Good day once again to everyone, my name is oluwatimileyin and I welcome you to the season 8 of the engagement challenge.
I welcome you to my participation in the week 5 Engagement contest with the title: "Let's Think About Steemit's Future”.
Steemit is a social media platform that is built on a Blockchain network, the Blockchain is known as the Steem blockchain. The Steemit platform came into light in the year 2016 as a Decentralized platform that allow users to create content, it is a platform that allow users who share their content to earn rewards in return, these rewards are earned in the form of the STEEM coin such as Steem, SBD and TRX.
The Steemit platform is controlled by a cryptocurrency consensus known as Proof of brain, this allows the platform to reward users based on there level of creativity and by contributing to its development.
The Steemit platform works in a way that , it allow users to create and post content on the platform, and after this , they can be upvoted or by other users or curators. The more the upvotes that a content get, the more the rewards the creator earns on the post ,and they are rewarded in form of STEEM coin such as Steem Power, STEEM and TRX.
Additionally, the platform also allow users to earn rewards by curating other people's content, this is done by upvoting posts and you can earn curation reward in return.
STEEM coin is the main cryptocurrency of the Steem blockchain, and it is the same coin that is also used to reward contents on the Steemit platform.
The STEEM coin also serve as the main coin that is used to gain Influence on the Steemit platform , it works in a way that you convert your Steem coin to a Steem Power, and this Steem power is used for influencing on the platform by upvoting user's contents.
The more the Steem Power, the more influence you have on the Steem platform, with the SP you own, user can easily earn more reward by curating quality content, and this can only be achieved with the STEEM coin after being converted into a Steem Power by powering up.
How does Steemit makes money:
The Steemit platform makes it money by taking a small percentage of the payout rewards earned by users, and also the platform makes money through the Steemit Marketplace.
The Steemit Marketplace is where the Conversion of SBD to Steem and Steem to SBD is done, so after a user have successfully make a converting, the platform only take a small portion of this as a gas fee, it's almost insignificant to the user as the gas fee is very minimal, but this and through user's payout reward is how Steemit makes money.
As of the time of writing this article on 31st march 2023, the price of STEEM on Coinmarketcap is $0.2025 .
The current price with the chart shows that the Steem coin has had a huge drop in price from it's ATH, the all-time high price of steem was $8.57 which happened in January 2018
The situation surrounding it:
The current situation surrounding the price of STEEM can be because of several things :
1. Competition from other social media platforms: Since the creation of Steemit as a social media blockchain , and being the first of its kind, other crypto projects as well have seen this as a great idea and there have been more decentralized social media today, so this means that, these opportunity is no longer limited to Steemit alone anymore, and investors have come to terms of several opportunities to invest in more social medias blockchains.
2. Decline Trending of cryptocurrency markets in general : Steem coin is a Blockchain token which work hand in hand with other cryptocurrency, so what this means that whatever happens to crypto in general will also affect the price of Steem coin, so the decline and lose of value in Crypto lately have also been affecting the price of steem and it's part of what is causing the decline in the Steem market in general.
I am still an upcoming crypto analyst, but I will try my possible best to give my input and what I think regarding this topic.
Is Steem Good for investment:
The price movement of STEEM is just like all cryptocurrencies, they are very volatile and there price can fluctuates. These are a some factors that can be considered before investing in STEEM.
First of all, the most important thing to consider before investing in STEEM is to take a look at its current condition. If the market condition is in a downtrend, it is best not to invest in it yet and maybe wait for the market to resume a good trend so as not to make too many losses.
Secondly, investors also need to consider the use and features of the coin they want to Invest in first, the Steem coin is used on the Steemit platform , and the platform has some great unique features that not only allow users to invest, you can hold the coin and still earn more reward while holding by upvoting contents with it on the Steemit platform, in that case, you are making your money works for you while at the same time you are making earnings.
What Can Be Done For STEEM Coin To Reach A Maximum Supply And Becomes Top 100 Crypto Currencies In The World.?
To bring the value of steem to the top 100, the STEEM coin need to increase its maximum supply and this will definitely increase its market capitalization.
One way to do this is to introduce more users to the Steemit platform, and doing this would means more content creation and upvoting and thus would increase the demand for STEEM as more people would be willing to buy Steem power so they could give upvotes on the platform, and earn rewards as well.
Another method is for Steemit to partner up with another blockchain projects just like we've seen in Tron, which means this other Blockchain could use the features of the Steem blockchain on there network as well, this would help to increase the visibility of the Steemit platform, and there would be more adoption of the Steem coin which will bring more usage to it.
