Most of us are addicted to social media networks, a year old blockchain- and cryptocurrency-based social networking site claims to rewards their users for the content they create.
So, Steemit comes as a creative social network that rewards people for their contributions, irrespective of their race, religion, gender, or any other bias. It aims to build a “small town” group where residents are awarded for their time, effort, and creativity. It is done through digital points called “Steem.”
Steemit is a brainchild of Daniel Larimer, founder of BitShares, and Ned Scott. It has been built on the technology made by Larimer called as Graphene, which is used for the successful deployment of application-definite blockchains.
Steemit.com encourages its users to use the platform to create content and, by way of upvotes, monetise their writing in the form of Steemit’s own internet currencies: Steem and SBD. These cryptocurrencies are similar to the popular Bitcoin, often known as internet gold.
As of May 2017, there are more than 195,000 Steem accounts. After an initial public beta for which no payments were made, the hard fork on July 4th, 2016, saw $1,400,000 of STEEM and Steem Dollars paid out to Steemit users.
The exchange rate of STEEM contrast to Bitcoin rose continuously during July 2016, peaking at a price of over 4 US dollars. In most of July 2016, Steem had the third largest market capitalization of all cryptocurrencies monitored by the website Coinmarketcap.com, reaching a first notable peak at July 20th, with about 415 million US dollars.
As of May 25th, 2017, its market cap is 345 million US dollars.
The evolution of the Steem ecosystem is something to keep an eye on as it is rapidly changing. These changes will alter the reward structure for bloggers, content curators, witnesses, miners and investors.
Our team invested time and effort in writing content and production a global community for Steemit. The idea is to help many users use of this new platform to their benefit. Steemit rewards its users for their attention, effort and catch with its platform,” TechOptimals team said.
Even as the world of social media is continuously evolving, blockchain technology is changing the world around us. Not just when it comes to financial transactions, but also by introducing decentralization that encourages free speech while doing away with the restrictions imposed by the social media giants.
To sign up or learn more about Steemit, visit