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What is it?
Steemit is an online service which operates a social network alongside a block chain database called “Steem”. Launched in March 2016 by Daniel Larimer, founder of BitShares, and Ned Scott, a former financial analyst, the self-proclaimed “blockchain based social media platform” rose to prominence within a few months under the name Steemit Inc. company.
What does it do?
Steemit was created with the intention of providing a secure space for individuals to create and promote quality content, all the while earning money. Although the general concept of Steemit is analogous to other social media sites such as Reddit, the text content of Steemit is saved in block chain (in cryptocurrency form). The use of blockchain permits users to reward posts and comments with these protected tokens of value.
What’s new in Steemit, How and Why?
Users up-vote comments and post submissions through their membership accounts, and the authors who are up-voted receive a monetary prize in the form of a cryptocurrency token called STEEM. Rewards are also given out to those who introduce unique content. Rewards and vote strength depend on the “STEEM” Power of any voter in question.
Steemit may seem like a website where you can earn some spare change, but it has the potential to be much more. Steemit is, in technical terms, a blockchain built on Graphene, a technological contraption which allows deployment of application-specific blockchains. This potential was discovered within a few months of Steemit’s operations when $1.3 million worth of stored-up Steem cryptocurrency was released to platform users.
The currency is presented to users in two ways and takes 7 days to convert. Steem currency may either be used as Steem Power, or as Steem Dollars. Steem Power offers leverage and utility on Steemit, the social network. Steem Dollars, are a debt-like mechanism that guarantees distribution of $1 worth of Steem to the user at a future time.
You can earn Steem on Steemit through blog post writing. However, bear in mind that every vote does not equal a flat sum of money, rather it is based on the number of votes as well as the Steem Power of the voters. Two reward pool distributions take place, one after 12 hours of post submission, and the other after one month of posting. The author receives the reward, denominated in US dollars and evenly divided into Steem Power and Steem Dollars.
Steem is currently among the largest cryptocurrencies, with a market-cap of $157 million. Steemit prides itself on its security, based on a deputised proof-of-stake algorithm, which relies on the currency holder to confirm transactions. This ensures that the more people that hold Steem, the more secure its network will become.