Steemit: An Archetype for Blockchain-based Digital Media Platforms?

Steemit, the blogging and social networking website using a Blockchain-based rewards platform, continues to grow at a rapid pace. The platform allows anyone to earn rewards by posting relevant content, curating content by upvoting, and holding Steem-based tokens in a vest fund (called STEEM POWER).

According to data collected over the past four months, the total number of registered accounts on Steemit has doubled to more than 900,000 users, with over 58,000 daily active users (up from 26K in November 2017). Last month, the Steemit.com website made its debut in the Alexa Top 1000, which ranks the most trafficked web properties (according to total monthly unique visitors). The site currently supports five languages: English, Spanish, Russian, French, and Italian.

Steemit.com - February 2018 Alexa Traffic Ranks

Based on recent data compiled by Blocktivity, STEEM Blockchain transactions comprise a majority of the total network transactions across the most active blockchains. The number of STEEM transactions represent a 53.7% market share, which is nearly three times larger than that of Ethereum. This is despite naysayers who argued against Blockchain use cases and highlighted scalability concerns (sorry CryptoKitties).

Steemit's token economy is proving to be a model for a sustainable digital content platform and community. There are currently three digital currencies in the Steemit token economy: STEEM, Steem Power (SP) and Steem Backed Dollars (SBD). Co-founded by BitShares creator and Block.one CTO Dan Larimer, Steemit has been explained as a decentralized Reddit meets Medium, with contributors being paid with the STEEM tokens based on the amount of engagement their posts earn (anyone can become a contributor after registering for the site).

For our readers in the Los Angeles area, you can learn more about Steemit by attending the Meetup events.