Steemit, the world’s fastest growing decentralized social media platform, has completed a successful hardfork to modify the economic model and enhance investor accessibility.
The hardfork, which drew unanimous community approval, saw the inflation rate of the Steem token reduced and the Steem Power holding requirements curtailed from an average of one year to an average of one and a half months.
The move was applauded by the community and the network rallied to adopt the software. In a matter of days the trading value of the token rose in parallel with increased demand from short and mid term investors of Steem.
When the impending hardfork proposal was announced by the Steemit executive, the total market cap valuation of Steem rested at $22 million USD. The price quickly rose thereafter and kept climbing. In the hours following the hard fork, the market cap valuation of Steem jumped to over $50 million USD, an over 200% increase in less than three weeks.
CEO of Steemit Ned Scott said:
“Steem has hard forked successfully and now makes for an even greater blockchain currency. It is best in speed, scale and network growth, with a low and narrowing inflation over the next 20 years. Congratulations to the Steem community; all 19 of the top 19 witnesses and the majority of backups were upgraded well in advance.”
The top 19 Steemit witnesses all upgraded to Steemit version 16.0, meaning the hardfork was unanimously accepted and executed on time.
The platform is tested, verified, and functioning without issue, with more and more users creating and curating original content with the possibility of earning cryptocurrency rewards.
“Since day one, the Steemit team has been on a mission to create the best possible social media platform, one that embraces everyone’s contributions and censors nothing. The feedback we’ve been receiving from our growing total of users and unique monthly visitors continues to be excellent. We’ve also aimed to continuously improve our blockchain currency, improving its network effect, usability, reducing the inflation rate, one that is now trending towards less than 1%,” said Scott.
Steemit’s recent rise has come in the same period in which privatized social media giants like Facebook and Reddit came under fire for censoring and editing certain content, including the hiding of specific advertising demographics and the alteration of user comments.
Because Steemit is blockchain-based, blogs, comments, and posts can not be edited by power-hungry moderators or censored by an administration with an agenda.
Since the hardfork, all Steem holders will have increased liquidity, but the allocation of new Steem tokens to witnesses, content producers, and creators won’t change; that figure still sits at 9.5%.
Of the annual instantaneous inflation, Steem Power holders will receive 15%, with 10% allocated to witnesses and miners, and 75% to be given to authors and content creators.
The hardfork did not impact the functionality of Steemit.com, Steem Backed Dollars, or Steem Power, nor was there a change in the general powering down schedule or the powering down rate of the Steemit founders and developers.
“The only way to properly grow a business that leverages cutting edge technology is to be open, honest, and transparent with the community. We have always made ourselves available to answer any questions, and constantly evolved with community feedback, suggestions and advice to ensure we keep refining the best forum for bloggers, artists, photographers, writers, comedians, foodies, travel bugs, sports fans and anything in between,” added Scott.
