Cryptocurrencies are becoming more common in a variety of industries, particularly when technology is involved, but one currency is focused on simple communication. The cryptocurrency is called Steem, and the communication network is called Steem, which is comparable to Reddit.Steemit was founded by Ned Scott and Dan Larimar & established in July 2016. (who also created the EOS and BitShares cryptocurrencies). The firm was founded in New York and is headquartered in Virginia. Mr. Larimar has left the company to seek new possibilities, while Sir Scott remains the company's CEO.
Let's get right into without further ado.
What is Steemit? Steemit is a cryptocurrency-based social media, social networking, and blogging platform. Steemians (users of the Steemit platform) are compensated with the cryptocurrencies Steem and the Steem Backed Dollar in exchange for uploading articles on a variety of topics.
If other members 'upvote' the original post, they receive prizes. Comments on articles can also earn rewards because they can be 'upvoted.' The value of a vote is determined by the voter's Steem Power.
Finally, 25 percent of the benefits for each post are dispersed to people who upvoted the post, which is a last option for collecting incentives. These are known as curation rewards, and they are based on a reverse-auction system.
What does Steemit expect to achieve?
Steemit's mission is to attract new users and keep existing ones with compensating them for blockchain contributions. It also intends to distribute tokens to a larger number of users, thereby enhancing the blockchain's network effect. One of the original goals of the Steemit founders was to decentralize and increase the network impact.
The Steem blockchain allows the development of alternative decentralized applications that utilise Steem's blockchain technology, in addition to boosting Steemit's user base. So far there are a handful, including a Youtube clone called dTube, a Twitter close known as Zappl, and a 9gag clone called dMania. Busy.com also offers an alternate Steemit interface. All of these are linked to the Steem network.
So far there is a handful, including a Youtube clone called dTube.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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