Steemit: What Is It and How Does It Work?

Steemit: What Is It and How Does It Work?

source

Steemit is really a blogging and social media platform based on the blockchain. For producing and curating content, users can earn STEEM, a cryptocurrency. Steemit Inc., a privately held business based in New York City with headquarters in Virginia, owns the firm.

Principle of operation

source

Steemit is a decentralized application (DApp) built on the Steem blockchain that rewards users for their content with the STEEM money. Users can decide the payout of posts and comments by voting on them. Users can also earn Curation Rewards for discovering and upvoting material that is then upvoted by other users.

History of Steemit.

The social media site Steemit was launched as the first application built on the Steem blockchain on July 4, 2016, by Steemit, Inc., a corporation created by Ned Scott and blockchain developer Daniel Larimer.
Steemit announced on its website on July 14, 2016, that they had been hacked. According to them, roughly 260 accounts have been compromised as a result of the hack. The assailants are said to have grabbed about $85,000 worth of Steem Dollars and STEEM.
Daniel Larimer, Steemit's chief technological officer, resigned down and departed the firm in March 2017.
Steemit ran into financial difficulties after the STEEM price dropped during the 2018 cryptocurrency meltdown, and had to lay off 70% of its workers.

Steemit References

source

Dale, Dale. "STEEM BLOCK EXPLORER". Observer. Retrieved March 15, 2019.
Chohan, Usman (February 2018). "The Concept and Criticisms of Steemit". Economics of Networks Journal: 8. SSRN 3129410.
"(Reuters) Digital currency Steem soars 1,000% in value in two weeks". Guardian. July 12, 2016. Retrieved January 16, 2019.
Dale, Dale (September 15, 2016). "Steem Aims to Beat Facebook by Paying Its Bloggers in Cryptocash". Observer. Retrieved January 16, 2019.
McMillen, Andrew (October 4, 2017). "The Social Network Doling Out Millions in Ephemeral Money". Wired. Retrieved May 6, 2018.
"STEEM Whitepaper: An incentivized, blockchain-based, public content platform" (PDF). Steem. March 12, 2019. Retrieved March 12, 2019.
Cimpanu, Catalin (July 18, 2016). "Steemit Social Network Hacked, User Funds Stolen, DDoS Attack Ensued". Softpedia News. Retrieved January 16, 2019.
"Joint Statement". Steemit Inc. April 12, 2017. Retrieved March 13, 2019.
Biggs, John (October 28, 2018). "Steemit laying off 70% of staff". TechCrunch. Retrieved January 16, 2019.

Links to other websites

Steemit

Good luck!,
Jayteon