A Social Media Platform Called Steemit and Its Cryptocurrency

Steemit is a social media platform that is powered by blockchain technology. It gives users the ability to curate and create content and rewards users for participating in community-based activities in the network. Apart from this – it issues its own cryptocurrency called ‘STEEM’.

Steemit gives back what mainstream social media took away and capitalized on. It gives users back its controlling power over their content and activities on the network.

Steemit’s whitepaper states, “An important key to inspiring participation in any community, currency or free market economy is a fair accounting system that consistently reflects each person’s contribution. Steem is the first cryptocurrency that attempts to accurately and transparently reward an unbounded number of individuals who make subjective contributions to its community.”

Typical social media platforms use content creators to their advantage by selling user data to third party companies and profit of advertising revenue at the expense of the people on the platform.

Do check out our Steemit profile as well

Posting to Steemit is free and users are rewarded with Steem cryptocurrency for uploading, commenting and curating content.

Apart from this, Steemit issues tokens as well, known as ‘STEEM’. Tokens are given to users who upload content that is liked by people (up-voting) and contains some sort of ‘value’ for other users. Steem (STEEM) consists of three different types of “asset classes:” Steem (STEEM), Steem Power (SP), and Steem Dollars (SMD).

A complete tutorial of the new Social Media platform can be found below:

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