Steemit is a social networking site and blogging on the Steem database. Blockchain Steem produces STEEM and Steem Dollars that can be used by token users to get posts, find and comment on interesting content. Steemit, Inc. is a private company headquartered in New York and headquartered in Virginia. The company was founded by Ned Scott and Dan Larimer, creators of BitShares.

History

On July 4, 2016, Steemit, Inc. officially launched Steemit, a social media with virtual prize money running on the blockchain Steem. On March 15, 2017 and resigned as head of technology and the marketing team was announced with Mitchel Loureiro (Hive account@zuvarnic) and Hive account@andrachy. Frank Rimalovski, Andrew Haines and William Mougayar (Hive account@wmougayar) are temporary advisors to Hive account@cass, Jeffrey Paul (Hive account@sneak), James Calfee (Hive account@jamesc) and Valentine Zavgorodnev (Hive account@val-a) are some staff members. Concept The Steemit idea was originally explained in a white book released in March 2016 which was subsequently updated in August 2017. The concept is generally similar to blog sites or other social news sites like Reddit, but the text content is stored in blockchain. The use of blockchain allows the token rewards provided for every useful comment and post to be safe. Content in the form of images can be uploaded and hosted in Steemit, while other multimedia content must be embedded from other web hosts. For formatting, there is a WYSIWYG editor.

Users can also choose to use Downdown format with HTML elements. User accounts can increase the number of posts and comments, and authors who get upvoted will receive rewards in the form of prize money in the form of cryptographic money named STEEM and tokens pegged in US dollars called Steem Dollars. Awards are also given to users who curate (find) popular content. Curation involves voting comments and postal items. The power of reward and mastery of rewards is influenced by the amount of STEEM power that is owned by the voter.

Financial system

Blockchain steem has two tokens: STEEM and Steem Dollars. There are also enthusiasts who invest or store their tokens in a form known as Steem Power. Steem Power is strictly used internally in the Steem community, while tokens are used for values that are stored and traded.
Steem initially used a supply model that experienced a very high inflation rate, doubling approximately every year. However, due to public demand, on 6 December 2016 Steem's inflation rate changed to 9.5% per year, down 0.5% per year.

Media use and coverage.

Until November 2017, there were more than 450,000 Steem accounts. After the beta release which at the beginning was not paid, hard fork on July 4, 2016, there were around $1,300,000 STEEM and Steem Dollars were paid to Steemit users.

STEEM's exchange rate compared to Bitcoin rose continuously in July 2016, peaking at prices above 4 US dollars. July 20, 2016, Steem has the first market capitalization peak with around 405 million US dollars. On December 16, 2017, its market share was 525 million US dollars.
Steemit is described as a novel and "blockchain-based community media that is disturbing" by Adam Hayes (Investopedia) in July 2016. This has received widespread attention and media coverage in cryptocurrency and business media. Author Neil Strauss, a Steemit user, wrote an article for Rolling Stone calling the distribution of rewards "very clever" echoing potential and disturbing sentiments.

Andrew McMillen in Wired magazine explained that Steemit's function is rooted in transparency with every vote and transfer that can be seen by the public from upvotes on the post to wallet transfers. Unlike most digital currencies that are difficult for most interested people in the world to access without any money to invest, Steem eliminates the reluctance of the average person to join the crypto-cryptic world by allowing themselves to earn income by mail without having to buy it first.