You may have noticed that Steem price took a high jump in the last few days. The price went from 33 cents to 39 cents in the last 48 hours. That’s a price hike of over 17%. The price hike came after Steem Inc announced that they have made progress in developing Hivemind. They stated in an official blog:

Hello Steemians, we are excited to announce that Steemit’s APIs are now powered by Hivemind! By routing most of the social APIs to Hivemind, we are able to dramatically shrink the size of the full nodes we run. Because there are so many social applications sharing information on Steem, full nodes had become extremely large and expensive to run especially because they are not optimized for use cases that are not consensus-critical.

This new update is expected to reduce the size of Steem full nodes. Before the update, it was extremely hard to run those nodes. They required an insanely high amount of RAM (if I am not wrong, it was over 250 GB). The high costs made many investors concerned about the sustainability of Steem blockchain.

Now that this concern is no longer an issue, more and more investors are entering Steem again. Compared to other cryptocurrencies, Steem price has taken a huge hit in the bear market. Steem went from 6 dollars in Q1 2018 to 22 cents in January 2019.

The reason behind this is the uncertainty around whether Steem will even be able to exist in the near future. Steem’s full node performance issues made many people think that Steem might never be able to scale to the level of a social networking site like reddit or twitter.

The recent hivemind update reassured the community that Steem is able to scale better and increase efficiency. It can now support a lot more content than before. This is the main reason why Steem price is going up. recently added advertisements to increase their revenue. That may also have influenced the price rise.

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    1. MineYourMind

      Steemit is not very impressive. They pretty much require you to upload your work there first or it gets marked as plagiarism, your post is only monetized for a week and the bots push crap posts into trending, while those trying to grow organically have a hard time.

      Then there are RC’s, which are Resource Credits that are linked to your wallet holdinds and run out very quickly until you hold more than 60SP, which isn’t easy to make these days.

      RC’s also severly limit interaction and cause people to be stingy with their votes. The result is that Steemit is a blogging platform only with temporary earning potential and not a Social Media Site at all. Interacting through Discord is where 95% of the socializing happens.

      So, while one can over time become successful on Steemit, It’s a lot of work for little return. Think of it as a skilled level job being paid at a volunteer level.

      Add to this that it claims to be decentralized, but only one entity is updating the Blockchain and the governance is just like EOS, where 20 witnesses pretty control the chain and is a huge bottleneck, which hardly adheres to the definition of decentralized.

      I just signed up for Bearshares, where payout lasts for 30 days instead of seven and with some big drama happening on Steemit this month, it’s future is in question and success will probably be found on one of the alternatives, rather than on Steemit. This is just an assumption so like anything else, don’t take this as financial advice.

        1. MineYourMind

          In the end I’m still looking for a home for my content. Bearshares is just the newest one I registered as a user, but with all the new alternatives I’m sure Steemit won’t last.

          I have no reason to believe Bearshares will go anywhere and today my account was approved and it states in the email that Bearshares doesn’t endorse articles that criticize the platform nor it’s developer’s. This is going to hurt them as censorship is severely disliked in the crypto community.

          The last statement applies to Trybe as well, since moderation by a few is huge here and I’ve watched them ban at least one user for plagiarism without any input from the community, except mine where I report him.

          The Social Media lanscape has a long way to go yet.

      1. James Diegel

        I knew it was hard for the little guy there – but the rest is news to me as I spent almost 0 time over there. I actually signed up around the same time I joined Trybe but never got round to using it. Maybe with the rise of Trybe and other rival platforms they will see its in their best interests to adapt … or maybe as you seem to suggest, they are just too comfortable in their own shoes and one of the up and comers will shine brighter. Regardless, only time will tell, and thanks for the info 😉

  1. Conceptskip

    Good update @littleboy the update on hivemind was certainly great, whereas the talk now is all about performance, i remember the talk about hivemind will enable groups and private messages, imo that’s much more relevant, but nobody seems to know anything about this…