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

Hi guys,
Welcome to my blog once again. It is week 5 in the steemit engagement challenge for season 8 and I'm delighted to share with you all my understanding of the topic under review. This week the topic about steemit future.

Every steemian wishes to see the future of the platform gets better because he/she will also benefit greatly from it. To hear my view on the said topic, I will be attempting the questions below. Let's get started without further ado.

What is Steemit And How Does It Work

According to Ned Scott who happens to be the former CEO of steemit in one of his interviews with Naomi Brockwell where she wants to make a video of what is steemit, she asked the CEO what the platform was all about even after she joined it but she didn't have the full knowledge of it.

Ned Scott defines steemit as the first social media application to reward its users with cryptocurrency. This implies that as a blogger who shares content in other applications like Twitter, Facebook, etc, you have the opportunity now to get rewarded for your hard work through the steemit platform.

To me, steemit is a decentralized application that is built on the steem blockchain to provide users the ability to monetize their activities within the platform. As earlier said, you get rewarded for creating and sharing valuable knowledge on the steemit platform.

The steemit platform works based on a mechanism called PoB. Proof of Brain is a consensus mechanism that implies that every user should share knowledge based on their understanding of a particular topic as there is zero tolerance for plagiarism on the platform.

When you share quality content on the platform, your audience who have read through your post will like it through a process called upvote, and at the end of 7 days, your post will payout in Steem, SP, SBD, and TRX.

This means that, when you write a post on your blog and post it, it is sent to the steem blockchain where which is made up of nodes across the world. These nodes are the witness on the steem blockchain and they must verify every of your transaction within the steem ecosystem and add it to the CMS in the database.

The witness takes note of your blog post, comment, and username and validates it before it is added to the steem blockchain. This is what happens anytime a user is posting, comments, or performing other activities with the platform. It has to be validated and approved by the various witness or nodes.

To create an account on the steemit, all you need is to provide the required details for your account creation because it is completely free. To sign you can follow the Link

Once you follow the link you will be directed to the page above. Just click on sign in and then fill out the form that comes next. You don't have to pay while creating an account. You only need a valid phone number, an email address, and a username.

What Is STEEM Coin And How Does Steemit Make It's Money

Steem coin is a cryptocurrency just like bitcoin. It is the native token of the steem blockchain that is used to reward all the applications on the steem blockchain and steemit is one of the many applications.

Steem coin is used in steemit to reward content creators and also give them influence in the platform whenever they power up their steem. Powering up steem means staking the steem. The higher your stake the higher your influence over the post-payout.

Those with a higher stake, vote on other people's posts and earn curation rewards. So the steem coin when converted to SP helps you earn more.

How Does Steemit Make It's Money

Steemit as a platform makes its money in several ways. The few ways through which steemit makes its money include transaction charges, staking of steem, and delegation.

Steemit makes its money through transaction chargers whenever a user sends and receive coin. A little charge is attached and also in the internal market of the steemit platform, transactions of buying Steem with SBD also have a little charger on them and that goes a long way to generating money for steemit.

Another means used by steemit to make money is through the staking done by users. Staking as we all know is a process by which we power up our steem providing liquidity for the platform. In this way, those who have powered up their steem receive an APR of a certain percentage based on the amount of SP they are holding.

Delegation is another great way in which the platform makes money. When we delegate our SP we are gathering it from a bigger curation account which we use to upvote different users. This is also a means of providing liquidity as you are also staking that SP for the growth of the platform.

What Is The Current Price Of STEEM At Coinmarket. Explain Your Understanding Of what You know About This Current Price And The Situation Surrounding It.

At the time of performing this task, the current price of steem at the coin market cap is $0.2143. Based on my analysis, the current price has a significant increase of about 4.99% when we look at the price for the last 24 hours.

^{Screenshot from coinmarketcap}

From the information on market cap, in the last 24 hours, we have steem at its lowest price of $0.2006 and the highest price it went to is $0.2156, this is a clear indication that the price had an increment in the last 24 hours.

