Steemit is a very popular blockchain-based blogging platform and social media website that rewards its users with its own cryptocurrency called ‘STEEM’, for publishing or curating any content on its website. The website is owned by a New York-based company named, Steemit. Inc, having its headquarters in Virginia. Steemit. Inc uses blockchain to develop cryptocurrencies to support and monetize social media sites. It is the only social blockchain that has the potential to power real applications via social apps called Steemit. The Steem blockchain and steemit.com, both are the brainchild of Steemit.Inc. The company came up with its first launch of the blockchain-based website on July 4, 2016. But the journey of the company was not smooth since its inception in 2016. Soon after its launch, the website was hacked which resulted in the price drop of STEEM. There was a huge financial crisis in the company for which the company had to lay off 70% of its employees.
How does it work?
Steemit is built upon the Steem Blockchain and is designed as a decentralized application (DApp). Users are rewarded with the company’s own built cryptocurrency STEEM. Users decide the payout of the posts by voting on the various comments and posts made by other users. Users are also rewarded with the “Curation Rewards” for upvoting and finding content other users’ upvote afterward.
Steemit cryptocurrency is similar to other currencies like Bitcoin and Ethereum as it can also be traded, purchased and sold in the open crypto market like other digital currencies. New Steemit currency units are created every day by the network and are distributed to those users who are the most engaged ones. Therefore, the more users engage themselves to the website, the more are their chances to win. Steemit pays both; the content creators as well as the best curators who curate the best content by upvoting the work of the other contributors. They are rewarded for curating the best content available on the website.
Steemit Joins TRON Ecosystem
Steemit Inc. has recently announced a strategic partnership with TRON Foundation, another decentralized ecosystem that provides fast network speed, high stability, and scalability. The partnership aims at bringing Steemit and other Steem based blockchain DApps into the TRON ecosystem comprising of over 20 million users, products, and services.
Prior to inking this partnership with Steemit, TRON has also partnered with top market players like Samsung, Opera, Poloniex with an aim to provide value propositions to its community members and investors. Talking about the recent collaboration, the CEO and founder of Steemit, Ned Scott said, “Steemit is the original conception where forums meeting cryptocurrency was born — where cryptocurrency could be distributed as easily as ‘likes’ and ‘upvotes’ and that maybe this would bring adoption and appreciation to the currency. From launching the platform in 2016 on a shoestring budget with an idealistic team to today, I’ve enjoyed the development of the platform and the growth of its user base — now I’m excited to see a strategic partner attempt to bring it to new heights.”
Therefore, STEEM has come up a long way, in revolutionizing the way in which people perceive decentralized technologies. It is a blockchain-based database, that supports social interaction and community building by rewarding cryptocurrencies that can be traded.