While the social media idea underlying Steem is intriguing, it’s additionally essential to weigh the project’s professionals and cons.
Advantages:
Steemit has some benefits over different social media networks, which includes how it could address censorship, praise customers, and attain audiences past the arena of crypto.
Because Steemit is primarily based totally on an immutable blockchain, it’s tons tougher for any relevant authority to censor humans’s content material. Users who locate themselves banned or shadow banned on different social networks with out understanding why may locate this appealing.
As mentioned, customers may be rewarded for collaborating withinside the Steemit economy. Creating posts, commenting, and upvoting posts all provide customers small quantities of STEEM Dollars, that could then be exchanged for different currencies like Bitcoin.
Obviously, maximum (if now no longer all) Steemit customers have a few familiarity with crypto. At the identical time, the content material that humans create on Steemit is extensive and varied. There are famous posts approximately such things as present day events, art, poetry, photography, cooking, finance, memes, and more – placing the level for a much broader audience.
Disadvantages:
There also are a few hazards to Steemit. Some of those consist of how its praise device works, and the truth that Steemit become taken over through an intruder withinside the yr 2020.
Some have criticized Steemit primarily based totally on how its praise device works. Because people with the maximum STEEM Power have the maximum sway over which posts turn out to be famous, those STEEM “whales” — crypto slang for customers with huge crypto holdings — will have a disproportionate have an effect on on the recognition of the community’s content material (and ensuing consumer payouts).
Meanwhile, people who are new may also should spend a variety of time at the platform earlier than having any extensive have an effect on or incomes any actual rewards, until they manifest to be pals with a whale, who can quick increase their content material.
In 2020, Steemit become taken over through Justin Sun, the author of Tron (TRX). Sun become capable of collect a huge amount of STEEM tokens, which he become then capable of use to take manipulate of the community due to its delegated proof-of-stake (DPoS) consensus mechanism. This allowed him to position his personal witnesses (customers who vote on modifications to the community) into positions of power.
Some Steemit customers who didn’t accept as true with this takeover created a difficult fork of the Steemit community referred to as Hive (HIVE).
Advantages
• Content is censorship resistant way to immutable blockchain technology.
• The incidence of rewards incentivizes customers on many fronts.
• Range of content material presents an possibility for a much wider audience.
Disadvantages
• STEEM Power whales may have disproportionate electricity over content material.
• The 2020 takeover via way of means of Justin Sun turned into destabilizing.
• Newcomers can also additionally discover it tough to advantage fans and acquire rewards.