Steem (STEEM) Achieves Market Cap of $1.56 Billion

#Steem (CURRENCY:STEEM) traded up 3.5% against the U.S. dollar during the one day period ending at 16:00 PM Eastern on January 28th. During the last week, Steem has traded up 31.7% against the U.S. dollar. One Steem coin can now be bought for about $6.32 or 0.00053957 BTC on popular exchanges including #Poloniex, #HitBTC, OpenLedger DEX and Upbit. Steem has a market cap of $1.56 billion and approximately $68.05 million worth of Steem was traded on exchanges in the last day.

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STEEM is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its launch date was July 4th, 2015. Steem’s total supply is 264,548,250 coins and its circulating supply is 247,574,156 coins. Steem’s official message board is steemit.com/@steemitblog. The official website for Steem is steem.io. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here.

According to CryptoCompare, “Steem.it is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest. There are three main currencies in Steemit: Steem, Steem Power (SP) and Steem Backed Dollars (SBD). Steem is liquid and can be bought in an exchange and converted into steem dollars or steem power. Steem Power is basically Steem that is locked in a vesting fund for 3 months. Users can use steem power to upvote content and get curating rewards. When a user upvotes content his steem power gets depleted and then slowly regenerated. Steem Power holders recieve interest from their holdings. The more Steem Power a voter has the more revenue he'll generate for himself (in form of SP) and for the content creator (In SBD). There is also an incentive to upvote content early, as the rewards are distributed according to time. The earliest votes gets the biggest share of the reward. Steem Backed Dollars are there to protect content creators from volatitlity and can be traded for roughly 1 usd worth of steem, in order to cash out from steem. Converting Steem backed dollars into STEEM takes 5 days. Users also recieve interest from holding SBD. T Steem is a proof of work currency with a scheduled blocktime of 3 seconds. Steem PoW mining is done in rounds of 63 seconds by 21 miners (witnesses). 19 of the miners are pre voted, one is the other with the most computational power, and the last one is selected from a queue of witnesses that did not get on the top 19 voted witnesses. 90% of the block reward is allocated to a vest fund to reward curators and PoW miners, the other 10% are made liquid in the form of steem and are used to reward content creators. Steem gets converted to Steem Backed Dollars and sent to the content creator. “

Buying and Selling Steem

Steem can be traded on the following cryptocurrency exchanges: HitBTC, Poloniex, Bittrex, Upbit and OpenLedger DEX. It is not presently possible to purchase Steem directly using US dollars. Investors seeking to trade Steem must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, #Coinbase or GDAX. Investors can then use their newly-acquired #Ethereum or #Bitcoin to purchase Steem using one of the aforementioned exchanges.