Steemit May Become Killer App
What is a Steem and why it will help
Steem is a digital currency behind Steemit, the decentralized social media platform (some says 'Social Experiment') which rewards posters and voters online. That's no new for anyone visiting regularly this website, steemit is growing exponantially and it's currency, the Steem, may put on fast track a solution to the scaling issue that the bitcoin community is facing.
Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves, with about 100 transactions per second, and as Visa does with about 4,000 per second.
Why Steemit is going to be a hit
With Steemit being touted to be the bridge that has the ability to bring people who have no interest in cryptocurrency into its world, Steem overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4.
After the $1.3 million giveaway, the number of transactions, posts, votes and new users signing up to Steemit’s decentralized Reddit-like platform tripled. And it's not going to stop anywhere soon.
Furthermore, the hacking that occured sooner on the platform made the news on several tech site and we should take it as a big plus. It will bring more curious user to the platform, more people to bring content and more people will see that the new era of social media is here. If someone hacked this platform, it must be for a reason and the reason is : The potential of Steemit.
Steemit is on track to become one of the largest and fastest growing cryptocurrency projects worldwide in less than three months of its inception. As Steem reaches millions of people in the next year, it could possibly choke Bitcoin's capacity if all the people were to use Bitcoin as a gateway to buy in and/or cash out each month.