Review on Steem by Othere Obtentus
Decentralized social networking
Steem coin is the cryptocurrency of Steemit — a blockchain-based social network site established in 2014. Steemit is comparable to Reddit, because people can construct and upload their media content and get compensated. There is, though, one big distinction. Unlike every other social network, Steemit is built on a blockchain that enables it to operate in a decentralized environment. Steem coin is a fundamental cryptocurrency of the Steemit network, and its other two cryptocurrencies Steem Dollars and Steem Power are dependent on it.
Steem claims 3 second block times and reflects this by smoothly handling 1000s of transactions from a user base of over a million in Steemit. To put this into context, the more commonly established blockchain Ethereum has a block speed of around 15 seconds. The Steem blockchain is designed using the infrastructure of the Graphene database. Graphene allows the capacity to handle thousands of transactions per second.
Steem has proved to be a pioneer in the crypto currency community and is among the most efficient and scalable blockchains available.
Pros
- Blockchain based social media platform
- The Smart Media Token is useful to web developers who do not have the ability to build and handle a custom token on their own
- The Steem network functions to promote the use of Steem boosting interest for the STEEM token
- Reward users for publishing content in Steemit and interacting.
Cons
- The concentration of STEEM ownership in the hands of a few large miners
- The Steemit platform is ripe for manipulation by deep pocketed users who buy influence
