Steem (STEEM), the cryptocurrency behind the decentralized social media platform
Steemit, encompasses a new era of social engagement. It utilizes blockchain technology to incentivize user participation via monetary rewards. Notable mentions embrace a significant speed bump of its native cryptocurrency, STEEM, which has set an optimistic tone in the crypto community, and given investors something to steep their portfolios with. The notable trade ideas related to it are the
STEEMUSD Multi Collateral Perpetual Futures Contract which also fuels an optimistic outlook.
However, Steem has also faced controversy, most notably after tech entrepreneur Justin Sun acquired Steemit, leading to a community-led hard fork to create the
Hive (HIVE) network. The split caused a slip in STEEM's value, but Hive has outperformed Steem in terms of token value since. Reports indicate
Hive blockchain is skeptical of Steem's new digital currency. Following the split, the community managed to retrieve $6.3M worth of STEEM that had initially been confiscated. There is controversy around centralization issues with Steem, with Binance CEO highlighting that its level of centralization is concerning. Amidst news of a successful hardfork, key stakeholders keep migrating from Steem to Hive, pushing for independence.
Steemit, despite being targeted as a 'decentralized Reddit', has proven to be more than that by awarding $1.3 million to users, broadening its user base. Steem has vast potential; its innovation in using blockchain technology to power content-based rewards on social media platforms is significant despite the debates about its centralization. In conclusion, STEEM has seen its highs and lows but continues to have decent prospects.
STEEM Coin News Analytics from Thu, 05 May 2016 07:00:00 GMT to Sun, 23 Jun 2024 14:20:24 GMT -
Rating 5
- Innovation 6
- Information 8
- Rumor -7
