemit works on different mechanisms such as the DPos(Delegated proof of stake) to validate or add the new blocks to the blockchain system. It is the modified form of the traditional proof of stake protocol in it The users or the token holders vote for the specific witnesses that approve or validate the blocks and transactions of the respective users. Steemit Platform also uses the Proof of Brain (POB) that I have already explained permitting users to be rewarded based on their contribution creating a system fair and transparent.

Proof of Brain is a unique mechanism that is adopted by the Steemit platform and according to it, the content created or shared will be from the user's mind. Anything that is not according to the mechanisms such as plagiarism and AI content creation is strongly prohibited. The platform supports the original content.

The Reward is divided into two parts one is the author rewards and the other is the curation rewards. The author reward is given to the content creator and the curation reward is given to the people who have upvoted on the content. The Witnesses who approved the blocks were also rewarded from the prize pool in the form of Steem Tokens.

So Steemit is the Blogging Platform that has increased its worth by adding a system of rewards in it in the form of different cryptocurrencies.

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What Is STEEM Coin And How Does Steemit Make Its Money?

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Steem is the native coin of the Steemit Blockchain and is earned when the user posts the content and the publicatiogetsot upvotes. In return for these upvotes, the Steem Token is Earned. The Steem Coin is mined on a daily base in a result of the mining the Tokens are added to the Reward pool and users and curators get the rewards from the reward pool according to the worth of the post or post ratings.

Steem coins can be earned by creating quality content on the platform and we can also buy or sell exchanges at different exchanges for trading or making profits. When a post payouts we get a specific percentage of steem power in our wallets that we can also power up to increase the voting value of our account.

Steem coin is mined on the daily base and every time new blocks are generated by The top of the witnesses. The top 20 witnesses are responsible for most of the work of approving blocks on the agreements. One block is generated in 3s and in this way many of the blocks are genrated daily that are approved by the witnesses.The rewards are distributed among the content creators, curators, and the validators such as witnesses.

How Steemit Makes its Money

Steemit makes its money in diwhichent the ays some of them are the following.

• One way is that when we sell or buy the transaction type of transaction related to the Steem in the Steemit wallet there is a little transaction fee applied that is going to the team and is included in the earnings of the platform.

• When the users stack or Hold the SP it also helps to increase the worth of the Steemits money in one way More the tokens or the Staking of SP on the platform there will be more stabilization in the
  Steem tokens. For that reason, the club's program of clubs is introduced. The more users work on the platform there will be more earnings to the steemit blockchain.

• The money of the Steemit depends upon the users of the platform the number of active users increases there will be more revenue or the worth of the plaform.

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What is the Current Price of the S?seem At coinmaunderstanding of your understanding of What you Know about this current price and the situation surrounding it

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The current price of steem in the market is 0.21 USD which is about 59.98 PKR. It is a good token and is present in many exchanges. We can earn the Steem token from the Steemit Platform as well as we can also buy the coin from different Exchanges. It has a good market value.

The current price of the Steem goes a little upward and hope that in the future the coin will show a good rise and the market of the token will enter into a bullish trend. The current price is not the peak price of the Steem, it also has a worth equal to dollars in the past and along with that SBD was also part of our reward pool.

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Now due to the low price of the Steem token SBD printing is not happening on the blockchain but we should be hopeful for improvement because the team is working hard for the stabilization of the Tokens price. The current price of the Steem Token you can see in the below screenshot.

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The current market cap of the steem is. I think another reason behind the low price of the Steem Token is the overall low value of the market. Bitcoin, Ethereum, and other large cryptocurrencies are in a bearish trend so Their prices also affect the overall market of the Steem Token.

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Is Steem Coin Good For investment? As A Crypto Analyst, What Can Be Done For STEEM Coin To Reach A Maximum Supply And Becomes Top 100 Crypto Currencies In The World.

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Cryptocurrency is volatile nothing can be predicted the profits and losses are parts of the Crypto World. In the case of the Steem token, It is a good coin for the investment we are not sure that It will give us a profit .because the market keeps changing. Now we know that the current market price of the Steem token is Low so it's a chance for the investor to invest in the token to earn great benefits in the future.

By the indicators or the analysis of the market, It seems that the market will enter into a bullish trend and the Steem Price will also double like it was in the past. The Steemit Team is currently making efforts to increase The value of the coins as we know many initiatives or programs are introduced to gain the Stable price of the Steem token and the changes we can see in the Price that it is showing upward movement.

Firstly there is the initiative of the burnsteem25 in which the user set the specific amount of beneficiaries to the null account and in return, the amount goes to the account that has no existence, Then this reward is transferred to the total supply of the coin. When the Total supply increases and the demand for the coin decreases its price grows more.

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Another initiative is to maintain the clubs on the platform this allows the user to increase the staking of the Steem in the form of Sp Which results in to increase in the vote value of the account. The staking of Sp also increases the overall market price of the Steem token.

To Include Steem in the top 100 cryptocurrencies there is a need to make more development in the platform such as by interacting with the different platforms or the coins of cryptocurrencies helps in attracting more investors. I hope that the current initiatives of burning the tokens and powerups will give good benefits in the future.

Steem is a good token for investments and hopes the market will soon enter into a bullish trend Steem got its price back and also the printing of the SBD starts.

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How Can We Do To Solidify STEEM Offering In Terms Of Technology And Operating Systems Inorder To Attract More Investors

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Some important things can be done to improve the value of Steem and attract more users to the Steemit platform and some of them are following.

Increasing Patnerships

I also have said that by interacting with the other crypto token or platforms Steemit can attract more users to reach Steem token and make investments in it. For the development of the blockchain, it will be a good option to increase the partnerships as the steemit make the integration with the TRX token that proves the good decision and increase the worth of the platform.

Promotion of the Steemit

To attract more investors to the Steemit Blockchain There is a need for promotion on different platforms and aware people with the importance of the blockchain. Promotion on different platforms will be very helpful for the development of the platform and the attraction of more users.

Actively Development

The development of any website where played form is very much important to attract more potential investors to that platform. So there is another thing that can contribute toward the growth of this platform which is the active development of tools and different applications that are related to the functions of Steemit. The more the active development of a platform the more the chances of attracting high-potential investors.

Improve Security

One of the basic things that investors taken into account while investing their money in different projects is the security system of that platform. So if the security system of our platform is of a high level then there are more chances to attract more and more investors towards our platform and it can contribute towards the growth of the platform.

Burning and Staking

We all now that the price of a cryptocurrency depends upon the supply and demand of that crypto coin. When it open is burnt or stake than it is removed from the circulation supply and thus the circulation supply decreases as compared to the demand of that coin and the price will improve which will attract more and more investors. So, Steemit platform is also taking steps in this regard.

I hope that you all will like to read the post and support the content.I would like to invite @steemdoctor1, @waterjoe , @nadiaturrina to participate in the contest.

Thanks for Reading

Regards:mateenfatima