What is Steemit? Steemit Business Model And How It Makes Money
Steemit is a platform that combines blockchain technology, social media, and cryptocurrency for the creation of user-generated content and community building.
The social community helps to produce content and curate it, while it gets rewarded with two main cryptocurrencies: 50% in Steem Power and 50% in Steem Dollars.
Steemit is the platform where users publish content, and the Steem is the cryptocurrency and Blockchain protocol underlying it.
The company was co-founded by Ned Scott, CEO, and Daniel Larimer, CTO in January 2016. Both Ned Scott and Daniel Larimer were looking at ways to put into action the blockchain technologies for practical problems.
The more they thought about it the more it made sense for them to use the blockchain to build up a community. In fact, as Ned Scott affirmed
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Source
https://fourweekmba.com/steemit-decentralized-social-network/