Every time you log onto Facebook, Instagram, or Twitter to share a photograph or post a commentary, you surrender a chunk of yourself in exchange for recreation. this can be the manner of the fashionable world: sensible firms build apps and websites that keep our eyeballs engaged, and that we reward them with our information and a spotlight, that profit their bottom line.
Steemit, a emergent social media platform, is making an attempt to vary all that by pleasing its users with cold, dough within the style of a cryptocurrency. Everything that you simply do on Steemit—every post, each comment, and each like—translates to a fraction of a digital currency known as Steem.
Over time, as Steem accumulates, it is paid out for traditional currency. the concept for Steemit began with a report, that quietly unfold among alittle community of techies once it had been free in March 2016. The complete 44-page summary wasn’t supposed for a general audience, however the document contained a strong message. User-generated content, the authors argued, had created billions of bucks useful for the shareholders of social media firms. however whereas moguls like Mark Zuckerberg got made, the content creators WHO burning networks like Facebook got nothing.
Cryptocurrencies like Bitcoin square measure solely price no matter worth individuals attribute to them, thus there was no guarantee that the tokens dropping into Steemit accounts would ever be price something. however the Steem that unrolled to users translated to quite $1.2 million in yankee bucks.