Thoughts on steemit and the future of media

Thoughts on steemit and the future of media

I have spent some time playing with and reading about steemit. The vision of the media world it suggests we might be heading towards is fascinating.In short, steemit is like reddit/medium on top of a blockchain with tokens integrated into the system to reward publishing and other activity on the platform. It is still a complicated system that I do not get entirely, but I think I get a sense of how the dynamics are. Steemit rewards content contributions, both by publishers and curators ('likes/votes'), with tokens. It also makes the tokens useful in other ways. Holders of tokens can pass additional rewards to the authors they like, but they also get to enjoy more influence on the platform as well as benefit from the platform's success by getting a share of the tokens getting mined.
The tokens can be traded on exchanges against bitcoin, i.e. they represent real value, not just an internal currency of the platform. The supply of tokens is pre-defined for the future, which makes the users not worry about token inflation.Creating a system that gets this mini-economy to balance is likely a tough job for the platform's operators. I think at some point we will see best practices for such communities emerge, but now it still seems like a learning process and that's why the system is somewhat clunky and hard to understand. Yet, most importantly, it seems to be working and growing and some content contributors make real money of it.Below is a chart of the traffic of steamit taken from similarweb. The dynamics is clearly positive, and with 6m visits in May it is at a respectable size.