Steemit is a decentralized social media platform that runs on a blockchain called Steem. The platform allows users to create and share content such as blogs, articles, photos, and videos and get paid in cryptocurrency for their efforts.
The way it works is that users can upvote and downvote content, and the more upvotes a piece of content receives, the more rewards the creator receives in the form of Steem and Steem Dollars (SBD), which are cryptocurrencies. The rewards are paid out based on a reward pool that is funded by the blockchain's network and a portion of the cryptocurrency holdings of the users on the platform.
Users can also earn rewards for participating in the community by curating content, that is, upvoting and downvoting posts, and by holding Steem Power, which is a form of cryptocurrency that gives the holder more influence on the platform.
Overall, Steemit aims to provide a decentralized alternative to traditional social media platforms where users can be rewarded for creating and curating content and where the platform is not controlled by any central authority.