Since its inception in 2014. Monero (XMR) has become a highly respected and recognized altcoin. Monero prides itself on providing private, secure, and untraceable transactions, as well as fungible assets.
Monero was the highest growing altcoin in 2016 and enjoyed an even better year in 2017. It has a reputation for secure transactions with a focus on anonymity. This has proved popular with investors and helped the altcoin stand out from other currencies.
Steem (STEEM) has also enjoyed significant growth since its creation in 2016. Steem stands out from other currencies by offering a social media platform (Steemit) to its users.
In this article, we compare Monero and Steem and examine how they are performing in the market.
|
|
Steem | Monero
|
| Utility | Reward for Contributing
to Steemit Platform |
Open source public ledger
using privacy technologies at protocol level |
| Circulating Supply | $250 million
|
Over $15 million |
| Total Supply | $268 million
|
Initially $18.4 million
then 0.3 XMR per minute once the limit is hit |
| Community | Large
|
Large |
| Market Capitalization | $700 million
|
Over $4 billion
|
| Daily Trading Volume | $100 million
|
$155 million
|
| Public Awareness | Low
|
Low |
Utility
Monero uses an open source public ledger for recording transactions. It differs from other currencies by using mandatory privacy technologies at the protocol level. It does this by using ring signatures to hide all transaction details made by its users.
Steem provides its users with a peer-to-peer payment option. Steem is unique as it operates as a digital spending currency, and it uses Steemit to reward its customers with its currency when they contribute to the social media network.
Supply
Monero has a circulating supply of just over $15 million and a total supply of $18.4 million. To balance out Monero's yearly coin loss, it will introduce a fixed production of 0.3 XMR per minute when its total supply is hit.
In contrast, Steem has $250 million coins in circulation, with a total supply of just above $268 million.
Community
According to CoinMarketCap, Monero is currently in the top ten list of digital currencies. Monero's privacy properties may appeal to new digital currency investors who might still be on the fence about investing.
Steem continues to see its stock grow on a global level. This is a direct result of the popularity of its social media platform Steemit. Its users are enthusiastically contributing to the platform in an effort to earn Steem.
Market Capitalization
Monero has an impressive market capitalization of over $4 billion. Steem's market capitalization is currently on the lower side, hovering around the $700 million mark.
Daily Trading Volume
At the time of writing, Monero had a daily trading volume of $155 million. In comparison, Steem's daily trading volume is at the $100 million mark.
Public Awareness
Monero has grown in popularity and its focus on anonymity is attractive to investors. However, it is still far behind bitcoin in terms of hype and awareness.
While Steem has enjoyed considerable growth in the past few years, it is also well behind bitcoin in the public awareness department.
What To Take Away
As mentioned, Monero's privacy settings remain the driving force behind its growth in popularity. With digital currencies still in the development phase, you can see why this would be of appeal to investors.
It is also clear that Steem's unique social media concept has helped it stand out from other currencies. These two currencies represent two exciting opportunities for investors in the New Finance world.
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Monero is a privacy coin and Steem is a social media coin. Almost orthogonal except for the fact that they are both considered cryptos.
Personally I wouldn't make this comparison between XMR and STEEM as one is a privacy coin and the other is a blockchain-based social media platform. I think Steem(it) is unique in certain ways, whereas Monero is mainly known as the most popular anonymous cryptocurrency. Long-term I think Zcash (that you previously mentioned) as well as smaller projects such as ZenCash and DeepOnion have more promising advancements in transaction privacy than XMR.
Monero is 1 thing and Steem is another, there is no room for comparison if you ask me. When it comes to smaller projects, I completely agree with the others here. People should not concentrate only on current dominants in the crypto world, but future ones. I see that some of you mentioned DeepOnion and I second your opinion. XSH is another great project too =)
Spot on, in order not to be repetitive and post what you have just said I share this opinion. Smaller projects seem to be much more focused recently and seem to deliver much more instead of big projects that seem to started. I'm not sure if you've heard of announced Monero hard fork, it seems to be backing off a lot of people. I'm still careful about further investments, but I'm very tempted to get few additional bags of DeepOnion with all development going on & to be released in next few weeks, as well as Shield coin (looking forward on MNs for this one) in the next few weeks. I am fond of Zcash but I tend to skip $xxx and up coins for time being. ;)
I agree, I personally can't find many similarities between Monero and STEEM either. Monero's privacy features are what appeals to me in a cryptocurrency, just like with other privacy coins. I'm waiting to see how new coins like DeepOnion will bring innovations to the field of anonymous cryptocurrencies and elevate it, as Monero was one of the trailblazers.
