Steemit, a social media platform based on the blockchain system, uses its own cryptocurrency called ‘Steem’ to execute daily functions.
The platform is similar to other social news platforms, such as Hacker News or Reddit, where users can create or manage contents and receive tokens as rewards.
History
Steem is the functional unit of Steem blockchain. Introduced as a beta version in March 2016, its supply gets increased by 100% every year.
There are two other forms of the token, known as ‘Steem Dollar’ (SBD) and ‘Steem Power’ (SP).
Users are rewarded with SBD instead of steem and each token is worth $1.
SP symbolizes the power of a user on the platform. Most of the cryptocurrency platform have limits on the number of coin circulation in the system. But steem doesn’t, and it inflates annually by 100%.
The popularity of the platform has increased significantly since the beginning.
The Protocol
The protocol is pretty basic. Users can earn SBD and SP by posting and curating articles on Steemit.
There are opportunity or users to earn money. You don’t have to create an account to read contents on the site and remain anonymous. Steemit authority uses a set of guidelines to moderate the behaviors of the members. No rewards are given for any spam or low-quality activities.
Curators evaluate the contents according to the quality of the information, and tokens are awarded accordingly.
General Info
The prospect of steemit is very promising as a web-based social marketing with blockchain platform.
The market cap has taken its position inside top 5 very quickly and creating a buzz.
There are almost 2,500 active users that continuously vote and post to keep the site active. The movements are pretty much similar to Reddit with the accommodation procedures. The use of blockchain platform makes the voting procedure completely open for everyone.
Reddit uses a more critical protocol for voting calculations. On the other hand, steemit has direct installment feature to make the process swifter and easier.
The site may prove a bit tricky for the beginners, as new users will not be able to draw much attention to their posts. So it is recommended for them to create quality content to build up a profile. Steemit allows users to utilize the perks of the social affair to turn into marketing prospects. Then there is the community of Steem Developer Portal where developers use their collective source to make the site more user-friendly.
The aim is to develop next generation of steem based application, tools and sites.
Conclusion
The idea has been greeted with huge enthusiasm among the community. It has paved the way for the development of some innovative applications that have added value to the ecosystem. The trend will certainly provide more amazing tools in the near future if proper time is given. Among all the new cryptocurrency developments, the potential of steemit has certainly made significant footsteps. Time will tell, what other improvements it can make for the cryptocurrency community and its users.
