Huobi announces suspension of Steem deposit and withdrawal 17566
News
Pinaz Kazi
Jul 3, 2018 at 7:09 PM

The international multi-language digital currency trading platform and exchange, Huobi announced that deposit and withdrawal of Steem have been suspended. In the website, Huobi mentioned that the adjustment of the Steem supernodes is going on. The functions will resume as soon as the nodes stabilize.

Huobi exchange, which has its headquarters in Singapore further noted that the time of resumption will be notified. They would announce the time in another article. They added: “We apologize for the inconvenience caused by this suspension!”

See also: Huobi Pro, leading crypto exchange to stop trading in Japan

A blogging and social networking website, Steemit uses its Steem blockchain-based rewards platform for publishers. The blockchain Steem produces tradable tokens such as Steem and Steem Dollars which are used for posting, discovering, and commenting on content. Steemit, Inc. is a New York City-based is a private company, with its headquarter in Virginia. The company was founded by the creator of BitShares and EOS, Dan Larimer and Ned Scott.

The concept of the blockchain is simple. Just like social websites and blogging websites, users can upvote posts and comments. The authors who get upvoted can receive a cryptocurrency reward – Steem token. Also, people are also rewarded for curating interesting contents. Curating mainly involves voting comments and posting submissions. The strength of the vote and rewards on curation are highly influenced by the amount of Steem Power the voter holds.

Steemit, uses third-party applications, such as d.tub. It is actually a decentralized video platform based on the InterPlanetary File System (IPFS) protocol. It can be said that it is very similar to that of YouTube. However, there are no advertisements in it, instead, there’s built-in Steem currency which gets awarded by users upvoting videos.

See also: Tether (USDT) double spending issue gets Huobi and other exchanges on alert

Meanwhile, Huobi's HADAX cryptocurrency exchange platform seems to be facing a lot of backlash from the community. Apparently, this is a consequence of a few changes to voting rules on new token listings. The cryptocurrency exchange recently announced to their Japanese investors that they’ll stop trading services in Japan.

Image via Shutterstock

Join our Telegram group