Steem (STEEM) Reaches Market Capitalization of $1.27 Billion Posted by Caroline Horne | Jan 30th, 2018
Steem (CURRENCY:STEEM) traded down 13.9% against the US dollar during the 24-hour period ending at 12:00 PM ET on January 30th. Over the last week, Steem has traded 20.6% higher against the US dollar. Steem has a total market capitalization of $1.27 billion and approximately $39.91 million worth of Steem was traded on exchanges in the last 24 hours.
One Steem coin can now be purchased for about $5.14 or 0.00049433 BTC on exchanges including OpenLedger DEX, HitBTC, Upbit and Poloniex.
Here’s how similar cryptocurrencies have performed over the last 24 hours: Get Steem alerts: Bitcoin (BTC) traded 7.6% lower against the dollar and now trades at $10,490.30 or 1.
BTC.
Bitcoin Cash (BCH) traded down 6.9% against the dollar and now trades at $1,562.78 or 0.15035100 BTC. PACcoin (PAC) traded down 5.3% against the dollar and now trades at $0.
0001 or 0. 1 BTC. Counterparty (XCP) traded 10.
4% lower against the dollar and now trades at $50.72 or 0.00488294 BTC. Namecoin (NMC) traded down 4.
5% against the dollar and now trades at $3.70 or 0.00035643 BTC. Crown (CRW) traded down 11.
4% against the dollar and now trades at $3.08 or 0.00029620 BTC. Unobtanium (UNO) traded 5.
2% lower against the dollar and now trades at $123.18 or 0.01185920 BTC. ATBCoin (ATB) traded 6.
1% lower against the dollar and now trades at $0.52 or 0.00004966 BTC. CHIPS (CHIPS) traded 1% lower against the dollar and now trades at $0.35 or 0.
00003348 BTC. Terracoin (TRC) traded down 5.2% against the dollar and now trades at $0.27 or 0.
00002634 BTC.
About Steem
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 264,681,489 coins and its circulating supply is 247,707,395 coins. The official message board for Steem is steemit.com/@steemitblog . The official website for Steem is steem.
io . The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here . Steem’s official Twitter account is @steemit and its Facebook page is accessible 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: Poloniex, OpenLedger DEX, Bittrex, HitBTC and Upbit. It is not possible to buy Steem directly using U.
S. dollars. Investors seeking to acquire Steem must first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Changelly or GDAX.
Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the aforementioned exchanges. Receive News & Updates for Steem updates for Steem and related cryptocurrencies CryptoBeat newsletter . «.
