Steemit is a relatively new company, founded in early 2016 by Ned Scott and Daniel Larimer. Ned Scott previously worked for Gellert Global Group, a family-owned personal equity group with many North American food companies. Daniel Larimer is the founder of Bitshares, which has the 11th largest market capitalization among all cryptocurrencies.
Steemit is supported by blockchain technology and uses new crypto to reward users uploading articles, images, comments, etc. Another way that users can get paid is through popular sources and content from the top of the sound. The sooner a person gets the sound of a post that becomes popular, the more reward. Users are paid half in 'Steem Power' (vesting currency) and half in Steem Dollars, which can be redeemed for US Dollars.
One of the users' useful feedback for posting is that people try to play the system by creating multiple accounts. This account can be used to send / vote multiple times and thus manipulate the popularity of posts. I try to control it by requiring users to register through their Facebook account. Steemit is a content aggregator that rewards users in the form of new cryptocurrency. Depending on the quality and popularity of a post, or how early a post is updated, users are paid in the form of Steem. Although Steemit is probably the most sophisticated and thought out system to date, the concept of rewarding users for their posts is not entirely new. As early as 2014, sites like Bubblews and Bonzo Me came out with the idea of paying users to produce content. This site uses Paypal to make payments. Bubblews closed in November 2015. Taringa, the largest social networking site in Argentina, tipped users on bitcoins to post and share content. This does not cause users to migrate in droves from Facebook and other social networking sites. It remains to be seen how successful Steemit is in attracting users.
One of the users' useful feedback for posting is that people try to play the system by creating multiple accounts. This account can be used to send / vote multiple times and thus manipulate the popularity of posts. I try to control it by requiring users to register through their Facebook account. Steemit is a content aggregator that rewards users in the form of new cryptocurrency. Depending on the quality and popularity of a post, or how early a post is updated, users are paid in the form of Steem. Although Steemit is probably the most sophisticated and thought out system to date, the concept of rewarding users for their posts is not entirely new. As early as 2014, sites like Bubblews and Bonzo Me came out with the idea of paying users to produce content. This site uses Paypal to make payments. Bubblews closed in November 2015. Taringa, the largest social networking site in Argentina, tipped users on bitcoins to post and share content. This does not cause users to migrate in droves from Facebook and other social networking sites. It remains to be seen how successful Steemit is in attracting users.