How Steemit Has Managed To Rack Up More Than 1 Million Users?

Steemit has proudly announced that it finally managed to achieve more than 1 million users on its content platform and also revealed that the user engagement on the platform has been quite high. The company is pleased with the number of transactions taking place on the platform every 24 hours from unique accounts and daily visitors.

The Steem (STEEM) blockchain has the capacity to process more than 1 million transactions on a daily basis, meaning it can handle more transactions than all other blockchains combined. The transactions are handled through more than 60,000 unique accounts that interact with the blockchain on a daily basis. The Steemit website has more than 250,000 unique visitors on every day.

Ethereum (ETH) in comparison boasts of more than 33,000,000 unique addresses, but this is simply because its users have a new address for each transaction whether inbound or outbound and this is also the case for many other cryptocurrency users. However, Steemit users have just one account each because the platform employs a stake-based system. Influence cannot be transferred or bought, meaning the platform’s unique addresses accurately match the number of users.

Steem is also involved with Cryptokitties which happens to be the most active application on the Ethereum blockchain. Steem has a smartphone app called eSteem which has been averaging around 9,300 transactions over a period of one week. This means that the activity on Steem is three times more than the activity on Ethereum. However, Ethereum takes the cake in other areas. For example, it has a market cap of $70 billion while Steem’s market cap is around $800 million.

There are more applications based on the Ethereum blockchain and also a lot of ICOs and so the only win for Steem is that it has a more active application compared to Ethereum. Steem also expects the number of active unique users on its platform to keep increasing in the future especially with more real-world projects being launched. This should contribute significantly towards attracting new users. The blockchain firm expects a bright future especially because new applications are being created on Steem by developers every day.

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