Blockchain Network Takes on ‘Flawed’ Steemit by Offering Lifetime Earnings to Creators

A blockchain-based company is launching a content rewards platform that compensates creators – and says its platform boasts compelling advantages over “exploitative” mainstream rivals, all the while addressing flaws in other crypto-driven sites which offer a similar concept.UUNIO wants its service to threaten the likes of YouTube, where it claims some content creators are barely given $500 even if they amass a million views. It is also railing against internet giants such as Facebook, which makes billions of dollars a year on the back of personal data and advertising – wealth which is never shared with its users. Copyright infringement is also an issue, with fledgling entertainers all too often finding their work has been ripped off by other accounts.

But perhaps most interesting is UUNIO’s plan to challenge other blockchain platforms which pay people to post online – and Steemit is one of the networks firmly in the company’s sights.According to UUNIO, Steemit’s upvoting system is flawed because the power carried by a single vote is determined by the money held in a user’s account. The company says this has left smaller content creators struggling to earn decent compensation unless their work is recognized by a “whale” – someone with significant Steem Power. To compound the problem, Steemit only pays out rewards for the first seven days that a post is live, meaning creators of evergreen viral content could potentially miss out on years of earnings.UUNIO’s answer is to give equal voting power to all – eliminating the risk of self-voting and ensuring that a few users cannot control the fates of many thousands more. The company claims a large chunk of its community would need to work together to abuse the system – meaning there is less chance of manipulation. Its platform would also do away with the concept of a compensation period, with UUNIO raising the fanciful idea that creators could use the annual earnings on timeless content for a pension.