Since the development and launch of Bitcoin, several cryptocurrencies have been developed each offering various functions. Since then, various platforms have been created each developed on an existing crypto network, each of these platforms offers different features which are separate from what other cryptocurrencies offer. Some of these platforms help in trading of various materials, others were developed to solve certain societal problems, while others like Steem and Pareto were developed to ensure that quality and original content creators are rewarded for regularly creating and uploading helpful contents.
The functions of cryptocurrencies have moved from just trading and exchange of coins, it has been revolutionized to solve certain societal problems. This comparison was conducted because the Steem platform and the Pareto network are similar in many ways. First of all, they are both reward system platforms. Also, they both offer helpful crypto information which has been helpful to hundreds of people. They both have a native coin which is used by all on the network to create and upload contents. All users' must own these coins if they are to create and upload helpful materials and get rewards for these materials. Also, these two platforms encourage the creation of unique and helpful contents, by rewarding those who offer more helpful materials.
• Pareto Network
The Pareto network was developed primarily to add value to the already existing crypto market by increasing its access to vital information. This network encourages the production or creation of helpful and actionable information and also helps all users on its network to filter the helpful information from noise. Like Steem, all users on the Pareto network must possess Pareto tokens before they can be granted access to produce and upload vital information. The goal of this network is to help structure the type of information that is available on the crypto market and also helps to increase the standard of understanding the investment analysis of the crypto market.
The Pareto Network will facilitate the growth of the crypto market by creating a network or platform where there will be unlimited access and distribution of various information and contents that are related to investment in cryptocurrencies or assets. The network is designed to ingest and also distribute relevant content that will help all crypto traders' make calculated and wise decisions. Some of the content or information to be distributed on the Pareto network includes but are not limited to these;
• Trading reports and alerts that are technical
• Analysis that covers all existing and new tokens that can be traded
• Prediction, speculations and various sector reports that have been carried out by experts
• Carefully analyzed report on mining and staking of a particular token
• Security assessments and network protocol and code vulnerabilities
• Cryptocurrency investment reviews
• Discussion and evaluation of management tools
• Codebase reviews
• Careful evaluation of all investor tools available.
Like Steem, content creators can either be individuals, organizations or group of people. These individuals may be able to create or develop single or multiple information about various cryptocurrencies. Unlike the Steem platform.
The second phase of contributors or content creators will grow organically on the Pareto network. The incentives and rewards that will be gotten from the users and the Pareto network will certainly draw these content creators to the platform. All contributors or content creators' will be made to pay a certain fee before their contents can be uploaded on the Pareto network. This will ensure that there is no scam and that irrelevant and inappropriate contents will not be posted on the platform.
If content creators' upload contents on the platform, these contents are distributed in a prioritized sequence, meaning that those on the higher leaderboard get to view these contents before others. To climb up on the leaderboard, users will have to regularly award their Pareto tokens to content creators. According to the White paper of this platform, it has said that users who do not trade or use their tokens to speculate are not maximizing the network.
• Steem Network
Steem is a network that has a blockchain based platform where users' create and upload contents and get rewards for those contents created. This platform is similar to that of the Pareto network. Steem creates a platform that allows various publishers to get rewards for uploading original and helpful contents. Like mentioned earlier, Steem and Pareto are different blockchain based platforms that offer different services to users. Like Pareto, Steem allows everyone to create and upload helpful materials on hundreds of interesting topics.
Like the Pareto network, Steem was developed to solve the problem that has been plaguing all original content creators'. These content creators work hard to create various helpful materials but their only source of making money happens to be through marketing and adverts which are done to draw people to their contents. This has made it difficult for content consumers to get access to helpful contents. This problem plagues both the content creators and consumers'. The Steem platform was created specifically to solve this problem. This platform will ensure that content creators are duly rewarded for creating these helpful contents.
Comparisons (General)
• Pareto Network
All contents on the Pareto network have a required reward percentage that is set by the content creator or contributor. If a user on the network awards a creator the exact amount requested for content, he will receive the full waterfall power thereby making him climb higher on the leaderboard. Users that do not award creators the requested amount will receive or will climb at a rate that is proportional to their award.
The Pareto network makes use of an algorithm called; Waterfall to determine the order in which all users on the platform receive and get access to the contents that have been uploaded. This algorithm is like a leaderboard and there are certain criteria that will make one user on the Pareto network get access to contents faster than others.
Holders of the tokens can easily generate information with the platform, which will invariably promote its growth.
