Steem (STEEM) plunges -1.73% on December 11-12
December 12, 2017 - By Adrian Erickson
Steem (STEEM) had a bad 24 hours as the crypto declined $-0.03 or -1.73% trading at $1.69. According to Global Crypto Analysts, Steem (STEEM) eyes $1.86 target on the road to $3.98. STEEM last traded at BitTrex exchange. It had high of $1.80 and low of $1.61 for December 11-12. The open was $1.72.
Steem (STEEM) is up 103.13% in the last 30 days from $0.83 per coin. Its up 28.08% in the last 100 days since when traded at $1.32 and the annual trend is up. 200 days ago STEEM traded at $0.96. STEEM has 99.69 million coins mined giving it $168.54 million market cap. Steem maximum coins available are 99.69 million. STEEM uses algorithm and PoW proof type. It was started on 04/07/2015.
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.