Reddit revolutionized Internet forums so successfully that it’s still around nearly 15 years after its inception. There have been a lot of social content aggregation clones since, but Steem stands out. Not only is Steemit blockchain based, it also has a sizable (and knowledgeable) user base of content creators.
Steem uses its own tokens (Steem tokens, Steem Power, and Steem Dollars) and has a wallet built into its content management system (CMS). Steemit is more similar to publishing platforms like Medium and WordPress than Reddit, and it encourages community involvement (i.e. comments, likes, shares, traffic, and other SEO-centric metrics) through financial incentives.
The Steemit platform isn’t the only social system on the blockchain, but it’s one of the more established platforms and it could scale to host the entire internet if it turns out to be that popular.
Both Steem and Steem Dollars can be traded on crypto exchanges, but Steem Power is unique to websites on the blockchain. It’s used to power promoted posts, comments, and other abilities on the platform. Each will be a digital asset under the new regime.
This new economy of rewarding content creators is revolutionizing the Internet. But is the Steemit platform worth the hype? Is this the next Facebook? Or the next MySpace?
Let’s start with a deep dive into the Steem tokens, their value, the market cap on the cryptocurrency exchanges and what they’re used for.