Steemit is a social networking and blogging site on the blockchainSteem database. Blockchain Steem generates STEEM and Steem Dollars that can be used by token users to get posts, find and comment on interesting content.
Steemit, Inc. is a private company headquartered in New York and headquartered in Virginia. The company was founded by @Ned Scott and Dan Larimer, creator of BitShares.
History.
On July 4, 2016, Steemit, Inc. officially launched Steemit, a social media with virtual money prize that runs on the blockchain of Steem. On March 15, 2017 Dan resigned as chief technology officer and marketing team announced with Mitchel Loureiro @zuvarnic and @andrachy. Frank Rimalovski, Andrew Haines and William Mougayar @wmougayar are temporary advisory boards @cass, Jeffrey Paul @sneak, James Calfee @jamesc and Valentine Zavgorodnev @val-a are some staff members.
Concept.
The idea of Steemit was originally described in a white book released in March 2016 which was subsequently updated in August 2017.
The concept is generally similar to blog sites or other social news sites such as Reddit, but the text content is stored in blockchain. The use of blockchain enables award tokens to be provided for any useful comments and posts to be safe. Image content can be uploaded and hosted on Steemit, while other multimedia content must be embedded from other web hosts. For the format, there is a WYSIWYG editor. Users can also choose to use the Downdown format with HTML elements.
User accounts can increase the number of posts and comments, and authors who get upvoted will receive rewards in the form of cash prizes in the form of cryptosized money named STEEM and tokens that are pegged in US dollars called Steem Dollars. Awards are also given to users who curate (find) popular content. Curation involves commenting on voting and postal items. The power of reward and mastery of rewards is influenced by the number of STEEM power held by the electorate.
Financial system.
Blockchain steem has two tokens: STEEM and Steem Dollars. There are also enthusiasts who invest or store their tokens in a form known as Steem Power. Stealth Power is strictly used internally in the Steem community, whereas tokens are used for stored and traded values.
Steem initially put on a supply model that experienced a very high inflation rate, doubling approximately every year. However, due to public demand, on December 6, 2016 the rate of Steem inflation changed to 9.5% per year, down 0.5 % per year.
Media usage and coverage.
Until November 2017, there are over 450,000 Steem accounts. After a beta release at the beginning of no payment, hard fork on July 4, 2016, there were about $ 1,300,000 STEEM and Steem Dollars paid to Steemit users.
The STEEM exchange rate compared to Bitcoin rose continuously in July 2016, peaking at prices above 4 US dollars.20 July 2016, Steem had the first market capitalization peak of around $ 405 million.On December 16, 2017, its market share was 525 million US dollars.
Steemit is described as a novel and "blockchain-based community media annoying" by Adam Hayes (Investopedia) in July 2016. It gained wide attention and media coverage in the cryptocurrency and business media. Author Neil Strauss, a Steemit user, writes an article for Rolling Stoney that calls the distribution of rewards "very ingenious" to echo potential and annoying sentiments.
Andrew McMillen in Wired magazine explains that the Steemit function is rooted in transparency with every vote and transfer visible to the public from upvotes in the post to the wallet transfer. Unlike most digital currencies that are hardly accessible to most enthusiasts in the world with no money to invest, Steem eliminates the reluctance of the average person to join the crypto-curve world by allowing themselves to earn revenue by mail without first buying.
Critics.
Joe Lee, co-founder and CIO of Magnr's digital currency trading platform, told CoinDesk. "Whether Steemit's success as a digital currency will be more a reflection of Steemit's success as a platform that goes against the currency economy itself is a good example of a digital currency whose value will be closely tied to the value of its benefits as a social network and sharing platform."
