On EOS you can run multiple steemit like platforms. All running as Dapps, EOS can run ethereum as well with out a hitch you can essentially create an uber type platform as well with out concern to speed and or bandwidth.

I'm not sure if it would be suited for developing a social media app onto

I believe it would be possible to create a sophisticated social media app, in which you could curb the :self-aggrandising: that happens on Steem. For example, rewards could be based on a direct transfer of coins (rather than a common pool), and for motivating this you could add a curator reward clause as part of the transaction.

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