Review on Steem by Jesmin Akter

On top of the Steemit social and blogging network, there is a blockchain network called the Ethereum blockchain network. It is a platform for the production of content as well as the promotion of it via social media. Because of their efforts on the website, users get rewarded. Several social media platforms are now using blockchain technology. By redistributing income from advertising to users via the usage of cryptocurrency, it is on its way to democratizing and decentralizing the way social networks operate, in a typical manner.



It is a social networking and blogging platform that is mostly focused on cryptocurrency. It adheres to the Smart Media Token protocol, which was created by Steemit. It makes use of the Proof-of-Brain algorithm (described further below) and operates on the same concept as portals such as Medium or Reddit, in that users may curate material and earn tokens in the form of STEEM in exchange for their efforts. Non-stop creation of material may result in tokens being earned, but so can voting on certain blogs, articles, and other content.



All transactions made on the platform are recorded in public ledgers, which can be confirmed at any moment since the tokens are supported by blockchain technology. The platform encourages the creation of new material, the curation of existing content, and feedback on existing content. The awarding of tokens for this encourages users to write better in order to win more tokens. The tokens may be exchanged into fiat money and used in a variety of other contexts outside of the digital realm.



Due to the fact that it cannot be mined, the STEEM cryptocurrency is distinct from other cryptocurrencies such as Bitcoin, Ripple, and others in that it must be acquired via user contributions to the network. It can only be used to fund blockchain networks that are powered by the Steem cryptocurrency. It may, however, be traded for fiat currency if desired. To the contrary of Bitcoin or Ripple or other prominent cryptocurrencies, which are focused on the transfer of monetary value rather than social networking, it is a cryptocurrency dedicated to the democratization of social networks.



It is a sound concept in both policy and research, with a fully functional product on the market now and additional upgrades on the way. The Steemit social network has seen continuous growth in its user base, and the concept of users earning money by sharing their material is one that has elicited a great deal of favorable response. In spite of the fact that Steem is volatile at the moment, the demand for it is expected to grow in time, thus making it one of the most popular networks and a good long-term investment opportunity.