Is steemit a success story?

Hey there,

I have seen a lot of charts try to explain possible future price decreases/increases of steem. But what’s about the real hard facts, the fundamentals like market potential, direct competitors, customer groups?

Part One – Is steem unique?

The number of social media platforms is rapidly increasing. The principle is always the same. Build a user-friendly interface and enable the potential members to interact with each other in a convenient way – so far so good.
Steem also claims this general approach for the platform. BUT, the huge difference is the rewarding of the users if they deliver valuable content. This in order forces the crowd not to solely write BULLSHIT, as the rewards are not paid centrally through steem, but by the users themselves.

Direct competitors – Social media platforms with similar approaches

+tsu rewards their active users for the participation. The distribution take place directly through tsu. With this approach the social media platform allocates 90% of their revenue – mainly through ads- back to its members. tsu quit it's service in 2016, although having approximately 5.2m users.

+bubblews has reached 200k users within the the first week after the launch. The platform also rewards their content creators and those who like or comment. The price for an interaction is stable with 0.01$ for every contribution.
Note The website was not available at the moment of the research

Summary: Although other social media platforms had similar approaches in the past, steemit seems to have found their unique value proposition, by going one step further. The two investigated platforms are not active anymore at the time of the research.

Are you aware of other social media platforms rewarding their users?

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Next time we will discuss the...

Customer perspective

Hope you have enjoyed reading the post.
Cheers