Decentralized Social Media Platform Steemit Completes Hardfork

The hardfork modifies the Steem cryptocurrency blockchain’s economic model to attract more users and shorter-term investors.

Steemit, the decentralized social media platform rewarding users for their work with cryptocurrency, has completed a hardfork to modify the economic model and enhance investor accessibility.

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The move, which enjoyed unanimous community approval, saw the inflation rate of the Steem token reduced and the Steem Power holding requirements curtailed from an average of one year to an average of one and a half months.

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Traders seem to approve of the hardfork as well. When the proposal was announced the total market cap valuation of Steem rested at just $22 million. The figure is now at about $41 million, a rise of over 85%.

CEO of Steemit Ned Scott said: “Steem has hard forked successfully and now makes for an even greater blockchain currency. It is best in speed, scale and network growth, with a low and narrowing inflation over the next 20 years. Congratulations to the Steem community; all 19 of the top 19 witnesses and the majority of backups were upgraded well in advance.”

Steemit CEO, Ned Scott
Steemit CEO, Ned Scott

“Since day one, the Steemit team has been on a mission to create the best possible social media platform, one that embraces everyone’s contributions and censors nothing. The feedback we’ve been receiving from our growing total of users and unique monthly visitors continues to be excellent. We’ve also aimed to continuously improve our blockchain currency, improving its network effect, usability, reducing the inflation rate, one that is now trending towards less than 1%,” added Scott.

“The only way to properly grow a business that leverages cutting edge technology is to be open, honest, and transparent with the community. We have always made ourselves available to answer any questions, and constantly evolved with community feedback, suggestions and advice to ensure we keep refining the best forum for bloggers, artists, photographers, writers, comedians, foodies, travel bugs, sports fans and anything in between,” concluded Scott.

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