The brain-child of Daniel Larimer, founder of BitShares, and Ned Scott, a former financial analyst, Steemit is a blockchain-based social media platform modeled loosely on Reddit.
Anyone who uses Reddit knows that content lives and dies with the sacred upvote (or downvote). Upvotes bring “karma,” greater visibility, and even the chance of landing on the front page.
Similarly, Steemit users are vying for upvotes, but this is because engagement and attention lead to actual financial reward. Steemit rewards users for posting, commenting, and even just upvoting other content. Rewards are paid in the platform’s native cryptocurrency, STEEM.