Decentralized social media platforms are gaining in popularity as of late. Steemit, a platform where users are paid to post and vote, has seen spectacular growth since launching. The overall community has increased by 1600%, indicating a high demand for platforms like these.
STEEMIT IS THE NEW PLACE TO BE
Although there is an argument to be made as to whether or not we need more social networks. Steemit is doing things differently. The platform rewards its users for participating, which has lead to the community size doubling week over week. Moreover, the dedicated cryptocurrency used on this platform, called Steem, increased its market cap by US$10m.
Steemit CEO Ned Scott told the media:
We have worked so hard to perfect Steemit and give anyone an opportunity to make money by creating and curating good content. Based on reactions from experts and testing from our consumers, we knew that the reception would be strong, but Steemit is so much further along than where we thought it would be. In about a month, the market cap of Steem has increased two and a half times, page sessions have jumped by nearly six times, and the Steemit blockchain is now seeing twelve transfers, posts or votes every minute on average. These are phenomenal numbers and we are excited that our growing community is engaging in fun and potentially lucrative social medium.
Albeit Steemit is entirely decentralized it does not use the Bitcoin blockchain. Instead, the developers created a new blockchain and called it Steem. Every time a user submits content or votes on articles, they are rewarded. Half of the payment occurs in “voting power”, and the other half in Steem Dollars. Every Steem Dollar is worth roughly US$1.
To make this platform even more attractive, there seems to be a lot of rewarding going on. Several posts have an average payout of a combined US$8,500 for voters and posters. Most of the topics covered on this platform range from politics to cryptocurrency, and technology to social activities.