I am an African who is always curious of everything.
So oneday I was browsing through youtube trendings and i saw Jerry Banfields tutorials on how to be successful on Steemit.
So i opened the video and followed him respectively.
But i never believed that is going to work actually, so i did not give my mind to that.
Untill I read about it. So now, i want to tell the new members about this awesome platform. Questions I once asked myself are answered and they are....
Steemit
1.What is STEEMIT?
Ans. Steemit is a blogging and social networking website on top of the Steem circlechain database. The Steem blockchain produces Steem and Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content.
- Where from STEEMIT?
Ans. On July, 4th, 2016, Steemit, Inc officially launched Steemit, a social media with virtual currency rewards that runs over the Steem blockchain. On July 1, 2016 Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. A little less than US$ 85,000 worth of Steem Dollars and Steem are reported to have been taken by the attackers.[5] On March 15, 2017 Dan resigned as a head of technology and a marketing team was announced with Mitchel Loureiro () and
. Frank Rimalovski, Andrew Haines and William Mougayar (
) are advisory board members while
, Jeffrey Paul (
), James Calfee (
) and Valentine Zavgorodnev (
) are a few of the staff members.
- So where is the Company located?
Ans. Steemit, Inc is a privately held company based in New York City and headquartered in Virginia. The company was founded by Ned Scott and Dan Larimer, creator of BitShares, and EOS. - So apart from Steemit, where else can i get money from?
Ans. Steemit includes third-party applications, such as d.tube a decentralised video platform based on the InterPlanetary File System (IPFS) protocol. D.tube is similar to YouTube, but without advertisements, instead uses the built-in Steem currency which gets awarded by users upvoting videos.
And also, Steepshot and zappl which are alike. And they are platforms where you can post pictures and be upvoted too.
- So am i going to get the money as bitcoins ,? And if yes then why was it not indicated as Btc but SBD and Steem?
Ans. The Steem blockchain has two tokens: STEEM and Steem Dollars. There is also a vested or stored interest known as Steem Power. Steem Power is strictly for internal use in the Steem community, while the tokens are used for stored value and trading.
Steem
Steem is based on the Smart Media Tokens (SMT) protocol, developed by Steemit. As of December 2017, CoinMarketCap.com listed Steem with a $475 million market capitalization, and ranked Steem tokens 32nd of 1,358 cryptocurrencies. User actions, such as upvoting facilitates Steem's Proof-of-Brain algorithm, which also factors in the Steem Power a user holds, to provide incentives for content creators and the community by transferring small amounts of the Steem token currency.
Steem began with a highly inflationary supply model, doubling roughly every year.However, due to community demand, on December 6, 2016 the inflation rate of Steem was changed to 9.5% per year, reducing by 0.5% per year.
- So were they accepted on a silver plater or they were critisised?
Ans. Joe Lee, co-founder and CIO of digital currency trading platform Magnr, told CoinDesk. "Whether Steem succeeds as a digital currency will be more a reflection of Steemit’s success as a platform as opposed to the economics of the coin itself. This is a good example of a digital currency whose value will be closely affiliated to its utilitarian value as a social networking and sharing platform.
“I’m skeptical about 'appcoins'/'appchains,' and Steem is very much one,” stated algorithmic trader Jacob Eliosoff.
DecentralizeToday had an article published giving an overview of the platform and blockchain pointing out how the developers consciously relaunched the currency to assure centralization, even quoting Tone Vays calling the system a Ponzi Scheme .
The Steemit Blog operates on the anarchist principles of self governance and community policing. While a novel concept it has opened the doors for abuse through vote selling and potential bullying by wealthier members of the site that use their influence to set policy, control and censor content at will.
STeemit has in some instances allowed for the inclusion of bad content due to lack of moderation, quality control and unified governance. This has led to instances of child pornography being uploaded to the site.
Quality control deficiencies and lack of moderation in combination with vote selling abuse has created a free market of pay for exposure regardless of content quality. Steemit blog was originally brought forth under the ideals that the best content would be promoted based upon user curation. An excellent ideal that in theory would serve to continually better the site; however, this has failed to some degree with the inclusion of vote selling bots. As a result in many instances highly upvoted content on the site is spam in the form of Youtube Video links, stolen images, Google news links etc. promoted through the use of vote selling bots.
After This , I think you will never have a dout on the platform.
No one in this World hates whats good.
Thank you for reading .
I love yall.