As of my last update in September 2021, Steemit was a blockchain-based social media platform that rewarded users for creating and curating content. It was one of the earliest and most well-known applications built on the Steem blockchain.
Here's how it worked:
Content Creation: Users could create blog posts, articles, images, and other types of content on Steemit.
Content Curation: Other users could upvote the content they liked. The more upvotes a post received, the more rewards it earned.
Steem Tokens: Steemit had its native cryptocurrency called "Steem." When users upvoted content, they were essentially "voting" with their Steem tokens. The content creators would receive a share of the Steem tokens as a reward for their contributions.
Steem Power: Steemit introduced a concept called "Steem Power," which represented a user's influence on the platform. By holding Steem Power, users had more voting power and, in turn, received a higher portion of rewards for their own content.
Steemit gained popularity because it provided an alternative approach to traditional social media platforms, where content creators often didn't directly benefit financially from their contributions. However, it also faced some criticism and challenges, including issues related to content quality, reward distribution, and bots manipulating the voting system.
Since the technology and cryptocurrency landscape are continually evolving, there might have been updates or changes to Steemit beyond my knowledge cutoff date. It's always a good idea to verify the current status of any platform or technology by checking more recent sources.