Huobi announces suspension of Steem deposit and withdrawal

The international multi-language digital currency trading platform and exchange, Huobi announced that deposit and withdrawal of Steem have been suspended. In the website, Huobi mentioned that the adjustment of the Steem supernodes is going on. The functions will resume as soon as the nodes stabilize.source

Huobi exchange, which has its headquarters in Singapore further noted that the time of resumption will be notified. They would announce the time in another article. They added: “We apologize for the inconvenience caused by this suspension!”

A blogging and social networking website, Steemit uses its Steem blockchain-based rewards platform for publishers. The blockchain Steem produces tradable tokens such as Steem and Steem Dollars which are used for posting, discovering, and commenting on content. Steemit, Inc. is a New York City-based is a private company, with its headquarter in Virginia. The company was founded by the creator of BitShares and EOS, Dan Larimer and Ned Scott.

The concept of the blockchain is simple. Just like social websites and blogging websites, users can upvote posts and comments. The authors who get upvoted can receive a cryptocurrency reward – Steem token. Also, people are also rewarded for curating interesting contents. Curating mainly involves voting comments and posting submissions. The strength of the vote and rewards on curation are highly influenced by the amount of Steem Power the voter holds.
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