The buzz around Social media platform is gearing up with the likes of Twitter CEO exploring a decentralized micro-blogging site similar to Twitter, to the cryptocurrency heavy weights of EOS planning on launching the much anticipated Voice in February and the rumor making rounds within the cryptocurrency space of the iconoclastic Justin Sun exploring option of purchasing Steemit. The personalities have taken notice that Social media space is ripe for disruption. Social media platforms are some of the most lucrative platforms with the potential of disrupting election and changing the very fabric of society. There is also the potential of generating massive amount advertising revenue once done properly. Steemit had the vision of disrupting the current model by allowing content creators to earn from their content and while it has experience some success, the platform has never realized its full potential.
Steem is one of the tokens that can easily be worth billion of dollars if done properly. In fact, Steem once had a valuation of over a billion US dollars and ranked consistently within the top 5 cryptocurrency in the world. The platform has gone through several changes, some yielding minimal success but hasn't change the downward spiral the token has taken. The team has not used the full toolkit of monetary policy offered by the blockchain and has only of recent started earning some much needed advertising revenue. More importantly, the platform desperately need additional source of investment which would give it breathing room. Steem also has an international audience and organic adoption compared to other cryptocurrency projects. Despite all these positive metrics, liquidity and trading volume remains disappointing.
Given the fact that what Jack Dorsey from Twitter is trying to build what already exist on Steemit and EOS is trying to do with Voice what is already live and functional on Steemit, it remains to see if Justin Sun can take up the challenge with Steem if the rumors are true and if his involvement can change things around. Given Justin Sun successful venture within the cryptocurrency space, it may just be the needed energy and involvement Steemit needs at this moment in its growth. Both Steem and SBD would be back on the Poloniex exchange and Justin would be more willing to use the SBD toolkit to the platform advantage. The association would also bring traders and volume to the trading pairs, giving additional money flow. Thus, I am of the belief if this rumor is true very good days are ahead for Steemit as the Asian community would more readily embrace the platform. One can certainly expect Steemit to be back within the TOP 20 ranking and the energy and enthusiasm from the Asian community can take this platform very far. If Justin Sun read this blog, I can definitely say that Steemit would be an excellent addition to him and his team cryptocurrency portfolio given Steem international audience and 'real' world adoption. It would also give his team one step ahead of the much anticipated Voice and Jack Dorsey decentralized twitter initiative.
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