Steemit is a blockchain-based social media platform that uses cryptocurrency to incentivize content creation and curation. It was launched in 2016 and is built on the Steem blockchain, which is a decentralized database that allows for fast and secure transactions.
Users on Steemit can earn cryptocurrency rewards by posting high-quality content, voting on content, and commenting on posts. The amount of cryptocurrency earned depends on the quality and popularity of the content, as well as the amount of engagement it receives.
Steemit uses its own cryptocurrency called Steem, which is used to reward content creators and curators. Steem can also be traded on cryptocurrency exchanges for other digital currencies or fiat currencies like US dollars.
Overall, Steemit is an innovative platform that has created a new way for content creators to earn money and for users to curate content. However, as with any cryptocurrency, the value of Steem can be volatile and there are risks associated with investing in it.