On July 4, 2016, Steemit, Inc. launched Steemit, a social media platform with virtual currency rewards that runs over the Steem blockchain. On July 14, 2016, Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. About US$85,000 worth of Steem Dollars and Steem are reported to have been taken by the attackers.
Steemit gives small amounts of its cryptocurrency token, Steem, to posters who get upvotes. Posters can also be tipped by readers. Steemit faced financial difficulties in 2018 and laid off 80% of its staff. Steemit co-founder Ned Scott referred to the Steemit blogging platform as an interface on top of a blockchain, akin to a blockexplorer.