Steemit is a newly developed blockchain that increases creativity and social relationships using crypto currency rewards. Steemit has a transparent accounting system, breaking down how all transactions are carried out which is the major key to a successful and lasting community.
Billion of dollars are being made from social media companies, likes of facebook, twitter, instagram, whatsapp amongst others. Steemit works on a policy to support its community who provide valuable conditions by rewarding them with their cryptocurrency which in return will reach the market at large.
Just as any organization is being governed by a set of principles that has been set down. Steemit also has some set down principles that controls the different activities that is carried out in the community on a daily bases.
RETURNS: This is the most important principle because it drives the members of the community keep participating. Steemit encourages her members because they believe that anyone that adds or contributes to an idea should be rewarded.
EQUALITY: All forms of capital used are equally valuable. This can be explained as using an example:
Member A contributes his time and puts in his full effort to the community, of course he is rewarded.
Member B contributes his spare cash into the community and is also rewarded.
Member C also contributes in cash but uses another cryptocurrency. It is equally and correctly calculated and he is given his reward.
NOTE: Members A,B and C are all rewarded equally and none is left out.
OPPORTUNITIES: The community has made provision for different opportunities which members can use to build themselves. Such opportunities includes: jobs, free payments etc.
WHAT IS STEEM ??
STEEM is the fundamental unit of account on the steem platform, a cryptocurrency token.
The strength of your upvote is being determined by how much you have invested in steem. Steemit steem basis of operation is one steem, one vote. Steem is designed around a relatively simple concept: everyone’s meaningful contribution to the community should be recognized for the value it adds. When people are recognized for their meaningful contributions, they continue contributing and the community grows.
This is so in order to balance the payout system because if one end is more than the other is have no choice but to depreciate.
Steem was created such that effective micropayments of all kinds of contributions thereby changing the economic equation. In other words, readers no longer have to decide if they want to pay someone from their personal pocket; instead they can vote content up or down and Steem will use their votes to determine individual rewards.
This means that people are given a familiar and widely used interface and no longer face the cognitive, financial, and opportunity costs associated with traditional micropayment and tipping platforms.
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