Steemit surpasses 100,000 users, the team plans to vigorously rescue the falling Steem token

The blockchain-based social media network Steemit has surpassed the 100,000 user mark in its fifth month of operation. With its unique blogging platform that rewards contributors, the Steemit website has received 500,000 visitors per month from all over the world.

Steemit's development is similar to Reddit

Since Steemit was launched in the summer of 2016, it has gained a lot of popularity through its bloggers and curators during the beta phase. The main reason why Steemit is so popular is because of its unique reward system, where voting and posting articles on the platform will earn platform tokens Steem.

Steemit has followed a similar growth pattern to Facebook and Reddit, which both had 1 million registered users and millions of visits within a year of launch (although competitors like Synereo and Yours are preparing to enter the decentralized media network market to take a piece of the pie). Steem prices are falling

Although the Steemit user base has expanded, the value of the Steem token has indeed fallen. Steem's peak price of $4 has fallen by more than 75%, and its price has recently fallen to around $0.2, while Steemit's market value has also fallen from an extremely high market value of $359 million to $26 million.

The CEO and co-founder of Cointelegraph and Steemit spoke about Steem’s trending issues:

“The only thing we can do is focus on developing a thriving social network and creating an attention economy where STEEM will be the currency that can buy user attention in the social interface of the platform.”

Scott plans to continue with the development roadmap of Steemit, and Steemit will continue to develop and optimize. The platform itself will use the "attention economy" to prevent the depreciation of Steem. He also said that Steemit is improving the personal information interface and making major changes in posting. These are all part of Steemit's establishment of an attention economy.

“In our view, the most important opportunity for cryptocurrencies to become part of a true circular economy is the attention economy rather than the speculative economy we see today,” Scott added.

Steemit and Steem

Since Steemit offers free transactions and text storage benefits, this leads to low Steem prices, but despite this, Steemit itself will continue to use Steem. On the other hand, Steemit's competitor Yours will integrate APIs and the recent Lightning Network into micropayments based on Bitcoin payments.

According to Scott, Steemit still has a lot of room for improvement in user experience. They also attach great importance to the mainstream needs of users. Even in 2017, they are still in the exploratory testing stage.