Upcoming HF20 Update Boosts STEEM Value
Soon, the Steemit blockchain platform is exacted to introduce an update that will simplify the process of account creation on the decentralized media distribution network. As a result, the value of Steem (STEEM) cryptocurrency tokens has increased significantly, exceeding the $1 mark.
Over the past week, the value of STEEM has been fluctuating around the $0.80 mark. This, however, took a sharp turn on Monday, September 24, as the prices started increasing rapidly. Within a relatively short period, the total value of the entirety of STEEM tokens increased by a whopping $70 million, with individual tokens trading at $1.12. Overall, the digital currency grew by 25% in less than 24 hours.
The STEEM Update
Steemit is decentralized open blogging platform were writers publish articles without restrictions, with the assistance of curators who assess the nature and the quality of the content. Both creators and participants are rewarded on the Steemit platform. Content creators get rewarded with STEEM tokens while participants get Steem Power for either reading or giving feedback on content, or both. Although Steem Power is not tradable on crypto exchanges, it accrues interest over time.
Surprisingly, the Steem blockchain is popular with the Chinese government, even though blockchain technology makes it impossible to censor blogs. According to the Chinese ministry of industry and information technology, only the Ethereum network betters the performance of Steem with regard to blockchains.
As mentioned earlier, the price surge comes as the Steem blockchain is finalizing the preparations for the launch of the Hard Fork 20 (HF20) system update. As per previous announcements by the Steem development team, the primary reason of this update is to facilitate the mass creation of blog accounts on Steemit.
Among the proposals included in the HF20 Update is the establishment of a Discount Creations Tokens pool. This would enable new users to create accounts at discounted rates. As of now, new users have to pay for registration with STEEM and Steem Power. However, the update needs approval from a majority of the Steemit delegates before it is implemented.
The concept behind the Steemit blockchain-powered blog is impressive. After all, the popularity of sites such as Medium is attributed to the array of topics covered couple up with the less stringent editorial policy. The integration of blockchain technology makes blogging sites immune to censorship by oppressive bureaucratic regimes. The discounted rates will encourage more users, driving up the price of STEEM.