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017
- Jaxx Allows First Crowdsale Participation with STORM Token - October 16, 2017
- Hyperledger Knits New Project – Hyperledger Quilt - October 16, 2017
- Legolas Exchange Partners With BanQix to Protect Institutional Investors - October 16, 2017
- MARK.SPACE Announces Launch Of Blockchain-powered VR-platform With Upcoming Token Crowdsale - October 16, 2017
- IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion - October 16, 2017
- Golden Alliance Coin Announces ICO – For Mining Gold - October 16, 2017
- Media Aggregator Esports Gold Announces $5 Million Ethereum Token Sale - October 16, 2017
- MinexCoin: Park the Volatility! - October 16, 2017
- Ambrosus Token Generation Event (TGE) Officially Cracks the Largest Blockchain Crowdfunded Projects in History - October 15, 2017
- Freedom Streaming Announces An ICO For The First Uncensored And Anonymous Live Streaming Platform - October 14, 2017
- MicroMoney starts a $30,000,000 token distribution campaign - October 14, 2017
- Announcing the First Members of the DataBrokerDAO Alliance - October 14, 2017
- STK Global Payments Announce Global Advisory Board – Token Sale - October 14, 2017
- Zilliqa Breaks 2,400 Transactions per Second with their ‘Sharding’ Blockchain - October 13, 2017
- Dappbase Launches High-Performance Infrastructure for Decentralized App Developers - October 13, 2017
- bitJob Raises $2 Million to Launch Decentralized Platform for Student Employment - October 13, 2017
- Particl Unveils Its Confidential Cryptocurrency Transactions - October 13, 2017
- Waves To Develop “liquid Democracy” Applications - October 13, 2017
- DECENT Updates Core – New User Issued Assets and More - October 13, 2017
- Dash for Dope – Digital Payments Platform Alt Thirty Six Selects Dash As Payment Method of Choice for New Retail Sectors - October 13, 2017
- Garvan Institute And E-nome Enter Strategic Alliance To Enhance Medical Research Data Management Through Blockchain Tech - October 13, 2017
- Moody’s: New Payment Technologies Pose Threat, But Incumbents Unlikely To Be Displaced - October 13, 2017
- ZAP Token Distribution Event to Begin October 21, 2017 - October 12, 2017
- AirFox Raises $15 Million in Successful ICO, Brings New Mobile Banking Solutions to Emerging Markets - October 12, 2017
- HydroMiner Token Sale Starts October 18th – Austrian Regulators Approve - October 12, 2017
- The SBM Group and SALT Technology Enter Exploratory Partnership to Collateralize Blockchain Assets - October 12, 2017
- ExHasta: Integrating and Empowering Innovators – Announces Token Sale - October 12, 2017
- Tech Veterans Set Up Global Public Offering Fund To Turn Top U.S. Startups Into Asia-Pacific Listed Unicorns - October 11, 2017
- ZenCash Partners With Welto to Allow Bill Payment in Cryptocurrency - October 11, 2017
- Cryptopay Plans to Tie Investments to Service Performance Metrics - October 11, 2017
- Boosteroid Wants to Squeeze Google and Amazon on the Cloud Computing Market - October 11, 2017
- Fiinu Launches Pre-sale Ahead Of ICO - October 11, 2017
- Famous Russia-based startup BioCoin closes first round of presale with $2.5 mln raised - October 11, 2017
- eSports Platform EloPlay to Hold a Token Sale - October 11, 2017
- CapLinked Partners With Storj Labs, Moves Enterprise Document Management to Blockchain Technology - October 11, 2017
- Ethfinex and Cofound.it Collaborate to Bring Trust to Blockchain Economy - October 11, 2017
- Exscudo launches Bug Bounty campaign - October 11, 2017
- Blockchain Capital and TaaS Join BLOCKv, a User Interface for Blockchain Tokens - October 11, 2017
- Lufthansa Group Partners Up With Winding Tree To Bring Blockchain Technology To The Travel Industry - October 10, 2017
- Peer Mountain Launches Distributed System of Trust to Give Data Control Back to Consumers - October 10, 2017
- Revolutionary Ico Aimed At Tackling Waste Surplus And Energy Shortfall Announced - October 10, 2017
- Streamr, the Decentralized Real-Time Data Economy, Joins the Trusted IoT Alliance - October 10, 2017
- Exscudo and Crypto.Tickets exclusive partnership opens a new market for cryptocurrency - October 10, 2017
- Guardian Circle Turns to Blockchain for Global Decentralized 9-1-1 Emergency Response - October 10, 2017
- NEM Foundation Partners with Metaps Plus, Expanding Korean Presence - October 10, 2017
- StormX Lowers Community Appreciation Sale Cap Due to Overwhelming Demand - October 10, 2017
- Token Report to Provide Membership Access to World’s Largest Database on ICOs - October 10, 2017
- BLOCKv Adds Visionary Futurist Peter Diamandis and Serial Entrepreneur and Investor Gil Penchina to its Advisory Board - October 10, 2017