Steem, the digital currency of the new social media site Steemit, shot up more than 1,000 percent on Tuesday (12) to more than $ 150 million, two weeks after first paying people who posted on the site, according to Coinmarketcap.com.
Steemit is basically a website that rewards or pays users who post content that receives multiple "affirmations" from the site's participants. The prize is given in the steem currency. The content on the site is not limited to digital coins and users have already posted a variety of topics, from lasagna to about a trip to North Africa.
"It's basically a social media platform with encouragement," said Steed CEO Ned Scott in an interview.
The price of steem on this Tuesday was $ 1.75, equivalent to a market value of $ 151.8 million.
This is the value of the 81.6 million steems in circulation. On July 4, when Steemit used steems for the first time to pay users for its content, the value was only $ 13 million, according to Scott.
Steem is the fifth largest digital currency in terms of market value. Coinmarketcap.com monitors 657 digital coins.
Users who earn steem can exchange them for bitcoins within the platform. They can use bitcoins to pay for services or goods or keep them as an investment.
Congratulations @ricardaum! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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