Steemit as an alternative to Facebook

This is a take from Palm Beach Confidential, a crypto research group, on Steemit:

 Last month, Facebook announced that about 87 million users had their information collected by a third-party. The privacy scandal rocked the company, and Facebook faced a backlash as users deleted their accounts.  The story highlights the downside of large, centralized social media sites. They collect your data and store it in a central location, making it a honeypot for hackers. And they profit greatly from your information, without you getting a cut.  

There are many companies trying to solve this problem, but the leader is Steemit, the decentralized, blockchain-based social network. It’s the most active and used blockchain in the world.  Right now, Steem processes, on average, 1.8 million transactions per day. That’s nearly triple its closest competitor.  What’s unique about Steemit is that you get paid for your posts in Steem cryptocurrency. You can also get paid for curating other people’s posts.  People are catching on to the story. When we first recommended Steem in November 2016, it was just shy of 100,000 users. Today, it’s closing in on 1 million.  And the ecosystem is rapidly growing. There’s a number of apps that work on the Steemit blockchain that provide services other than blogging.  For example, there’s DTube, a YouTube alternative; DMania, a service where you can get paid for creating memes; DLive, for live streaming; and Zappl, a Twitter alternative.  Looking forward, one of the big projects for Steemit in 2018 is Smart Media Tokens.  Smart Media Tokens allow anyone, even with no coding knowledge, to launch their own token for just $1. They can do it without having to use steemit.com or the Steem cryptocurrency (except to buy in).  That means any content platform will now have the ability to monetize user-generated content with Smart Media Tokens.  The first Smart Media Token is being issued by a company called APPICS. The best way to describe APPICS is it is like a decentralized Instagram.  The app is expected to launch in the third quarter of 2018.  With the current Facebook privacy scandal highlighting the dangers of centralized databases, the public is starting to catch on to social media alternatives. We expect the growth to continue and another great year for Steem in 2018.

We agree with it wholeheartedly. This is definitely a coin to watch in 2018.

Action to Take: Buy SteemPower (STEEM) up to $3.50

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