Steemit - Social news community

Steemit could be a social news service that runs a blogging and social networking web site on high of a blockchain info, called Steem. The service produces STEEM and Steem greenbacks that ar tradeable tokens users acquire for posting, discovering, and commenting on attention-grabbing content.

History
The project was created in 2016 by Ned Scott and Dan Larimer. On March fifteen, 2017, Larimer proclaimed his resignation from the corporate.

Concept
The idea was represented in a very whitepaper discharged in March 2016.

The general construct is comparable to alternative blogging websites or social news websites like Reddit, however the text content is saved in a very blockchain. employing a blockchain permits rewarding comments and posts with secure tokens of import. pictures are often uploaded and hosted on Steemit. alternative transmission content should be embedded from alternative internet hosts. For info, there's a applications programme editor. Users also can choose to use Markdown info with hypertext markup language parts.

User accounts will upvote posts and comments, and also the authors UN agency get upvoted will receive a financial reward in a very cryptocurrency token named STEEM and U.S. dollar-pegged tokens referred to as Steem greenbacks. individuals are rewarded for curating standard content. Curating involves ballot comments and post submissions. Vote strength and curation rewards ar influenced by the number of STEEM Power control by the citizen.

Steemit includes a name system, wherever new accounts begin with a name of twenty five. associate account's received votes will influence its name up and down, incentivizing on-line rule and interaction with the community.

Monetary system
The Steem blockchain has 2 tokens: STEEM and Steem greenbacks. there's additionally a unconditional or keep interest called Steem Power. Steem Power is strictly for internal use within the Steem community, whereas the tokens ar used for keep price and commercialism.

Steem began with a extremely inflationary offer model, doubling roughly once a year. but as a result of community demand, on Dec sixth, 2016 the rate of Steem was modified to nine.5% annually, reducing by zero.5% annually.

Usage and media coverage
As of Nov 2017, there ar over 430,000 Steem accounts. once associate initial public beta that no payments were created, the onerous fork on Gregorian calendar month fourth, 2016, saw $1,300,000 of STEEM and Steem greenbacks paid resolute Steemit users.

The charge per unit of STEEM compared to Bitcoin rose endlessly throughout Gregorian calendar month 2016, peaking at a worth of over four U.S. greenbacks. In most of Gregorian calendar month 2016, Steem had the third largest capitalization of all cryptocurrencies monitored by the web site Coinmarketcap.com, reaching a primary notable peak at Gregorian calendar month twentieth, with regarding 405 million U.S. greenbacks. As of could twenty fifth, 2016, its market cap is 258 million U.S. greenbacks.

It got media coverage in cryptocurrency- and business-related media.

Criticism
Some business specialists question the requirement for a singular token specific to steem once bitcoin or ether can be used. Others illustrate that steem may be a Ponzi theme, predicting that the digital currency will grow and grow till there aren't any contemporary users to suck in and so quickly collapse.