Decentralized social platform Steemit released in may 2016 and immediately attracted the attention of ordinary users, and authors and creators of professional content for websites.
This is an analogue of decentralized social platforms like Reddit or Quora, where users share content. The only difference is that Steemit works on the basis of the blockchain, paying user activity local currency Steem. The more a particular post or comment like other participants, the greater the reward Steemit gets from the author (details here).
The website will combine social platform and technology of the blockchain, in a matter of weeks broke into one of the leaders of Internet user engagement. As noted in the blog of the company on indicators of failure, number of pages viewed by one user and the number of conducted on-site time Steemit've been around Reddit and the Medium, rapidly approaching such it giants as Facebook and Google.
The number of posts and publications for the three months increased threefold. User interest motivated pay for the content incredibly "weighted" own cryptocurrency platform. So, market capitalization Steem rose in July more than 2,000%, exceeding $400 million. the cost of one of the "stim" jumped from $0,24 to $4,63, writes CoinDesk.
Today Steem is the third largest cryptocurrency in the world.
"The concept is interesting in itself, is a mixture of Reddit and Quora with strong monetary incentives for the creation of high-quality content, noted in comments to CoinDesk, co-founder and CEO of trading platform cryptocurrency Magnr Joe Lee. — Steem as the success of cryptocurrency will depend on the success Steemit as a social platform. This is a good example of digital currency, whose value is closely linked to its utilitarian nature as a social network and platform for exchange."