The Steemit platform continues to gain mainstream attention as of late. After seeing its user base increased spectacularly over the past few months, the value of the native Steem currency has taken off as well. Just yesterday, it became apparent this social media currency saw a 1,000% value increase in the span of one week. But looking at the charts, the price increase is not over just yet.

Decentralized social media platforms are a novelty in the world. Rewarding users to post, vote and comment on social media is something that has not been tried before. Albeit there is always a risk of allowing for comment spam, Steemit is doing a good job of culling the weed from the chaff.

The Soaring Value of Steem

The community behind Steemit has shown their appreciation for the platform as well. The number of active users continues to grow, and the platform’s currency soars in value. Steem, which is the native currency of the decentralized social platform, saw a 1,000% value increase in the past week alone. This news came exactly one week after the platform issued 10% of all Steem in circulation to its users.

It is no secret the social media platforms most people use today are not rewarding users in any way. In fact, companies such as Twitter and Facebook are making money on behalf of their users. But the users themselves never see any money making its way to their own account.

Steemit CEO Ned Scott told Fintechist:

“People are recognizing the vast potential of a community-operated social networking platform. The Steemit team has created an online hub where users can monetize their time and their energies and share in the profits like never before. Before Steemit, consumers gave away their efforts for free, uploading thoughts, blogs and other content to everyday social networks; now they can do it and get truly rewarded for their participation. With Steemit, the market forms around you.”

If this trend continues, Steemit may become the largest cryptocurrency project in the world. Considering how it was only launched three months ago, the progress has been significant. Moreover, the valuation of the Steem tokens has surpassed everybody’s wildest expectations.

The Steemit blockchain is currently handling hundreds of thousands of USD in daily trading volume. Every single transaction, post, and upvote are visible to the public in real-time. What sets this blockchain is apart is the removal of transaction fees when using the Steem currency.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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