Steem.it is one of the blockchain-based social media platforms where anyone can earn rewards by posting relevant content, select, organize and look after the quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest.
Over the past week Steem, an internal currency of the Steemit social media platform had a downfall of about 19%. The value of the coin dipped from $1.63 to $1.31 recently and the steem has fallen by almost 5% over the past 24 hours. The Basic Attention Token a decentralized ad exchange platform based on Ethereum was the strongest performer according to the ranking on Coinmarketcap and steem’s 36th place ranking seems to be a threat now.
The social media platform coin had seen growth in July as the value hiked to 61% over the course of three days between June 29th and July 1st. The July high of $1.86 had another spike in April of $4.62 and the daily volume at this time reached $150 million which is far more as compared to today’s volume of $1.5 million almost 1% of that recorded in the April peak. The price during January’s peak was $8.01, which leaves Steem in the uncomfortable position of being 83% in the red over the last seven months.
The Steemit team had given the hint of ‘Hardfork 20‘ to overhaul some of steemit systems with the update with the vision to: “…create a system that 1) more efficiently allocates blockchain resources; 2) more accurately measures the true cost of running the blockchain, and 3) enables Steem developers to create more predictable user experiences.”
There are currently three internal currencies on Steemit – STEEM, Steem Dollars (SBD) and Steem Power. Both STEEM and SBD can be traded in and out of the platform, while Steem Power represents ‘locked in’ funds, which measure network influence. Steem Power can only be withdrawn incrementally over a period of three months.
The Steem coin’s has seen a poor performance in the recent times and this has extended the after effect as well. Since the Steemit platform operates on the blockchain, the platform expands or contracts in value along with its primary currency – STEEM.