Is the Hype About Steem (STEEM) Justified? (The Social Media Game Changer )

Steem updates
In this rapidly growing digital world, social media platforms have become an indispensable part of our quotidian life. Social networking channels like Facebook, Twitter, Reddit, and Instagram are widely gaining popularity for myriads of functions. Apart from enabling users to connect with remote acquaintances, the social networking channels also serve as a powerful platform for sharing news and content. Although social media can be regarded as a dynamic space, it is not entirely free from exploitations and instances of consumer exploitations by social media multinationals are rampant across the globe. On the onset of such social media abuses, Steem (STEEM) has devised a potent networking platform that rewards its users.

Steem (STEEM): The Social Media Game Changer
Operational from 2016, the Steemit networking platform allows users to create and curate content, just like any other content sharing network like Reddit. Although this blockchain is relatively a new addition to the crypto space, it has seen a flourishing growth in the user base. Nourished by a healthy follower base, this rising blockchain is powered by more than one virtual currency. Aside from Steem (STEEM), there are two other alternatives available to the users, Steem Dollars (SBD) and Steem Power (SP), to the users. Interestingly enough, Steem is not a regular digital currency and acts as a gateway between Steemit, the platform, and Steem Dollar, the virtual token powering the blockchain.

Just like Ethereum’s ERC20 tokens, Steem leverages Smart Media Tokens, but as opposed to Ethereum, Steem uses “Proof-of-Brain” protocols along with a reward system that has been specially developed the content business. Conveniently enough, the Steem (STEEM) token can be easily converted to Bitcoin and Ethereum for executing trades.

Steem’s Market Reach

This year has been a big year for lesser-known altcoins, which have gained momentum from the price slump. Among the most promising coins in the market, mention must be made of Steem, which has made a smashing comeback in April. The cryptocurrency, which witnessed a steady 30% gain, has managed to persevere. As per the latest updates, Steem’s (STEEM) total cryptocurrency reaches $998,394,058. Steem, which traded up 1.88% on May 2, has a trading volume of $12,783,100. Trading at $3.93, Steem has slipped 0.69% from its earlier position. Overall, its performance has been consistent in the market, showing signs of further growth. Now that the network has monetized content sharing, Steemit blockchain is all set to embrace new changes. Looking at its accomplishments, it is not hard to imagine it as a powerful contender competing with the likes of Facebook and Reddit.