Steem is an interesting cryptocurrency. I’ll admit it. I’ve never heard of Steem before I started researching the topic a couple weeks ago. It seems interesting but it is hard to say if this currency will really gain in value or not.
Basically, the concept behind Steem is based on a decentralized online community. There is no single entity controlling the value of the coin. Instead, there are thousands of users who can “vote” for the value of a certain coin. In a sense, each individual user is represented by their signature on the Steem blockchain. You see, the Steem blockchain doesn’t represent anything because it doesn’t store any data. The currency is simply managed through these digital signatures.
If you’re interested in Steem but are skeptical about its future value, don’t be. A lot of work has been done over the past few months to develop an interesting and innovative concept. It’s hard to predict whether or not this cryptocurrency will truly gain in value. After all, nobody knows how this technology will evolve in the future. What we do know is that the concept behind Steem will likely gain in popularity over time. In the future, if this currency does indeed gain in value, I expect there will be additional altcoins created to help build on the reputation of Steem. In the end, I believe it will be more important to understand the concept behind Steem than to debate its viability as a currency.