Steemit Crypto Academy Contest / S8W5 - "Let's Think About Steemit's Future"

Hi, This is Asad Fazal from Pakistan. I hope everyone here is fine and enjoying their life to full. Today I'm here to take part in the Season 8 Week 5 contest held in SteemitCryptoAcademy. The topic decided by the team is Let's Think About Steemit's Future. Why we should all participate in this contest because it will let us share how we can grow Steemit and reach it's maximum supply. The Steemit team will get idea what users want and their vision. It will surely help Steemit grow and do more partnerships. So let me share my view!

Steemit is a social media decentralized platform that was build on STEEM blockchain. Users here can create content and share it on other social media platforms like Facebook, Twitter, Instagram, Reddit etc. It is not like traditional social platforms but here the content creators and curators both get rewards in the form of cryptocurrencies STEEM, TRX, SBD, and SP.

The platform was the idea of Ned Scott and a blockchain developer Dan Larime. They both decided to build Steemit in 2016 to change the world of social media content creation. The platform works differently because it works on Proof of Brain (PoB) consensus where users are allowed to create content and curators with the help of Steem Power vote them and both can earn rewards.

To earn maximum on the platform, a user must create quality content and get high weight upvotes from reputated users of the platform. The more high weight upvotes you get, the more you can earn STEEM and TRX cryptocurrencies in reward.

STEEM coin is a native token of STEEM blockchain that is used to reward users who create content on Steemit platform. It's value depends on demand and supply mechanism that is used for most cryptocurrencies. Everyday the Steem coin is minted and new blocks are generated on the blockchain by witnesses. The top 15 witnesses validate the block and new STEEM token is added to the network.

The amount of STEEM coin generated every day is distributed among validators, SP holders, content creators and curators. In this way, the platform works and STEEM coin is generated and distribtued among users.

How Does Steemit Makes It's Money

Steemit makes it's own money from the platform by keeping small amount of rewards from each content created on the platform. Also they take small rewards from the curators also. Another method is the marketplace of Steem that let users to convert STEEM to SBD and SBD to STEEM. During the conversion, a small fees is applied that directly goes to Steemit platform and is used by the team.

The SC accounts from 01 to 09 also earns from curating user's posts. The delegation is a way but it is for users not for the Steemit team to earn. My recommendation is to either delegate SP to good community accounts instead of wasting them by giving to #tipu or #upvu because they keeps your TRX rewards and only give you few STEEM in return. If a user converts all STEEM to SP, he will himself get more influence on the platform and can earn more.

Currently the price of STEEM is $0.2162 on Coinmarketcap and the coin is ranked on 289 number. The total marketcap of STEEM is $93,114,895.

What I understand by seeing STEEM stats is it's marketcap is very low and we all know Whales usually go with low marketcap coins with good fundamentals and STEEM is one of them. It's marketcap is low and the team is working hard to grow it and do more partnerships. I think the price of STEEM can skyrocket anytime. In my opinion, it's price will cross $1 mark in this year if 2-3 big whales with millions of dollar invest in it.

We have seen Bitcoin went to $69k which was the All-time high of it and 70-80% of the cryptocurrencies did their All-time high at that time. At that time Steem coin crossed $1 mark but it's All-time high was of $6.9952. It seems hard for Steem to cross or even touch it's All-time high again but who knows it will when BTC cross $100,000 mark. It all depends on the market conditions and investors ready to invest their money in a crypto project.

I can sense bullish trend on STEEM because of it's low marketcap and good fundamentals. It has strong background and team with actively participating users working on the platform to create quality content. Another good thing is most of the users are holding their STEEM and SP instead of withdrawing it so I think it will surely skyrocket in coming days or months.

As I said above, STEEM coin currently have very low marketcap which is the attractive part for whales and investors. The reason is with few millions of dollars it price can be doubled and whales are always looking for such coins. I think STEEM coin is the good for investment now. An investor needs to wait till new bullrun and his investment will be doubled tripled or even 4x to 5x times. Depending on the money flow in the cryptocurrency, its price increase so we can't predict STEEM for next bullrun. It may do 2x or even 10x.

Also the price of STEEM and other cryptocurrencies is highly affected with the BTC movement because BTC is the king of cryptocurrencies. If the BTC price cross $69k mark and do a new All-time high, then it is confirm that mostly coins will do their new All-time high or will go near old All-time high.

STEEM to reach maximum supply

There are few ways that will help STEEM coin reach it's maximum supply. First way is to bring maximum traffic mean users on the platform who invest here. It is like the more the demand is the more supply will be required so if traffic increase, the demand increase and more supply will be required that will help reach maximum supply.

Another way to reach maximum supply of STEEM coin is by setting 25% rewards burning made compulsory for every user on the platform. Currently they are few users who are setting 25% burn to null account that burns all of the STEEM that goes to it. But it is important to set every user to set on their eachpayouts to 25% burn and it will help reach maximum supply easily.

There are few points I would like to mention in order to attract more investors on the platform. These points are helpful if applied correctly.

1. More Partnerships

Just like Steemit team did partnership with Justin Sun and added TRX in the payouts, they now need to do more partnerships not for adding rewards but for the development of the blockchain and platform. They need to allow interaction of other blockchains with Steemit blockchain so that more users can join the platform.

2. Improve Functionality

It is my view that Steemit team must add more functions to the platform and improve the overall UI/UX so that Steemit looks more attractive to new users and investors. It will help in building trust with investors. Team can add more tools on the platform and can redesign or enhance the layout of the editor and website. By adding more useful features and enhancing layout, Steemit will become best place for content creators and curators.

3. Improve Security

Another important point is to improve the overall security of Steemit platform. There are many ways to authenticate users instead of long passwords like face, finger, or voice recognition. Memorizing long passwords is hard and keeping them in browser or system is highly risky because the internet is not yet strong and each user can left open door for hackers. So I think there must be new methods for authentications for Steemit wallet and logins.

4. Innovations

I think Steemit team must now think about NFT or Gaming features for the platform. Because NFT is the most invested thing in 2022 and will remain in 2023. Moreover, if team can bring more innovations like Artificial Intelligence (AI) on the platform, it will surely attract investors because the current and next few years will be of AI. So yes it is very important point to be considered.

STEEM coin has great future if some changes are applied this year and new partnerships and features are added. Once the coin get's viral, no one will be there to stop it and price can easily skyrocket to break it's old All-time high. I think we must all together work for the development and growth of the Steemit platform because it is the first Social media platform that is rewarding it's content creators and we must use it wisely.

This is all from me for the "Steemit Crypto Academy Contest / S8W5 - "Let's Think About Steemit's Future"". I invite @samminator, @malikusman1, @steemdoctor1, @simonnwigwe, @preye2, @lavanyalakshman, and @theentertainer to participate in this contest and share their view for the growth of Steemit.