Blockchain Social Media Alternatives to Watch Out For

Steemit is a sort of Reddit and (steemit.com) describes itself as the first social network built on the Steem blockchain, a decentralized reward platform for publishers to monetize content and grow community.

“While most social media sites extract this value for the benefit of their shareholders, Steemit believes that the users of the platform should receive the benefits and rewards for their attention and the contributions they make to the platform,” the company explains on its website. “At its root, Steem is simply a points system. However, because this points system is blockchain-based, the points can be traded on markets as tokens.

People buy and sell these tokens, and many hold in anticipation of increased purchasing power for various Steem-related services. The rewards people earn are tokens that have market value and are readily tradable. It is similar to how someone playing a video game could obtain a limited item or currency by playing the game. If the currency or items are transferable between users, then they can sell or buy them on game item markets.”

“I feel like I’m in the Stone Age when I’m on Facebook or Twitter,” David Kadavy, a user of Steemit, told Bloomberg. “They have no value without what you’re contributing to them. If Facebook doesn’t respond to this, things can change very quickly. They should be very concerned.”

But how about Steemit vs Foresting ?