These are the some of the things that can be put into places to attract investors to the platform:
1. New Innovations:
The crypto market is becoming more competitive everyday and it is fastly evolving , the Steemit platform would need to start prioritizing new innovation and also start adding new features and to the platform, this could be like an addition of new technologies such as NFTs , or Gaming website and I believe this new functionality will attract more Investor to the platform.
2. Friendly interface:
Most People have always complain about some Blockchain social media to be hard to understand, I believe the Steemit platform will be able to attract more investors if the platform interface can be more attractive and easy to understand. The team could do this by developing a more friendly interface and this will improve the user experience on the platform.
3. Security:
Security is one of the most important aspect when it comes to any blockchain platform. The Steemit platform should be able to increase its security measures such as regular testing to ensure that the platform is safe from hacks, and the platform should be able to provide a way for users to retrieve there keys in a case that it got lost or hack, this can be done by introducing other method of verification in a case that a user is trying to steal someone else's funds on the platform.
Here is where I pen down my entry to this contest, therefore I would use this moment to invite @yakspeace, @Lhorgic, and @jueco to participate in the contest.
Hi
you have explained the topic very well and told us how steemit is important for users and they enjoying it by sharing their contents and it be coming familiar with every passing day.
The best thing is that we can get reward by writing anything on steemit.
you are right like other cryptocurrency steem value is volatile it may changed and we should have to think about before investment and keep in mind all the risk and benefits.
Might be you are right the introduction of new technology is such as gaming and NFT it will attract more user especially teenager boys to this platform.
Overall you explain the topic very well I wish very good luck for this contest
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Assalamu alaikum friend!
I am extremely happy to see you here. You again participated in the engagement challenge of season 8 and week 5 in best way. Basically you are right about this platform and its working it is the one of the most authentic platform of the social media's which actually pays their users I have seen many platform that many of them were fake when I research about it but this is the one in which I have a complete believe on it and its also blockchain and it is also decentralized platform so we can never think that they can be something wrong in the future about this platform and we should trust on it because it's logical to trust at this wonderful platform.
Secondly you are right about the investments I agree with you that before investing first of all we should be considered that what is going on in the market and it is going on in the currency about which we are investing. We all know that nowadays all the Crypto market is down and going towards the decline but I am very hopeful that soon everything will be okay so agree with you that we should wait first to stabilize all the things but if anyone really want to invest at this platform then he can after his research. It's my recommendation for investors.
Overall you have explained in a very good way and I will like your participation and markdown styling is also superb. I wish you good luck in this engagement challenge.
Thanks again for sharing this with us
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So we can say both creator as well curator are at advantage.
Actually it is about the process of minting that the question refers to . Minting of blocking is a continuous process that creates steem and add to reward pool.
Overall , great efforts .
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In my opinion, you have written beautifully about the future of steem.
If you were a steem ambassador, you would really represent well because you've proven to be vast in knowledge about the steem ecosystem.
Thanks for the invite. I wish you the very best.
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Thank you sir for the encouragement words, you are always motivating me and always make my head swell, thank you sir.
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You just made my night with this comment...but come to think of it, I owe you these encouraging comments because I know what it takes to put up contents like this. #steem-on
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Steemit sangat hebat, dengan membuat konten di steemit kita bisa menghasilkan STEEM, SBD dan TRX tanpa harus keluar rumah, saya yakin koin STEEM akan berkembang lebih pesat lagi suatu hari nanti
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Hi @negro-bby
I really appreciate the way of your explanation you have clearly shown your understanding about the topic and attempted all the required questions for the challenge. Your post is very informative and I learn a lot.
You have shown your understanding that how stem it work and make money in a very good way there are many mechanism that are involved behind the working of the blockchain platform that is the decentralised in nature.
You are right at the friendly interference attract more user to join the platform and start working on it for the sake of earning and learning that is a basic theme of the Steemit platform.
For the development of the platform partnerships with other cryptoc tokens and exchanges will also a good option.
Thanks for sharing I encourage you to keep posting and good luck for the contest. Kindly visit my entry and engage on it.
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You wrote well my dear friend
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Greetings friend, how are you? I hope you are enjoying your life with friends and family members.
You have explained the topic nicely with each question answered correctly.
You have shared your view on what is Steemit and how it works. Also you shared your view on what is STEEM coin and Steemit makes it money. You have done same mistake I did that is Steemit doesn't makes money from our rewards but it get it from the distribution of new STEEM tokens.
You have also shared what you think of the situations surrounding the market and will it affect Steem price.
Further, you give us tips on how can we bring more investors on Steemit by improving overall ecosystem of Steemit.
All in all, you have shared quality content with us. I wish you success in Week6 contest. Sorry for late comment. I was busy last week.
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