The platform makes it easy for incentivized people to earn, via the distribution of information, and also with the aid of the reward system, token users will be able to create information that is marketable, which will in turn lead to the growth of both the contributor and the community.
The platform is beginner friendly, as there is no need for a prior trading and marketing experience.
The Pareto network has two contributions or creation stage. The first phase of contributors or content creators' will be recruited by the Pareto network. These qualified first phase contributors will begin creating contents and these contents will be accessible to all users on the Pareto network immediately. These first phase contributors or creators will be rewarded directly by the Pareto network. This will act as a motivation to provide quality materials and contents that will be of immense help to all Pareto network users.
The Pareto platform seeks to ensure that users get information on how to trade in various cryptocurrencies. Although the contents found on the Pareto platform are not limited to how traders' can successfully trade and make profits on the various crypto platforms but they focus specifically on that.
Pareto network does is to motivate both content creators and users on their network. It makes use of the leaderboard to motivate and spur users to continuously award creator the requested rewards. On the other hand, it motivates these creators by ensuring that they are rewarded for creating and uploading a content.
The Pareto token cannot be bought directly with fiat or traditional currencies, you have to purchase Ethereum on either Poloniex, Coinbase or Bittrex then exchange for Pareto on this platform.
One hitch about the Pareto platform is the scarcity of tokens.
• Steem Network
STEEM like other crypto coins can be bought on various exchanges. It has been referred to as the fundamental unit of the Steem network. This STEEM gives value to other digital tokens on the Steem network. It is advised that STEEM should not be held for long, this is because it erodes and about 100 million STEEM is produced and circulated each year. STEEM can be used to purchase either Steem Dollar or Steem Power.
Steem Power popularly called "SP" is used to represent how much power a user has on the Steem's platform Steemit. Holding Steem Power grants a user ownership of the Steem network. As the Steem network grows, so does the value of the Steem Power. Over 15% of the total STEEM that is produced and circulated each year is given to all Steem Power holders. The other 85% is given to all content creators and organizers on the Steem network.
The Steem Dollar is designed to be pegged exactly with the US Dollar. When content creators create and upload contents on the Steemit platform, 50% of their total pay is going to be in Steem Power while the rest will be in Steem Dollar.
The Steem platform is a reward and voting system. It rewards various creators on the platform with Steem Power. On the Steem platform, users can either upvote or downvote content. The more upvote content gets, the more rewards the creator stands to get. Those with large amounts of Steem Power Tokens have greater vote influence. Users who own STEEM can convert them to Steem Power in what is called "Powering Up", and this will afford them the opportunity to upvote or downvote a particular content that has been uploaded. Also, users on the Steem platform who want to upload contents will have to own Steem Power before they can be able to upload their contents.
STEEM token, on the other hand, can be bought on the Changelly cryptocurrency exchange directly with your fiat currency. STEEM can be exchanged for Bitcoin or Ethereum on other exchanges. Currently, the STEEM token is valued at exactly $3.47 and also over 70 trading pairs in more than 10 cryptocurrency exchanges.
Comparisons (Market Value)
Price (USD): Pareto (0.0736), Steem (3.803)
Market Cap (USD): Pareto ($17,457,049), Steem ($967,796,015)
Available Token Supply: Pareto (236,999,000), Steem (254,235,000)
Other Differences
• Unlike the Pareto network, the Steem platform does not have a leaderboard which users will have to climb to get access to more contents. The Steem platform is a voting system which means that content creators' get rewards when users upvote their uploaded contents. On the Steem platform, users who own a large amount of Steem Power have greater vote influence than others who own little.
• Another difference between Steem and Pareto network is that the Steem network has three digital tokens. These tokens each have different functions on the network. The Pareto network, on the other hand, has only one coin which should not be held for long. The Pareto coin cannot be traded outside the Pareto network. Its value is like the content on the platform.
The value of STEEM is continuously growing as more people are beginning to find the platform lucrative and interesting. This platform since its inception has seen over 100,000 creative contents in various topics being uploaded. The Steem platform allows users to create and upload contents on various topics.
Conclusion
As mentioned at the onset of this piece, this comparison was done because there are certain similarities between the Steem network and the Pareto network. They both happen to provide individuals with relevant, original and helpful contents that are related to cryptocurrencies. The Pareto platform may be undervalued at the moment, however, if you study the growth of the platform, you will notice that there is a growing trend and you can envision what it definitely is going to look like in the near future.
