Steemit is a paid social media today

Steemit is a social networking and blogging site on the Stein blockchain database. Blockchain Steem generates STEEM and Steem Dollars that can be used by token users to get posts, find and comment on compelling content.

Steemit
Steemit-big.png
Site type
Social news community
Especially English Language Content is also available in several languages.
Website www.steemit.com
Sign up Free account. Required edits.
User> 170,000 (May month 2017)
Launched March 2016
Active Status
Steemit, Inc. is a private company headquartered in New York and headquartered in Virginia. The company was founded by Ned Scott and Dan Larimer, creator of BitShares.

• HISTORY steemit

On July 4, 2016, Steemit, Inc. officially launched Steemit, a social media with virtual money prizes that run on the blockchain of Steem. On March 15, 2017 Dan resigned as chief technology officer and marketing team announced with Mitchel Loureiro @ zuvarnic and @andrachy. Frank Rimalovski, Andrew Haines and William Mougayar (@wmougayar) are temporary advisory boards @cass, Jeffrey Paul (@sneak), James Calfee (@jamesc) and Valentine Zavgorodnev (@ val-a) are some staff members.

CONCEPT

Steemit's idea was originally described in a white book released in March 2016 which was subsequently updated in August 2017.

The concept is generally similar to blog sites or other social news sites such as Reddit, but the text content is stored in blockchain. The use of blockchain enables award tokens to be provided for any useful comments and posts to be safe. Image content can be uploaded and hosted on Steemit, while other multimedia content must be embedded from other web hosts. For the format, there is a WYSIWYG editor. Users can also choose to use the Downdown format with HTML elements.

User accounts can increase the number of posts and comments, and an upvoted writer will receive rewards in the form of a cryptographic money prize named STEEM and a dollar-pegged token, called Steem Dollars. Awards are also given to users who curate (find) popular content. Curation involves commenting on voting and postal items. The power of reward and mastery of rewards is influenced by the number of STEEM power held by the electorate.

• FINANCIAL SYSTEM

Blockchain steem has two tokens: STEEM and Steem Dollars. There are also enthusiasts who invest or store their tokens in a form known as Steem Power. Stealth Power is strictly used internally in the Steem community, whereas tokens are used for stored and traded values.

Steem initially wore the supply model with a very high inflation rate, doubling approximately every year. However, due to public demand, on December 6, 2016 the rate of Steem inflation changed to 9.5% per year, down 0.5% per year.