What is Steemit?

Hey Steemit! Here is @steemitwarker. Today We'll talk about steemit. What is steemit and how does it works.

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Steemit:
Steemit is a blogging and social networking website on top of the Steem blockchain database.
The Steem blockchain:
produces Steemand Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content.
Users: >500,000 (as of December, 2017)
Date launched: 2016
Available in: Mainly English. Content is available in several languages
Registration: Free. Mandatory for editing
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.
History:
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 (@zuvarnic) and @andrachy. Frank Rimalovski, Andrew Haines and William Mougayar (@wmougayar) are advisory board members while @cass, Jeffrey Paul (@sneak), James Calfee (@jamesc) and Valentine Zavgorodnev (@val-a) are a few of the staff members.
Concepts:

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The Steemit concept was described in the companies white paper, released in March 2016. The general concept is similar to other blogging websites or social news websites like Reddit, but the text content is saved in a blockchain. Using a blockchain enables rewarding comments and posts with secure tokens of value. Images can be uploaded and hosted on Steemit. Other multimedia content must be embedded from other web hosts. For formatting, there is a WYSIWYG editor. Users can also opt to use Markdown formatting with HTML elements.
User accounts can upvote posts and comments, and the authors who get upvoted can receive a monetary reward in a cryptocurrency token named STEEM and US dollar-pegged tokens called Steem Dollars. People are also rewarded for curating (discovering) popular content. Curating involves voting comments and post submissions. Vote strength and curation rewards are influenced by the amount of STEEM Power held by the voter.
Steemit has a reputation system, where new accounts start with a reputation of 25. An account's received votes can influence its reputation up and down, incentivizing online etiquette and interaction with the community.

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3rd party applications:
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.
Monetary system:
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.

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