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Steem Token Explained. Should you invest in Steem in 2018?

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The Steem token in the powers its content publishing platform, Steemit; a blogging website powered by Blockchain Technology.

Decoding the Blockchain powered Blogging platform.

Introduction

The cryptocurrencies are undoubtedly changing the face of financial industry though it’s amazing applications. Although Satoshi Nakamoto, wouldn’t have expected the growth of cryptocurrencies at this scale, during the invention of Bitcoin in the year 2009. In the Bitcoin Whitepaper, it was mentioned as a peer to peer electronic cash system which would completely eliminate the centralized authorities and physical currencies. Bitcoin was one of the most successful digital currency of its time as the other digital currencies were not secure and scalable enough to support the Global community. Achieving Consensus between communities of such higher scales were considered to be highly challenging without a Centralised authority, but Bitcoin proved then wrong. Let us read about Steem token and its uses.

Steemit and the Steem tokens

The Steem token in the cryptocurrency domain is the one which powers its content publishing platform, Steemit. Steemit is very similar to other blogging websites such as Medium, WordPress, or Reddit but the only prominent difference is that the website is powered by Blockchain Technology. The technology is so powerful that theoretically it is estimated that it is scalable enough to host the whole internet.

 

The Steem tokens are used to reward the users of the website which helps in its development. The Steem tokens are not mined as usual but are awarded to its curators, content creators, and Power Hodlers. Here creators are nothing but bloggers, photographers, artists, poets, etc who constantly contribute for the platforms improvement. The mechanism is precisely known as Proof of Brain Concept.  

 

Further insights

The creators receive a reward in developing better content, which is observed by receiving upvotes, in the form of the Steem tokens which can then be traded with the traditional Fiat currencies on exchanges like OpenLedger, Changelly, and Bittrex.

The Steem tokens don’t have any fixed circulating supply and the inflation rate is fixed at 100% per year. The Steem tokens are a form of Smart Media Tokens or SMTs which can effectively be traded for other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. The SMT tokens share much of the attribute of the ERC20 tokens.

D.tube

The Steemit community even has another service to offer to its customers. D.tube, which is considered to be very similar to YouTube, is Blockchain based and the users can realize the difference between the traditional video publishing websites and D.tube, as the amount of money earned is also displayed beside the post apart from likes shares and comments.

Loopholes in Steemit?

However, the Steemit community is accused of posting plagiarize contents on their publishing website. The irony seems to be reaching highest levels when the original content doesn’t receive much appreciation and income than the copied versions of it. It seems that the users are concentrating more towards earning money and not maintaining the overall sanity of the project.  

 

Is it a suitable option for investment?

The token had lost its value and fell to almost $0.14 in the early months of 2017. However, the steem tokens are evaluated to be trading around $1.03 currently. However, in December 2017, the prices of the tokens reached $4 marks along with a sudden rise in its market capitalization. The investors have a firm belief in their skilled and open-minded developers and hence the community looks futuristic. They are most suitable for a long-term investment if their proposed roadmap is successfully implemented.

However, in this highly unpredictable Crypto space, the development of the Steemit community is absolutely uncertain. Since the content publishing project is decentralized and completely based on the market forces of demand and supply, any prediction by the cryptocurrency professionals can’t be 100% accurate. Therefore, it is up to the Investor’s responsibility to make sure to conduct an effective background check on the Steem tokens. The disclaimer section of The Steem token in the powers its content publishing platform, Steemit; a blogging website powered by Blockchain Technology.must be given the top priority while doing the research, as this is the place where most of the prominent points are jotted.

Conclusion

The world requires a single Global cryptocurrency which would completely eliminate all the intermediaries and also the transactions as well as Forex charges. With so many cryptocurrencies competing with each other, to become the Global Currency. Some of the prominent currencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin have higher odds of becoming accepted in a globalized manner.  However, based on their functional structures, the cryptocurrencies can be used in different domains. But one thing is for sure that the cryptocurrencies, still have ample of time to prove themselves, as the cryptocurrency market itself is in its initial stages.

