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Steemit is a blogging and social networking website that uses its Steem blockchain -based rewards platform for publishers. [3] The Steem blockchain produces Steem and Steem Dollars which are tradable tokens obtained for posting, discovering, and commenting on content. [4]
Steemit, Inc. is a privately held company based in New York City and headquartered in Virginia. The company was founded by Ned Scott, and
Dan Larimer , creator of BitShares , and EOS .[5]
[6]
Concept
User accounts can upvote posts and comments similar to other blogging websites or social news websites like Reddit , and the authors who get upvoted can receive a monetary reward in a
cryptocurrency token named Steem and US dollar -pegged tokens called Steem Dollars. People are also rewarded for curating (discovering) popular content. Curating involves voting comments and post submissions. Vote strength and curation rewards are influenced by the amount of Steem Power held by the voter. [6][7]
Steemit includes third-party applications, such as d.tube, a decentralized video platform based on the InterPlanetary File System (IPFS) protocol. D.tube is similar to YouTube, but without advertisements, instead uses the built-in Steem currency which gets awarded by users upvoting videos. [8]
Monetary system
Steem is based on the Smart Media Tokens (SMT) protocol, developed by Steemit. As of December 2017, CoinMarketCap.com listed Steem with a $475 million market capitalization, and ranked Steem tokens 32nd of 1,358 cryptocurrencies. User actions, such as upvoting facilitates Steem's Proof-of-Brain
algorithm , which also factors in the Steem Power a user holds, to provide incentives for content creators and the community by transferring small amounts of the Steem token currency. [9]
Steem began with a highly inflationary supply model, doubling roughly every year. [6] However, due to community demand, on December 6, 2016 the inflation rate of Steem was changed to 9.5% per year, reducing by 0.5% per year. [10]
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