The Untold Story of Steemit: A Blockchain-Powered Social Media Platform.

[Designed from canva]

Steemit platform was launched in the year 2016 and was the one among a handful of blogging and social media platforms powered by blockchain and however as the users of the website have got acquainted with its punitive-reward system none can explain its origin.

It emerged due to the increasing discontent with principal SMMs where users were sharing content that was often unsupported or underpaid so when Steemit was created, it was by Ned Scott and Dan Larimer and, at its core, that vision was to offer real monetary rewards for content generation and moderation. So this revolutionary idea provided bloggers and content producers the opportunity to monetize their content using STEEM cryptocurrency through post popularity.

But the truth is in its infancy when STEEM tokens were distributed, a disparity of power saw some users, known as whales, controlling most of the platform’s voting power and these whales were powerful enough to decide what content of the platform received supplies of steem, interest and monetary rewards . This which made or created an undercurrent of tension, for new user felt that the competition was unfair.

And furthermore, spammers and endemic users created content of low-quality, and rigorous filters were introduced to deal with the issue. However, they managed to build a very devoted audience, everyone was discussing cryptocurrency, blogging, and also decentralized solutions so the real success narrative, therefore, is not only the platform itself but more so the people who bought into the idea of decentralization and liberty from control from a centralized regulation center.

Thanks for reading.