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ExtraTorrent.cc > Articles > New Digital Currency Backed by Social Media Grew 10-Fold in Value

New Digital Currency Backed by Social Media Grew 10-Fold in Value

New Digital Currency Backed by Social Media Grew 10-Fold in Value

Added: Wednesday, July 13th, 2016
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ISP, Download, BitTorrent, MPAA, RIAA, copyright-infringement, file-sharing, Torrenting
Steem is one of many digital currencies around these days – the only difference from many others is that it is backed by the social media website Steemit. The currency soared 1000% in value to more than $150m just 2 weeks after Steemit first paid people who posted on its website.


The new social media site rewards or pays users who publish content appreciated by the site’s participants. By the way, content on the website is not limited to digital currencies, so you can post various topics from cooking to traveling. The reward is provided in the form of the steem currency. Steemit’s CEO calls it “an incentivized social media platform.” The currency’s market cap is over $150m, while in the beginning of July, when Steemit first paid users, its value was only $13m. Overall, Steem is the 5th-largest digital currency in terms of market cap. Industry observers noted that digital currencies have attracted many investors as they represent a mechanism to transfer assets without a third party or clearing agency. The steem currency can be exchanged for Bitcoin within the platform and then used to pay for goods or services or be held as an investment.

The new social media platform operates just like Reddit or Facebook, encouraging users to post and share materials. The only difference is that Steemit is also powered by blockchain – the technology that digital currencies such as Bitcoin are built upon. Steemit was launched on an experimental basis in early May. The currency is created solely by the platform’s blockchain, whereas Bitcoin is generated through mining – solution of a set of complex mathematical problems. It was announced that the platform had a “superangel” investor who helped it get off the ground and raise funds from institutional investors.

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Date:  Wednesday, July 13th, 2016

Comments (3) (please add your comment »)

posted by Trusted UploaderSite FriendET loverSupermanKitty (2016-07-13 21:25:43)
SirSeedsAlot avatarBecause their goal is to give everyone money, not to take yours.

posted by Kitty (2016-07-15 01:03:28)
redbull99 avatarlol at no 1. its good like that. you see when people who have tonnes of money are comfortable with what they have and know that they are set for life. trying to help others get to that is a good thing. sadly not many people like that exsist.

posted by (2016-07-16 01:21:57)
Solcis avatarSteemit will become a Cleveland Steemer before long. Just you wait.

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