Congress’ Moratorium on Facebook/Libra Highlight Potential Risks to Its Users
Steemit, Inc. continues to lead the way when it comes to blockchain-based social media applications. Whereas Facebook’s plans to enter cryptocurrency continue to not sit well with users and regulators. The House Financial Services Committee said the “systemic risks” posed by Facebook’s cryptocurrency platform “are even more glaring in light of Facebook’s troubled past, where it did not always keep its users’ information safe.”
“We knew this day would come because we believe in the power of blockchain and cryptocurrency technology. Steemit made the right decision over three years ago when we launched the Steem blockchain and steemit.com to give users back control over their personal information, protect their content, and earn rewards for telling their stories,” said Head of Communications, Andrew Levine.
Steem is an open, decentralized, and immutable blockchain protocol with zero barriers to entry which enables people to retain ownership over their content and earn a stake in the technology, the platform itself, for adding valuable content to it. Facebook didn’t announce anything like that. Even their cryptocurrency, the Libra will have fees, whereas cryptocurrencies on Steem are fast and totally fee-less.