Steem social network revolutionizes the cryptocurrency market

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The top 10 of the cryptocoins with the highest market capitalization has received the entry of a new member: Steem. Its main proposal is a red social base on a blockchain platform that allows users to create, evaluate and share content through profits.
Steem has exceeded $ 300 million in capitalization this week by registering its market price at $ 2.5 per STEEM, which currently ranks third in the list of the most valuable cryptocurrencies, surpassing most of the options used and with more support such as Ripple, Litecoin, DASH and Lisk.
With a surprising increase in its price of more than 1,000% in less than a week, Steem was placed before the eyes of all crypto enthusiasts who wondered what made this option so good compared to the rest. Just in CriptoNoticias has made an evaluation with the intention of highlighting the characteristics of this cryptocurrency and thus better understand the reason for the extraordinary growth.
Much more than a social network
Several attempts have been made to monetize social networks with cryptocurrencies,
taking advantage of decentralized technologies to create economic ecosystems where the transfer of value is directly between users who create and consume content, without the need for leftover intermediaries or speculative economic schemes.
With a voting system and reputation similar to that of the Reddit platform, in the social network Steemit.com users benefit by creating relevant content that is evaluated positively by the rest of the users, making the quality and quantity of content grow that circulates on this platform. In addition to publishing content, users also earn cryptocurrencies when evaluating others' publications; this promotes the dynamism of the network with the constant economic incentive.
Steemit rewards users with STEEM cryptocurrencies that can be easily exchanged by Steem Power (SP) and Steem Dollars (SMD), which have distinctive features that add advantages to each one to be used for various purposes inside and outside of the platform; such as circulation of currencies in the social network, cryptocurrency mining, safeguarding of value and exchange for fiduciary currencies.
In addition, Steemit records in its blockchain all the publications of the users in the social network, thus adding a layer of trust and extra transparency where the decentralized registry is taken advantage of in the best way.
How to benefit with Steem?
While the main incentive of the network is the creation and evaluation of content, it is also possible to benefit from practicing STEEM mining with the proof-of-work algorithm that requires the maintenance of a complete node to contribute to the development of the network.
Another way is by holding long-term currencies. STEEM is the cryptocurrency of the social network to carry out transactions and votes on the contents that have been shared on the network. By keeping the coins for a year or more, users receive periodic profits that incentivize them and protect their capital in cases of loss of value.
Similarly, by storing Steem Power in the long term, users can increase their power in the community since these currencies function as points of influence in the network. For lovers of buying and selling in exchange houses, Steem's cryptocurrencies can already be quoted in OpenLedger as in Bittrex.
Why does Steem's proposal stand out?
Social networks are widely used spaces today that concentrate large numbers of people around the world who spend several minutes a day to them. An opportunity that companies, advertisers and services in general have taken great advantage to take advantage of the content generated there by its users.
The Steemit platform eliminates intermediaries and third parties that take profits from content on the networks, leaving the creators with a small slice of the capitalization produced or, in most cases, empty-handed. This is where Steemit's proposal comes in to offer an ecosystem where the transfer of value is between the creators and consumers of the content.
By making use of blockchain technology to establish a peer-to-topeer network safe from external attacks and reliable for users, the community finds another reason to share its content in this social network, in addition to the aforementioned monetary incentives.
In its whiter paper, Steem's creator team presents its ideology of a decentralized network controlled by the users who live in it, adding technical improvements that other similar platforms could not take advantage of and using features to solve problems that were also identified in other social networks.
Another striking detail is the elimination of fees or commissions for transfers, on which mention that commissions cause long-term concentration of processing resources that is not necessarily useful for the purpose of the platform.
The roadmap to the future
The launch of the platform has been a success, and after the launch on July 4 of the
Steemit.com platform along with 5 million STEEM coins to the community, the platform took off remarkably until entering the list of the 10 cryptocurrencies with the highest capitalization.
As you can read on its website, the roadmap looks for the maturity of the protocol code and the network, the team of developers seeks to add the IPFS system (iterPlanetary file system) to ensure data storage of the entire network in a more secure and stable way.
It is also planned to integrate private messaging with p2p technology, as well as confidential monetary transactions that allow greater privacy and anonymity of users.
With all these features to come, and the advantages of using this platform, there is no doubt that the sudden rise of Steem has not been by simple luck or fashion. And that according to the work carried out by your team of developers in the future, you can consolidate the proposal of this cryptocurrency with its users and with the rest of the community.
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