Steem: Disrupting traditional social media by incentivizing users

Steemit is a blockchain designed to tokenize the content web. Users can create and curate content on Steemit and can monetize content and grow the community. Steem aims to support social media and online communities by rewarding much of its value to the people who provide valuable contributions. On Steemit, people earn rewards in form of cryptocurrency when their blogs get upvoted by other users of the Steemit.

Steem Media Token (SMT) is a digital asset on the Steem blockchain that can be quickly launched by anyone to help monetize online content and giving incentives for the content creator.

Steem Community services:

1. Free payments
2. A source of curated news and commentary
3. A stable cryptocurrency pegged to US dollar
4. Job providing above services to others
5. A means of getting high-quality answers to personalized questions

Steem Network:

The Steem network has three different asset classes

1. Steem - It is the fundamental unit of account holder on the Steem block chain. It is a unit that users receive for participating in Steemit. STEEM is a liquid currency and therefore can be bought or sold on exchanges.
   
2. Steem Power: Users are able to commit their STEEM to a thirteen-week vesting schedule, providing them with additional benefits within the platform. STEEM that has committed to a thirteen-week vesting schedule is called Steem Power (SP). Steem Power cannot be easily traded on crytpocurrency exchange. By holding SP, a user has more influence on Steemit platform. Users of higher SP have more influence on the distribution of rewards. Transferring from Steem to SP is known as power up and from SP to Steem is known as power down and it is returned to the user via 13 equal weekly payments, after the pool down is initiated.
   
3. Steem Dollars (SD) - It is also used to reward users that participate on Steemit and they pegged to the US dollar.

Witness :

SP holders can elect individuals called witnesses. The Steem blockchain requires people to create block and consensus mechanism they use is Delegated Proof- of -Stake.

Delegated Proof of Stake (DPOS) is the fastest, efficient and decentralized POS mechanism. It uses a reputation system and real time voting to achieve consensus. In Delegated POS community members vote for super representatives and super representatives will produce valid blocks successively based on specific distribution rules and success to do so results in highest reward.

The community members elect witnesses who are trusted members, positively contributed to Steem and Steemit in many ways. There are 20 full-time witnesses, producing a block every 63 second round. Every round, the top 19 witness accounts are delegated to produce a block, 1 block is produced by a backup witness. Each account can vote up to 30 witness.

How Steemit Proof- of-Brain mining works

Steem introduces a new concept called “Proof-of- Brain” which refers to the reward system that is divided between curators, content creator and witnesses.

Step 1 : New transaction and content created

Step 2 : New transaction and content broadcast to network

Step 3: Curator will review the content

Step 4: Curator UPVOTES best quality contents

Step 5 : Author of the Content with highest quality is rewarded new Steem (55% of new steem) (75% of blog value)

Step 6: Curator is rewarded based on steem power they hold in the network (18% of new steem) (25% of blog value)

Step 7: Witness are rewarded based on the rank from community vote (26% of new steem)

Steem Statistics:

Steem is fast and it is almost 200x faster than Bitcoin. Almost 1.3 million daily transactions every 24 hours higher than Ethereum 1.1 million and Bitcoin 300,000. Steem takes 3 second block time transfer speed.
Source: Steemit

Recent news and Updates:

Steem Velocity Hardfork 20 changes

The three major changes in Hardfork 20 which is set to launch on Sep 25th 2018

One of the major changes in the Velocity Hardfork is a change from existing system to a new system based on Resource Credits (RC).

Reverse Auction vote in the first 30 minutes modified

Easier creation of votes

Release date for Smart Media Token

Steemit has announced the release date for Smart Media Token:

January 15, 2019 - SMT development complete and live on the TestNet.
March 24, 2019 - SMT fully released and live on the Steem Blockchain.

In a recent online post, Steemit provided updates on some of the projects that it has been working on. This includes Hivemind, new notification system, and improving developer tools such as Jussi, Steem JS, among others

Technical:

The pair has lost almost more than 90% after hitting high of $9.25 on Jan 3rd 2018 level. It hits year low of $0.76 and is currently trading around $0.860.

Any violation below $0.70 will drag the pair down till $0.70/$0.60. The near term major resistance is around $1.03 and any violation above targets $1.103 (34- day EMA)/$1.2700 (55- day EMA)/$1.6700. It should break above $1.78 for further bullishness.

It is good to buy on dips around $0.760-$0.770 with SL around $0.70 for the TP of $1.10/$1.27.