Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly
The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces.
Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second.
In the wake of the Steemit hack
Recently, Steemit was hacked, with about 260 accounts compromised.
David Wachsman responded to those who claim the hack was intentionally organised by Steemit itself as false.
He wrote via email:
‘Without even presenting it to the Steemit team, I can tell you that the insinuation is completely outrageous and false. Once the issue was identified, the Steemit team worked heroically and tirelessly to protect its community. The Steemit team continues to work extraordinarily hard to get things back to normal as swiftly as possible. CEO Ned Scott may post updates to the situation on the Steemit website from time to time, and we plan on sharing those with the media simultaneously whenever possible.’
This post was published at Coin Telegraph on 2016-07-17.