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Theoretically? Yes.
Practically? Doable.
Is steemit big enough for that? No.

You could make a few dozen copies of Steemit, that would be decentralize light, but they all need to have a full node running (or it would not make sense if you have to go back to a centralized server) and that takes a bit of ressources. Like more bandwidth than you have on a home line.

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