#Blockchain

Johnny Depp partners Ethereum Dapp Tatatu

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Johnny Depp the top Hollywood actor has partnered with a Blockchain Startup Tatatu which is a platform similar to Netflix.

Johnny Depp the top Hollywood actor has partnered with a Blockchain Startup Tatatu which is a platform similar to Netflix. The platform is run on the Ethereum Blockchain and its native token is TTU.

 

Johnny Depp stated:

“In this era of democratized entertainment, I admire the imaginative ethos of Andrea and look forward to collaborating together in a liberating, progressive manner that will befit the principals of our respective entities,”

The partnership will be based on the adaptation of a book named “Waiting for the Barbarians” which is chosen by Penguin.

On the partnership, Andrea Iervolino; the founder of the Tatatu Startup stated that

“Johnny has the ability to conceptualize material in a way that few can, and is unburdened of conventional industry formulas that dictate the projects that get made, traditionally,” Iervolino said before adding, As we make strides to embrace disruptiveness, Johnny Depp will be a key collaborator with us and we are tremendously excited to back his visions and instincts on stories to bring to life.”

 

What is Tatatu?

The Tatatu Blockchain platform aims to implement the Ethereum Smart Contracts for digital rights management with the native token TTU which is used by advertisers, viewers and content producers.

The Tatatu Startup raised more than $50 Million during its presale.

This collaboration with “Waiting for the Barbarians” is the biggest partnership yet for the platform.

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Forbes moves to Blockchain.

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Forbes has joined Civil keeping in mind the end goal to guarantee that no third party can evacuate or change its published content.

Forbes has joined blockchain journalism network Civil keeping in mind the end goal to guarantee that no third party can evacuate or change its published content. The business magazine will likewise try different things with new techniques for peruser commitment in an organization with Civil.

 

Forbes Joins Civil Network to Expand Trust With Audiences

The game plan will make Forbes the primary significant media brand to publish content on the blockchain-based platform intended to encourage a peer-to-peer exchange of significant worth among journalists and the audience keeping in mind the end goal to advance moral journalism. The biological system is empowered by the CVL token which keeps “tech goliaths and very rich person proprietors” from controlling the model, “counting where and how revenue is distributed”.

Forbes will try different things with the Civil platform as a way to build trust with audiences and evaluate rising chances, including extra revenue streams, as indicated by Salah Zalatimo, Senior VP of Item and Technology at Forbes.

“We are steadily centered around quick experimentation and execution with the goal that we can figure out what’s to the greatest advantage of our audience and what is next for our industry. Forbes and Civil accept enthusiastically in the mission of journalism, and together we can give audiences a level of extraordinary transparency around our content. We’ll likewise have the capacity to expand the reach of our writers and distinguish new revenue channels after some time.”

At the Civil platform, members can vote in favor of/against newsrooms that are being tested, acquire CVL for partaking, pay their most loved journalists with CVL, and convert CVL into money. Patrons are required to store tokens as a ‘stake’ so as to begin or back newsrooms, challenge terrible performing artist newsrooms, and advance to the Civil chamber.

The group behind Civil fabricated their professions at NYT, The Money Road Diary, BBC, The Gatekeeper, El Pais, NPR, The Atlantic, among others. The concurrence with Forbes is a point of reference for the task, said CEO Matthew Iles worked at ESPN in 2010.

“Civil’s central goal is to control maintainable journalism all through the world, and Forbes’ promise to routinely publish content on our platform is a noteworthy point of reference for our methodology. We anticipate working with Forbes as we associate with a more extensive audience keen on new, more straightforward approaches to find, offer and bolster moral journalism.”

Forbes is because of beginning publishing metadata of various articles to the blockchain by means of Civil in Q1 2019. The organization plans to start submitting metadata from the majority of its articles to Civil’s decentralized network sooner or later one year from now. The published metadata builds up the creator’s character and validity and in addition the master idea of taking an interesting source.

