Everyone Must Know About Steemit

Steemit is a social news service which runs a blogging and social networking website on top of a blockchain database, known as Steem. The service produces STEEM and Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content.

The project was founded in 2016 by Ned Scott and Dan Larimer, creator of BitShares.The two are founders of the Steemit Inc. company, which runs the Steemit website and funds ongoing development of the platform. On March 15, 2017, Larimer announced his resignation from the company

Ned Scott

Dan Larimer

Concept:-
The general concept is similar to other blogging websites or social news websites like Reddit, but the text content is saved in a blockchain. User accounts can upvote posts and comments, 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.Steemit has a reputation system, where new accounts start with a reputation of 25. An account's received votes can influence its reputation up and down, incentivizing online etiquette and interaction with the community.

STEEM
The STEEM token is the network's base token. It is traded on multiple cryptocurrency exchanges and markets. Its market value determines the value of the pool of rewards paid by Steem. Its value also backs the value of Steem Dollars.

Wallet
The Wallet page on Steemit shows the tokens and the voting power belonging to an account. Unlike Bitcoin wallets, every Steem wallet is publicly visible and tied explicitly to a particular account name.