Coin discovery: Steemit - STEEM
Project Info and Use-Case:
Steemit is a blockchain-based social media platform founded in 2014, where users can create and publish their content and get rewarded for it, in cryptocurrency (STEEM).
However, unlike any other social network, Steemit is based on a blockchain, which allows it to run in a decentralized manner, meaning, with no censorship, no central authority, no downtime, no data vulnerability, and no data abuse.
On Steemit users get paid based on how many votes their posts or comments receive. The higher amount of votes, the higher the payout, however, votes are only worth as much as the Steem power (Voting power) of the account, meaning that a ‘like’ from an account with really high Steem power will guarantee a higher reward than a weaker one.
The Steemit platform has three different cryptocurrencies on its blockchain:
Steem - The main cryptocurrency, tradable on exchanges for other coins, and currency in which part of the rewards on the platform are received,
Steem Power - ‘Voting power’ that the user will have on the platform. The higher it is the more payout will be received from posts liked or shared by such account. Part posts' payout is usually paid in Steem power. Steem power is locked into your account, and can be unlocked through ‘Powering down’; a process through which the equivalent in Steem is withdrawn from the account over several months.
Steem Dollar - Steemit equivalent of a stable coin. It’s always pegged to the value of $1, and can be used to rewards curators or posts in the platform and received as a gift.
Coin type: Proof-of-capacity (PoC)
Market Cap Avg: $97,486,263.77 USD (27,310.52 BTC)
Volume Avg (24h): $3,902,896.27 USD (1,093.39 BTC)
Circulating Supply: 315,179,636 STEEM
Max Supply: 332,153,730 STEEM
Additionally, Steem ($STEEM) has been in existence since 2013, and its use-cases and adoption have been growing ever since. The following are some of the exchanges on which Stratis is listed: Binance, Bithumb and Bittrex .
Coin Correlation Analysis for Portfolios:
>Steem (STEEM-USD) showed a weak correlation of 0.32 with Bitcoin (BTC-USD) over the last 30 days, increasing further to 0.50 over the last 14 days, probably due to the market trend. Steem’s volatility has been on average around 15.48% daily, and only 6.12x higher than Bitcoin’s (2.53%).
>Overall: Preferred in either Bull or Bear markets . Higher lucrative potential than large caps, such as Bitcoin. Due to the coin’s correlation and volatility, it can be a potentially lucrative asset for your portfolio.
TA (See Graph):
Published and Edited by: Matteo Poole - Head of Market Development at Yanda.io.
Disclaimer: Please keep in mind this is not financial advice, but just an argumented opinion, so don’t treat it as such.
Join the discussion on: