Steemit: The Social Media Co-Op
I’ve been trying to explain the value of the steem blockchain a lot lately, and have found that it can be difficult. I figured I’d focus a bit and explain it.
Steemit is the first social media network that is owned by its users. Facebook is not owned by its users; it is owned by share holders. Early adopters of Facebook did not earn shares of Facebook stock when it IPO’d. The same goes for Twitter. But Steemit is a social media co-op.
Before direct monetization through paid ads, people did manage to make money on these platforms, but indirectly. Effective marketers have used both Facebook and Twitter (and other social media) to focus attention on their products, with the concept of “viral” or “guerilla” marketing showing how social media spreads ideas. Once ads went live, the value for Facebook and Twitter was in selling ads, which command a premium as users’ self reported interests made targeting them very easy.
The Steemit experiment asks the question: what if early adopters of these platforms earned shares or stakes in the platform itself?
The value of the steem blockchain is similar-we are all working together to build communities of mutual assistance where we personally have a share in the rewards. If advertisers or mainstream publishers want to produce content in our neighborhood, it is likely to drive demand for steem higher, as advertisers will need to use steem to market effectively. I’ve been testing out some ways steem might be used to market. I mainly hope to prove that it works and drive more users here.
Most of us interact with the steem blockchain using steemit.com, which gives something of a raw feed of the blockchain. It’s unflattering and the design leaves something to be desired. But another thing that makes this platform great is how easy it is to create apps that interact with the blockchain.
This is why I have been playing around with Steepshot. Steepshot acts like Instagram, but with direct monetary rewards; I use the app on my phone to take pictures of my lunch and share it on the steem blockchain. I get paid money for this! Steepshot can be an entry point into steem for many people, who don’t need to have any understanding of how a blockchain works to earn some steem and meet new people on here.
Other community projects have popped up like Zappl (a Twitter like service), Dtube (YouTube clone), Dsound (Soundcloud clone), and more that are mimicking platforms that don’t have built in rewards the same way steem does. I’ve already seen some YouTube personalities move over to Dtube, and while I don’t think it will come close to replacing YouTube, I do think the ability to directly monetize video content is attractive. It is also important that one major company like Google doesn’t effectively monopolize video content creation.
Content!
The rise of reasonably fast internet connections created the conditions required for social media to be invented, with fairly lackluster content early on. Twitter was first mocked as a useless means of communication, but the character limit has sharpened writers who have grown up with minimum word counts and bloated writing. YouTube did not start with the talent it has now-some of you may remember how silly many thought it was to make a video of yourself for others to watch! YouTube is now a major content producer. @paulag wrote a great explanation about how Udemy grew to 20M users; its growth curve is an important study for steemians who are curious how this platform might grow in the years ahead.
Last week’s addition of @EngadgetNews to steem was a step forward for all of us, as they’re demonstrating the ability to copy/paste some of their best content and earn even more money from it. I want to see more tech blogs head over here, as they’ll bring programmers with them that will interact with steem and try to find improvements and new iterations of the system.
Who knows? Maybe in 2024 we’ll have a Presidential candidate who uses Dlive to host an AMA to steemians.
The content will continue to improve, so long as we take the time to curate the good stuff. Yes, upvote your friends and family when they get on board and make their first few posts. But also find your community and curate-upvote-so we get the best aggregate content.
Steemit is…
The steem blockchain enables directly monetized social media content. It produces rewards that are given directly to the producers of content, without middlemen, gatekeepers, or corporations. Developers can use the steem blockchain’s data and build their own app taking advantage of the incentive structure without permission from anyone.
Steemit is a social media co-op.
-Jeff
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Well said!
Social media is hard to explain to your family in general. now put crypto on top of that and they will look at you like you are an alien.
well written article thanks for the upload :)
Early adopters are often scoffed at.
At some point, though, a lot of people begin using a tech and have no idea how they didn't before.
Steemit could die or it could grow incredibly... I'm ok taking a chance on it as the model makes sense.
And I think family and friends will get there, eventually.
Hi, I am quite new into steemit and to be honest I am not really sure how it works. is there any where you can suggest to me so that i can understand what steemit do and what all the rewards are about? i try to read all the "Help" in my "wallet" already but still i am a bit lost.
I'd suggest posting some articles and reading/commenting on articles that interest you.
Some authors will respond and some won't. Also look up dtube and dlive for more varied content.
Thanks man!
I was legit spending half an hour to read all those FAQs just now, I will agree with you that Steemit is having really good potential to grow. And it is indeed difficult to explain to any new users as it have so much to learn. I bet i will forget half of what i have just read in a few hours. but if i have to use simple words to describe Steemit, i will say: "it is a rewarding social community if you actively post/vote/comment with good wills"
i agree. steem have the potential to spread (D-tube) and i think there was a music service as well. I personaly think steemit will stay for some years at least :)
I have had friends asking me what i was doing when using steem and it is really hard to explain indeed. Your explanation was very well written and i also did not know about all these like Steepshot and Dsound they sound interesting, might wanna check them out. Thanks for the very good explanation!
Glad to hear it!
I've been trying to explain it to people as well. Some just don't want to move from what they know. The conversion is too painful or scary. They don't want to deal with long passwords or "wallets." Eventually they'll have to as Facebook and Co move towards similar technology. They just won't get paid to do so...or at least not as much. It pays to be an early adopter, especially as people here have learned.
It certainly pays in cryptoworld.
But I'd add that most people don't have an early adopter mentality, and that's totally fine. It's neither morally good nor bad to enjoy the cutting edge of tech.
Facebook is still very new for many over 60, and often older people come across foolish even on email. But that's less a true reflection of their wisdom and intelligence as it is an inability (or lack of desire) to adapt to new modes of communication.
I'd be happy if steemit is successful for 10 years; with its worldwide communities building up, I think it will go even longer.
That's true. It's not morally bad to be later in the adoption process. There's just not as much to gain.
I wonder what Steemit will look like in 10 years. That's an interesting thing to imagine.
I have been trying to explain my friend but they think it's a scam. How can it be a scam if you are not investing any money in it.
A lot of aspects of blockchain tech seem like scams. You have a good point; there is no need to put any more into it, and many steemians just write and collect rewards.
I'm happy for any users here, regardless of whether they buy steem or not.
@dianna1 upvoted %100
Thank you @protegeaa
Awesome 😊😊👍👍
I agree @protegeaa thank you for your post . I'd like to say that's realy teemit is and will the best social media in the planet bevause it uses blockchain technology and very smart conception
Also great idea about how peolpe use and get information like a benefice I hope that's more peoples will change thier lives with steemit.
Peace for you all.