Steemit’s

Following Steemit’s first major distribution – a payout of 10% of Steem’s market cap – on July 04, the number of transactions, posts, votes and new users sign ups has tripled. The startup now aims at becoming “one of the largest and fastest growing cryptocurrency projects in the world.”

According to Steemit’s CEO and co-founder Ned Scott, the financial incentive inherent to the platform has allowed it to gain much popularity in a very short period of time. Through Steemit, users and content creators can monetize their time and their energies, and share in the profits.“Before Steemit, consumers have away their efforts for free, uploading thoughts, blogs and other content to every social networks; now they can do it and get truly rewarded for their participation,” Scott said.

Steemit and its cryptocurrency are certainly getting a lot of appreciation. In the first 24 hours following the payout, Steem’s volume doubled to $26 million, according to a press release provided to CoinReport. Website traffic also doubled, while new account registrations tripled. This growth follows a 1,600 percent increase in community size from May to June, which was Steemit’s first month of operation, then doubling from June to July.