While Steem recently became the third-largest digital currency, with a market capitalization that exceeded $ 400 million this month, some experts were skeptical Steem, and expressed doubts about its economy.
The market capitalization of the digital currency rose in July, rising by more than 2000% from $ 17.9 million to $ 411.9 million. The price of digital currency has risen more than 1,800% during this period, rising from $ 0.24 to $ 4.63.
For newcomers to digital currency, it is possible to get Steem, simply publishing content in social networking media platform based on technology blokcheyn called Steemit. When users publish a popular and interesting content, and depending on how the rest of the vote for the content, they get a certain number of tokens Steem.
Developing such a platform, the creators Steemit, want to allow users to earn rewards for the content they create.
The concept is interesting, Joe Lee, co-founder and CIO of digital Magnr trading platform, said:
Will steem successfully used as a digital currency, or is it rather a reflection Steemit media platform success. This is a good example of digital currencies, the value of which is closely linked to its utilitarian value as a social network for the exchange platform.
Some market observers have expressed concern that Steem can be another Ofer or pyramid scheme. But the creators Steemit, responded to the criticism, the fact that they built some safeguards in the system to provide users with more incentive to keep their badges steem.
This innovative approach steem, helped him rise above the vast majority of cryptocurrency and become the third largest in terms of market capitalization, but only time will tell whether this business model is stable. Up to this point, the digital currency, most likely, will not attract enough attention, but many market observers, will still look closely, for the fact whether such an approach is sustainable