Steem (STEEM) is a blockchain-based system that incentivizes content creation and social interaction through cryptocurrency rewards. Let's explore why it might be considered underrated:
Innovative Concept: Steem introduced a novel approach by rewarding users for posting articles and comments on its platform, Steemit. This unique model aims to create an active community.
Smart Media Token (SMT): Steem's SMT allows publishers to create custom tokens for their communities. While adoption is still limited, the concept has potential for website operators who want to incentivize user engagement.
Blockchain for Social Interaction: Steem's blockchain powers Steemit, a social media platform similar to Reddit. Users receive a mix of STEEM tokens, STEEM power (SP), and STEEM dollars (SBD) for their contributions.
However, there are concerns:
- STEEM Ownership Concentration: A few large miners hold significant STEEM ownership.
- Inflationary Nature: STEEM has no cap on supply, which poses long-term risks.
- Lack of Transparency: Information about the team behind Steem remains scarce.
In summary, while Steem has potential, it's essential to monitor developments and understand its ecosystem before considering investment. 🚀🔍
¹: CoinDesk - Steem Price and Live Chart
²: Grizzle - Steem Coin Review
Source: Conversation with Copilot, 7/29/2024
(1) Steem Price | STEEM Price and Live Chart - CoinDesk. https://www.coindesk.com/price/steem/.
(2) What is Steem (STEEM)? | A Complete Beginner’s Guide. https://captainaltcoin.com/steem-cryptocurrency/.
(3) What is Steem Coin: Learning About Steem Dollars and Cryptocurrency. https://www.bitdegree.org/crypto/steem-coin.
(4) Steem Coin Review (STEEM / SBD / SP / SMT) - grizzle.com. https://grizzle.com/steem-review/.
(5) What is Steem (STEEM): All You Need To Know - coin.info. https://coin.info/steem/.
(6) Steem Review (LATEST 2019) - The Complete Guide To Steem. https://www.coinreview.com/steem/.
(7) Steem Wallet: Looking for the Best Steem Coin Wallet to Have. https://www.bitdegree.org/crypto/steem-wallet.