What is Steemit?
What is so special about Steemit?
What I like most about Steemit, it seems to feature a revolutionary reward system that encourages people to curate and create content, by incentivizing community members to make valuable social contributions
The current scenario of social media platforms like Facebook and Twitter is that the greatest Brands are the biggest beneficiaries of Social Networks, while shareholders receive a slice of the pie when it comes to Revenue. For instance, Facebook has made billions of dollars in valuation while the content creators who fuel the network get nothing, while those that pay for advertisement get featured on it's platform.
The average person can own a share of companies like Facebook or Twitter by purchasing a stock, however due to the competitive barriers involved in Stock investing, a majority of users will never get the opportunity to earn even single cent from today's popular Social Network regardless of their Contribution
While these platforms remains free to use, the reality is that Billions of us empower corporations like Facebook,Reddit, Twitter and many more, yet we don't get any sort of recognition for it! These are all for profit-organisation, whose agenda is to keep on making more money, racking up billions in Valuation from user-generated content.
What used to be so called ''Free'' is not free at all, especially when a Social Network adopts the need to advertise and commercialize personal data in order to generate more revenue. We are being bombarded with sponsored online ads targeted directly at us on the daily basis, because the more we use these social networks the more personal data is collected, analyzed and sold to the highest bidder.
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The mission of Steemit is thus to challenge the status quo by allocating value on content contributions through the use of Cryptocurrency such as Steem, and thereby transparently and accurately rewarding community members who make significant contributions. Up to date, Steemit has paid out approximately $22.728 million rewards since June 2016
In fact the more people join Steemit, the more rewards are distributed to Content Producer whereas the more people join Facebook, the more it's become an Marketing Channel for sponsored advertisers
If billions of users were to join Steemit instead of Facebook, more Marketers are likely to take their Business elsewhere, hence why Facebook today is still a popular platform because it manages to attract billions of users. While it may be free to sign up, everything you do on Facebook adds value to the Network, and I'm sure many of you are sick tired of this particular business model that commercializes user generated content
Steemit is still relatively new Social Media and it still in beta stage after 1 year since being launch by Ned Scott and Dan Larimer. Ned Scott is a former financial analyst with a passion in Cryptocurrencies economies & Social media while Dan Larimer is a well-known computer specialist who has founded several projects in the Crypto-space such as Bitshares and EOS
What make Steemit a Social Network?
Steemit typically looks and operates like any other social network. Community members tag the most popular posts on various interests such as travel, art, and photography. However this particular Social network goes a step further and provides a space for people to not only document their explorations and passions but also to fund them.
New users are encouraged to introduce themselves and take a photo of their face to verify their account. This has a positive influence in that in comparison to Reddit, there is less anonymity and trolling. The relatively higher level of transparency on Steemit has minimized trolling because there is now an opportunity cost to trolling.
Those that have introduced themselves and are busy in building a following on Steemit, are bound to earn from it's Platform as social contribution is accounted. Casual social media users who don't create but enjoy free content provided, should know that Steemit actually rewards so called ''Curators'' who simply Upvote (same as ''Like'') content and comment on Posts
How does one earn on Steemit?
There is something called the ‘rewards pool’ which is basically doling out Rewards on quality posts and individuals that curate other users Post & Comment. This system basically rewards content creation and curation, through a Cryptocurrency which is bought and sold on Exchanges according to Market Demand & Supply
Steem is distributed through a voting system that assigns a value to each post and comment and thereafter distributes Steem tokens to the content creators based on the wisdom of the community. Therefore, the more users who upvote your posts, the more Steem you'll earn which you can also cash out of your wallet via an Cryptocurrency exchange.
If you consider yourself an active Social Media users, especially someone that has a passion that they would like to share with the world or someone who enjoys blogging to pass time, then this is next revolutionary Platform to join
Join Steemit as it also offers the opportunity to start earning a Cryptocurrency immediately without having to understand it, if you're one of the billions of users on Facebook, you'll find that Steemit's simple design makes it a user-friendly platform ready for mass-adoption especially when compared to Reddit and top of that it's Decentralized
I believe Steemit could potentially be the future of Social Media, it could easily beat Reddit in terms of Valuation and users growth in the following next 5 years or perhaps even take on the biggest network out there, Facebook. This is a never done before experiment in an attempt to distribute value from Content Creation to the end-users, if Steemit grows over the following years those that invest time or money in Steemit will be the ones to secure a stake in the first Social Crypto-based Network