Yes, I don't think they are very comparable either except for the fact that they are both cryptocurrencies. I like both projects but I think that in terms of profit other currencies (like the ones you mentioned) could give better results.
I would strongly argue against the concept of "privacy coin"
Why would you argue against privacy coin?
As you say, I don't see any reason to compare Monero and Steem to be honest. They are two very different projects, quite succesful and leaders in their respective categories. It would be more interesting to make comparisons in the same categories, for instance Steem / Lunyr / Synereo / Primas in the content publishing and monetization category, Monero / BTCP / DeepOnion / Zcash in the privacy-oriented coins category. Lunyr looks much better than Steem, DeepOnion has many more features than Monero. So much more to discuss in these kinds of comparisons.
Ditto. Steem and Monero are very different projects and are not close competitors. Steem doesn't have any real competitors around anymore. Monero has lots of competitors as privacy coins are all the rage (for good reason). Monero will likely continue to grow and its awesome that their devs are fighting back against ASIC's but my money is on the smaller cap privacy coins like DeepOnion which has the added benefit of a VoteCentral and the Tor network (among many other perks).
Yes they are two completely different concepts which cannot be fully compared, even though they share something in common. Monero interests me as it is a privacy coin that is secure, private and untraceable currency system. However, it has got a little to popular now which makes me started looking at other options such as Zcash, Navcoin and DeepOnion. They are the younger projects that have a lot of potential of growth and with a great entry level in terms of investments.
You are right, both have a different purpose and are meant for a different purpose. Another thing I agree to is looking at smaller projects like DeepOnion/Zencash as you mentioned.
Though both Steem and Monero are cryptocurrencies as they really are, each of them have different purpose and uses. Monero is a privacy coin while Steem is not. But talking about privacy coins, Zcash and DeepOnion are rising super cryptos. DeepOnion is especially great because of its better technology. It's way more advanced than Monero.
Its a good comparison but I think its better to compare both on those coins that perform the same function as Monero and Steem. If I am going to invest on a privacy coin, I would consider Monero but I also want to see a comparison on other privacy coins like ZCash, Verge, Nav or DeepOnion to see which is better not on a social media coin or masternode coin, same with Steem. Please make it happen.
I agree. These coins don't have the same "audience" - different investors are interested in Monero and whole other investors search for coins like Steem. I would like to see some other comparsions with privacy coins that you suggested, that would be quite interesting.
that's right, as a potential investor who is interested in privacy coins I would rather like to see a comparison between DeepOnion and Monero for example. Especially because I believe that there are interesting features which should be highlighted here. The following questions can be discussed: Which one provides a better growth potential? Which one has got the most active community? What are the new features that are going to be released in the next months? All these questions can give you a nice understanding and might lead you to invest in some of them.
@bitcoin-journal I think this article is in need of editing as it kinda hard to read with all the Html and markdown code. Anyways, both Steem and Monero are doing great now and will definitely do well in the future as well. Though not as valuable as Bitcoin they sure beat it in term of functions and useability.
With respect, I believe this comparison is not valid at all.
Steem, like its predecessor Bitshares, and indeed 99.9999999% of all "crypto"currencies, drives the world towards an orwellian direction, where your personal financial life is no longer yours, but for the whole world to see.
Your average "investor" cares nothing about privacy, and indeed is probably under the delusion that BTC itself is anonymous.
Here's some food for thought: people with steem wallets worth thousands of dollars are logging in from their homes, their SBD/STEEM balance public for the whole world to see.
What if a rogue steemit employee starts selling this information? What if the servers are hacked and the harvesting of personal IP addresses begins?
It is irresponsible and foolish to store such sensitive information in the clear. Like you said and I agree with that part, both for Monero and for Steem, awareness of the platforms is low.
Just you wait until organized crime-type characters realize that there are innocent bloggers traveling around with laptops that have direct access to thousands of dollars that cannot be retrieved once stolen.
People are posting their faces, details of their travels, locations, and so on.
It's a disaster waiting to happen.