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(This ones for all my friends new to Steemit.)
There are currently two things that are present in all of our lives at the moment, which are social media and cryptocurrencies and when you mix them both together what do you get? A new social media platform that is powered by blockchain, and is making a pledge to transform procrastination into profit by offering an incentive to users for creating and liking content.
The reward-based social media platform known as Steem, will be the first to establish one of the smart media tokens (SMTs) on the Steem blockchain, where the idea of converting ideas and likes into cryptocurrency has already been tested on the Steemit platform.
The company behind this idea has stated they have already tested the idea on the Steemit platform and suggested that the typical person spends an average of two hours on social media platforms a day, especially with mobile usage increasing worldwide.
The idea for this social media platform is to reward those who spend their time online, as well giving them full control over their content contrary to other platforms, where the idea of free speech is downsized and monetization can be an uphill battle. The platform has proposed the idea that 65 percent of the revenue generated from user content could be returned to the creators, with 25 percent being taken by the users who have shown support for their posts by giving it a like. For the final 10 percent, that will be fed back into the company for upgrades, improvements and support of the platform.
When we compare the likes of Steemit with other social networks, not all ‘likes’ will be equal because the voting power and the influence will be powered by tokens themselves, and how many each user has in their account. When voting on a piece of content, the appearance of a like bar will allow users to decide how much support they want to give to another post, and to prevent issues like an account becoming too powerful and influential there will be a daily voting power limit.
One of the great things about this social media platform and the way it works is that specific influencers who are ‘experts’ in their field and have managed to garner a reputation on other social media platforms, will act as judges in their specific categories and will also have a significant amount of voting power behind them.
Unfortunately Steemit and other reward-based platforms seem to be battling against giants like Facebook and Youtube, especially when it comes to problems to do with censorship and advertising. In the company’s whitepaper, it claims that users are being “taken advantage of and leeched dry” because of the way these large platforms are extracting personal data for monetary uses. This platform aims to combat this by allowing users to monetize their own online activities independently without the need to rely on third parties.
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