In the situation surrounding the price of steem at the moment, bitcoin, and ethereum played a significant role. Based on the coin market cap, bitcoin also had an increment of 3.62% which also affected steem positively. We all know that Bitcoin being the lead cryptocurrency influences the price of another token with its movement.

Whenever the price of BTC goes up, most of the cryptocurrency if not all goes up with it and that is the reason we have seen steem raising in the past 24 hours due to the raise we have seen in BTC.

Is Steem Coin Good For investment? As A Crypto Analyst, What Can Be Done For STEEM Coin To Reach A Maximum Supply And Becomes Top 100 Crypto Currencies In The World.

Every steemian will tell you, yes that steem coin is good for investment. Now, most people who are not steemit users may have different views. In my opinion, it's a good coin for investment if you are a steemian or when you stake it in the steemit platform and not in exchange.

I have said this because it becomes a good investment if it is increasing and not just locked up in some exchange where we only wait for the price to appreciate. When you use it as a staked token on steemit, you upvote with it then you can earn a curation reward and that will keep increasing your asset.

For steem to reach maximum supply and become top 100 cryptocurrencies in the world, we need to pump more money into the project. What I mean is that we need more investors and also we need to support all the techniques used to stabilize the price which includes the burnsteem25 and the /promote steem campaign.

With this, the value of steem will raise significantly. This will make the steem token enter the list of the first 100 cryptocurrencies in the world when it comes to ranking. The price also will appreciate when the maximum supply is reached.

More also, the steemit platform can include an auto burn of 25% to every post payout of users since not everyone supports the burns-teem initiative. Another way is to promote the token and encourage many to use it for transactions and then more people will be aware of it.

How Can We Do To Solidify STEEM Offering In Terms Of Technology And Operating System Inorder To Attract More Investor

To attract more investors, the steemit team has to do more work better than what they are doing today. We know the task has not been an easy one but we need to push more to first create awareness and also show people that steem is for a better life.

Charity work

One of the major ways to attract investors to the platform is to do charity work. Aside from the world smile project which is handled by a few, I think the steemit is supposed to handle a charity program that will touch the lives of people in every part of the world where steemians are present.

This can be done in two countries twice every year. Instead of trusting an individual with funds, they can trust a group with it and send a representative to supervise the project and be sure that it was used as proposed. In this way, more people will want to invest in it because it touches the lives of others.

Promotion

Another way to get investors is via promotion. We are aware that not many people know much about steem and steemit as a platform. Here the steemit team needs to get a team of promoters who can saddle with the responsibility and also empower them in different parts of the country to help advertise the platform.

When people are carrying out promotions, there should be a fund for that and not them using their money for it. So give out some funds and then supervise the entire process and see if you won't get maximum output.

Improve reward system

What encourages people more is the reward system. Over the past few months, I have noticed that rewards are centered on a few users. Steemit is supposed to sort out ways to distribute rewards in such a way that at least everyone who has done a little effort can gain from it.

But the reverse is the case as most people especially the newbies and even those who have dedicated most of their time to the platform don't get good rewards. The pattern for booming support should be adopted for all the SC01-SC09 accounts. No user should receive more than 3 votes from this account every week. This will motivate other users and they will happily be on the platform and even invite others.

Partnership

Just like the partnership that took place a few years ago between the steem blockchain and TRX blockchain, more partnerships should be encouraged. Today TRX users are all on steemit which has increased the awareness of steem in no small way. So more of these partnerships should be encouraged to get in more investors.

Conclusion

The future of the steem and steemit is bright. If we take into proper consideration a few of the points I have listed above, we will be sure to experience very significant growth in the platform in no distance time. I want to finally say we all need to work to make steem and steemit better hence everyone should do what he/she knows how to do best. I want to finally invite @nahela, @wilmer1988, @fantvwiki, @msharif and @chant to also join the contest if they have not presented their entries.