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Blockchain Might Be Key as London Starts to Transform Into a Smart City

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Workable blockchain solutions have yet to take their fully-fledged form. The London Smart Plan does not yet incorporate the nascent technology.
We thank Aubrey Hansen for this guest post.

According to public wisdom, China is leading the charge on the future cityhalf of the world’s thousand or so smart pilot projects come from Asia’s leading economic powerhouse. But London and its sitting Mayor Sadiq Khan may have something to say to this.

 

Earlier this year, Sadiq Khan unveiled plans to make London ‘the world’s leading smart city’ and bring the community’s tech enterprises closer together as a result.

 

It can be easy to forget that London is a big player in the industry. Innovation flows out of the city through 47,000 digital technology companies that call it home. Forecasts say there will be over 62,000 by 2026; make no mistake, the ideal testing grounds for a blockchain-powered smart city could be here.

 

 

London has a track record in pioneering technology

Local government body Transport for London (TFL) have staggeringly reached about 3 million contactless payments per day. Their model is now being shipped abroad, notably for use on the subway systems of New York and Boston.

 

This was a natural progression from Oyster cards, an innovative electronic ticket introduced in 2003 which has become synonymous with train and bus travel inside London. Now TFL is one of the most prominent contactless merchants in Europe and this lends credence to Mayor Khan’s claim that London could be the first to implement sweeping smart city changes.

 

It is not just the tech community at the forefront of adoption, but Londoners who have themselves been enthusiastic participants in the sweeping fintech revolution which has made the capital nearly cashless.

 

 

Talk of blockchain in the plan is scant, for now

Workable blockchain solutions have yet to take their fully-fledged form. It is unsurprising thus that the London Smart Plan does not yet incorporate the nascent technology.

 

This does not mean that it won’t be instrumental in transforming the way that London caters for its residents. If a working product comes to the table and is ready to be implemented, it can only then be considered.

 

Great benefits offered by blockchain technologies include offering the ability to share data widely without any concern for it being altered or stolen. Primarily, data can be collected, stored and analyzed in real-time without compromise on security.

 

It’s also fast – in fact, near-instant – with the potential to collect astronomical quantities of data every day and put it to use immediately. The sheer scope of the tech means that it could become the backbone of London as a smart city.

 

The Smart London Board will be monitoring distributed ledger technologies (DLT) carefully, as they have publicly recognized that innovations such as on DLT-based blockchain ‘can engage Londoners in how they want their city and city spaces to work’ and further ‘help councils, businesses, and designers co-design, deliver and manage city spaces collaboratively.’

 

 

Just how far off is a smart London on DLT?

Two startups have emerged with the most plausible networks for a smart city: Berlin-based IOTA has been predominant in the space until recently, while Chinese company CyberVein bill their network as one consisting of entirely decentralized databases.

 

Both projects are developing along the lines of DLT and blockchain, but each opt for a Directed Acyclic Graph (DAG) architecture. A major advantage of this tech is that it allows ledgers to be broken up into smaller parts on sidechains, which reduces the burden on the main chain and removes the need for users to store the entire network to make transactions.

 

This makes it theoretically possible to scale to many billions of data points which are critical; a smart London will gather data by the petabyte every single day.

 

CyberVein has stated it hopes to have a system up and running by the end of the year and indicate a main net launch could be forthcoming in 2019. IOTA share a similar timeline; their partnership with Volkswagen could come to fruition next year.

 

 

Widespread adoption is vital and London could play a central role

Should CyberVein, IOTA, or another project appear with a functional platform then the next step is persuading businesses and government bodies to adopt and implement.

 

The open-mindedness of London cannot be compared to the opportune regulation-lite offered by Malta and Liechtenstein on blockchain technologies. With a desire from its Mayor, tech community, and residents to move unerringly into the future, there is also a determination to do it right.

 

Mayor Khan’s rhetoric surrounding the future of his city, individually as a smart city, carries with it a latent message to the world of blockchain: London is ready, but only if you can bring a working product to the table.

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