Review of Steemit – new social platform to write and get paid in steem

This is a review of Steemit, a new social platform where people write and get paid in steem.
Steemit_interface
I got to know Steemit after seeing fellow redditers posted a Coindesk link on 1600% increase in community size since launch.
That is some impressive growth I must say.
Steemit white paper
I had a look at their white paper. And i must say Cool Stuff.
First, this is an interesting model of integrating social media and using cryptocurrency as rewards for creating content at a centralised site. If Steemians like your content, they give “votes up”. Reverse is true. Your rewards are then based on the votes.
Second, the fact that they have used Steem dollars as a mode of payment to writers. A current issue with bitcoin is the lack of adoption by merchants. But over here, steem is already used as a mode of payment to writers. This might potentially be a changing game where writers are rewarded with new cryptocurrency, where it has found its purpose
Third, this is a whole new social media model altogether. I agree that is a potential disruption on current social media models – since there is no inventive to post on facebook anymore. Yet, facebook is profiting from user accounts just on advertisements alone. In addition, facebook do actually reveal some of our personal information and that may be the reason why sometimes their advertisements may seems targeted. In Steemit, you choose how much you want to reveal about yourself.
Fourth, I really like the word “Sweat equity“. It is similar to employee equity but slightly different. If you are interested, you can see a post i wrote on employee equity on working in start-ups. The difference is that we are not employees of Steemit but steemians help to contribute in terms of sweat and have a certain equity in this as early adopters of steem.
If you are interested in reading more about them, see here. For traders, if you are interested, see their market caps, price and financial stuff here.
You might be wondering how to get paid?
Typically, the way it works is that you get paid in Steem, you go to Blocktrades, convert to bitcoin and send it to your bitcoin wallet address. And if you decide to change for fiat, you can sell your bitcoin.
You can see the exchange rate between Steem and USD conversion rate now below! Right now, it is something like USD$0.24. Click here for the link.
Steem USD exchange rate
First payout
From Ned Scott, the founder of Steemit:
The Steem blockchain will be rewarding all Steemit users for their contributions on July 4, distributing 10% of its total token supply,” Scott said.
So, effectively, 4th July is the deadline when steemians get payouts! Going to be exciting. Will update here.