Why Steemit is a big deal ?
What is Steemit ?
Steemit was launched on July, 4th, 2016. Steemit is a decentralized blockchain based social media platform which is build on top of Steem blockchain database. A block is a file which contains the data, each block contains the timestamp, transaction data and the cryptographic hash of the previous block. The thread of these blocks are called blockchain. Blockchain is public ledger like relational database the difference is it is not centralized, each time a new transaction or block is added it is recorded in the blockchain and the previous data can not be erased.
What makes blockchain Secure
Because of its nature of being distributed and public ledger its very hard to tamper it. Each block in blockchain is tied to the previous record and records is distributed among all the participants of a blockchain distributed ledger if a person wants to modify a single record he have to modify all the previous blocks as well so good luck there.
Why Steemit is big deal
Well social media is not new for anyone everyone might have been using some king of social media site since 2006 or even before. And most of them are centralized in nature, what does it mean ? it means those centralize system are using the content and all your information to benefit them selfs, Its no secret that our records and information are used and sold to corporate companies. Ever wonder why all of your facebook wall fills up with sunglasses ads right after you were browsing it in some merchant site.
Where as Steemit is not a centralized system but its driven by the community, so one will not get paid based on how much ads are shown in your content but its the community which will help you get all the love you deserve for your work. I dont completely hate the centralized social media site but I believe they should be more transparent with their user and should respect their privacy.
In Steemit both content creator and curator are paid for their work.
Steem
Steem is the fundamental unit of account on the Steem blockchain. All other tokens derive their value from the value of STEEM. You can trade STEEM on the other exchange as well.
Steem Power
Steem Power is another unit in Steem network, and owning it is like making a long term investment in the currency. There are a lot of good reasons to have Steem Power. 90% of the new Steem Currency that is generated every single day is distributed to the holders of Steem Power Units with additional Steem Power Units. And the rest goes to content creators and curators.
Steem Dollar
Steem Dollars is the last type of currency in Steem network. Steem Dollar never get diluted or lose their value. They are designed to be a stable currency and you can sell them any time. When you create content, 50% of your pay you will receive in form of Steem Dollars.
Cheers !!