The Steem network has launched a whole new idea from the conventional way of earning rewards from mining activities. They have been able to introduce an easy way of earning coins. It has also spread its network to suit the average lover of social media. Authors and publishers have seen another lucrative way to engage in social media posting and be rewarded for it. So, before looking at the various benefits presented by the Steem network, let’s first understand the whole idea behind the Steem platform.
What is Steem Cryptocurrency?
The Steem cryptocurrency is an open source blockchain platform that incentivises content posting by authors and publishers in its network. It was developed by a team of crypto experts led by Ned Scott and Daniel Larimer in 2016. Their work was geared towards making the average social media lover participate in cryptocurrency. Steemit, their social media platform, was designed as a community where individuals can join and publish articles or posts whilst earning a reward for their efforts.
The Steem network witnessed tremendous growth due to the simplicity of participation in its mining activities. Steemit currently supersedes other social networks because it grants users the opportunity to participate in blockchain while updating its media with information curated from publishers. Its current market cap is $90,392,661 making it the 45th largest coin in the cryptocurrency market. The circulating supply is 314,161,508 Steem which is close to the overall total coin available.
Benefits of Steem Cryptocurrency
Here are 8 significant benefits of Steem:
1. Token of Tokens
The Steem network saw the necessities of addressing the volatility problem battled by most crypto coin. They created three token ecosystems that can help miners with rewards and also help attain stability within its network. Steem coin, Steem power and Steem dollar form the three digital tokens found in the Steem network. Each token has its unique features and method of earning. The Steem coin forms its original coin that is earned through the Steemit media networks.
Steem power tokens allow you to participate in voting for contents and investing into the Steem network. Individuals can earn Steem power by converting their Steem to Steem power or through their mining consensus. The Steem dollar is Steem’s own token used to create stability in value by linkage to the US dollar. The network allows people to withdraw their Steem coin and be paid in the value of USD making the value of Steem to rise.
2. A Home of Information
Information is an essential tool that makes any community grows. Information gathering has been the main selling point of most social media. One way by which Steemit has leveraged this opportunity is by creating its Steemit media for authors and everyone who wish to share valuable content and also be rewarded for it. Steemit has made its media storage an archive of information, enticing the average social media user to desire to revisit every single day. Steemit has welcomed articles from different industries making it very flexible and open to other a wider range of people sharing content in its community.
3. Accessible and User-Friendly
The Steemit social media platform is one of the easiest blockchain networks to join as compared to other cryptocurrencies. Its flexibility of access makes it highly ranked above other cryptocurrencies. Earning rewards from Steemit requires you to sign up on their platform before engaging in their social media content sharing. Its user interface makes it easy to understand and perform different activities.
4. A Hub for Indirect Advertising of Business
More than 80% of people joining the social network are solely engaged in promoting their business. Steemit social media has made this possible by allowing people to share valuable content in regards to their profile or portfolio. This has made people with quality service to indirectly promote their business and also earn Steems while doing so.
5. A Decentralized Network of Communication
Decentralization is the primary feature of all cryptocurrency and blockchain network. This decentralization feature of Steemit social media has been the sole reason why it is different from other social networks. Steemit decentralized network allows for peer to peer sharing process. As its network continually grows, its platform gives access for users to communicate, share interest, and transfer assets without the need of third parties or any central system of the network. This grants miners, authors, and publisher the opportunity to earn reward without charges from third parties.
6. Faster Authentication Process
One reason why the Steem network has grown over the years is its fast authentication process during transactions. The Steem network has employed the delegated proof of stake dPOS by which users can select a group of witnesses that are responsible for adding more blocks. In this process of adding blocks, each unit of blocks is in a set of 21 predetermined blocks thereby speeding up the process of adding blocks. Users can enjoy a faster rate of 3 to 10 seconds of confirming transactions with the use of its dPOS.
7. Official Wallet for Holding of Keys
Steem wallet system exists both as online and application wallet. Its online wallet exists as a window wallet for holding of private keys. Its official wallets such as Steemit and Busy are created with one of the best features for securing its coin. Application wallets such as CLI wallets and eSteem are created with the intention of making the Steem network available to smartphone users.
8. High level of security network
Steem has a unique way of minimizing fraudulent activities within its network. One such way by which Steem does this is by its account recovery system. Over the last decade, there have been cases where different accounts have been hacked due to individuals unknowingly sharing their private keys to the public. But Steem has enhanced its security system by using account recovery for individuals who have misplaced their keys or been hacked by the third party.
The account recovery system requires the user to provide a means of ownership such as an email address or phone number to access their stolen account. Also with the presence of Steem power, individuals whose accounts have been hacked can have a grace period of one week to have access to their private keys without losing their tokens.
