Steem has announced that it has hit a million users. This is a blockchain reward platform, which enables publishers of content to monetize their work. In addition, the content platform also announced that it is impressed with user activities regarding transaction, unique accounts and daily visitors. The company says it has been experiencing steady growth rates in both overall numbers and new users on a daily basis.

According to the platform, its million plus transactions come from 60,000 accounts that interact with the platform on a daily basis. In addition, the platform interacts with several dApps which also contribute to the network’s user base.

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How Steem came into being

In its report in 2016, CCN described Steem as a social media platform whose main aim is publication of high quality discussions and content and also has a voting system. The votes collected in the voting system amount to Steem and Steem Dollar (SBD) tokens. Tokens can be exchanged for fiat money or be preserved in the form of digital assets.

The platform was started to offer content publishers an alternative to earn from their content.

However, since its launch, the project has not been without challenges. The platform has been infiltrated with malicious players who manipulate the gaming system.

Steem outpacing Ethereum

According to Steem, the number of accounts translates to the number of users on the platform. The company says that users use the account to interact with others as well as accumulate the tokens. This is the opposite of other platforms like Ethereum, where users have different addresses for each transaction. This means that Ethereum could have an upper hand in terms of the number of accounts but is surpassed by Steem when it comes to the level of activities.

Steem says the most popular application on Ethereum is Cryptokitties, which had a daily activity of 2,777 events as of May 16. On the other hand eSteem, which is the popular app on Steem has more than 9,000 transactions. According to some analysts however, 60,000 users from the one million accounts implies that 99.94% of the accounts do not interact with the platform every day.