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Steemit: Get on blockchain social media juggernaut - http://www.ibtimes.co.uk/steemit-get-blockchain-social-media-juggernaut-earn-cryptocurrency-posting-content-1575160
"Welcome to the Blockchain!
For a while now, experts in the crypto space have talked about leveraging social media.
Enter Steemit, a blockchain database that supports community building and social interaction through cryptocurrency rewards and a reputation or influence-based system, known as Steem Dollars and Steem Power.
Ned Scott, CEO and co-founder of Steemit, told IBTimes: "If you think about the existing models - Facebook, Twitter, Instagram - these are platforms that invite people to come and do all this work so that their shareholders, who are not necessarily contributors make all this money.
"Our platform is a cooperative version of a social network which is more intuitive, and a more shared, community-driven approach, and that's why our early user base is growing.
"We are completely open source; the blockchain and even the website, and we are seeing entrepreneur after entrepreneur show up to build their own tools.
Steemit grew out of a long process set in motion by gifted developer and co-founder, Daniel Larimer.
Before long we were saying, this is going to look a lot like Reddit, except people are going to get paid to post and vote."
"So it combines a lot of the technology that has appeared along the way.
"But at the same time there is this great element of fun and networking that kind of makes the platform much more friendly and viral."
"We're looking at successful things we have seen on social media sites like Twitter, including follows and perhaps categories; we will also add private messaging and open up real time communication for people in a peer to peer, totally encrypted manner."
From a blockchain perspective, one cool thing about Steemit is how it does away with traditional cryptocurrency barriers to entry, like having to go and buy coins at an exchange.
"With Steemit you just show up and do things you are already doing; you are posting and voting and by participating you earn cryptocurrency."
Scott said users don't have to worry about managing their accounts, or understanding how private keys interoperate with the public keys and addresses; long strands of private numbers have been substituted with simple account names for a more intuitive UI.
In addition, a layered key security system hides in the background.
That's crucial.
He also said Steem Power is constituted with a time delay in respect to how it can be removed from accounts.
They are accountable for being block producers and they can be quickly eliminated for bad actions, thus ensuring a pool of good actors.
Scott said: "We took that concept and said it's missing something; it's missing the element of proof of work.
"Because of that, the block production is completely decentralised across nodes around the world and it's also much easier to communicate between nodes.
"There are actually two types of proof of work here.
"There's also the traditional proof of work, where people are showing up with their computers to send hashes to the network.
Scott said everyone is rewarded one way or another.
"You get maximum stability with Steem Dollars, which are pegged to the US dollar.
Steem launched on exchanges in mid-April and has risen from a market cap of $3m to $10m, then around $20m.
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