Steemit is a social news service which runs a blogging and social networking website on top of a blockchain database, known as Steem.
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 Dan Larimer announced his resignation from the company.
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.
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