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Steemit, A SocialFi Blockchain Social Media Web3 Platform, An Overview.

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Steemit a blockchain-based platform that aimed to differentiate itself from other social media companies by returning power to its users, rather than centralizing control among company executives. Steemit rewarded its users with cryptocurrency for posting, commenting on, and up-voting content on the site.

What Is Steemit?

Steemit is a decentralized social network specifically developed using STEEM blockchain technology. The main feature of the site is rewarding active users with Bitcoin. The internal Steemit cryptocurrency — named Steem, which has a value currently much less than Bitcoin — can be earned through posting, voting, commenting, curating, etc., and by just staying active on the site.

New users don’t get a lot from voting, so they have to work to gain their steem power by providing unique and useful posts. With every creation, the value of their vote becomes greater. In addition, the platform offers Steemit mining on CPU, just like any other cryptocoin. Currently, there is also a Steemit app available for both iOS and Android.

Who Created Steemit ?

On July 4, 2016, Steemit was launched as the first app on the STEEM blockchain, company founded by Ned Scott and blockchain developer Daniel Larimer as a social media platform and first application built upon Steem blockchain. It serves a community of users with an automated set of news and commentaries based on their choice. It provides them with a source to earn by posting content and offers cryptocurrencies rewards in return.

How Does Steemit Work ?

STEEMIT is similar to Reddit and is a fusion of ideas drawing from both social media and cryptocurrencies.  It enables the people to share content on STEEM network and crypto tokens.

Unlike other social media sites, once you sign up with your email and phone number you’re placed in a waiting list. It could take as little as a day to as long as a week for an administrator to verify your account.

Once you’ve gained access to a new account be sure to safely store your password. Steemit does not include a password recovery system, like most other sites, so if you get locked out you’re out for good.

Another distinct attribute of Steemit accounts is that they cannot be deactivated or deleted. They are permanently stored on the blockchain, much like standard cryptocurrency purchases.

Once you’re in, the homepage should look similar to your Reddit feed. There’s an endless stream of posts ranging from in-depth discussion to reposted Youtube videos.

The tabs located on the upper-left of the page, next to the Steemit logo, let you navigate to different feeds. “Trending” includes posts with a ton of engagement and votes, “Hot” is the content that’s surging at the moment, and “New” is simply organized chronologically.

At the upper-right you’ll find a “Post” button that will let you begin getting involved in the world of Steemit. Instead of having to post something to a particular subreddit, you can simply tag your post with relevant labels.

If your post or comments are hilarious, informative, or simply attract a lot of attention, you’ll start amassing some digital currency in due time.

STEEM Token.

STEEM is the base token of the platform and is similar to bitcoin. It can be turned into two other versions of the digital currency.

STEEM Power (SP), is essentially a measurement of clout on the site. The more SP you hold the more you can influence how much recognition other posts get. It’s like being a highly revered critic. You can turn STEEM tokens into SP, but you’ll be trading liquid value for Internet influence.

Steem Dollars (SBD), are pegged to $1 USD. You can trade them with STEEM or transfer them to other accounts for commerce or exchange.

You’ll receive half SP and SBD as rewards for posts, or you can opt to receive all SP.

How Is STEEM Unique.

Steem has fast transaction rates (every 3 seconds, 24 hours a day, 7 days a week) and allows free transactions because of its smart bandwidth allocation. Steem’s blockchain is designed to support large-scale social applications. An interesting point of Steem is that it handles more transactions than Bitcoin and Ethereum combined, and it is being used by over 1 million users across 324 Steem-based apps.

Steem was built from the bottom up to overcome the primary hurdles of social media-based economy acceptance and profitability. According to Steem’s official website, the same tactics that have helped big social media platforms flourish can be utilized to help cryptocurrency get off the ground. 

Cryptocurrency-based economic incentives can significantly aid the establishment of a new social media site. The team behind Steem thinks that the synergy between cryptocurrencies and social media will offer Steem a significant competitive edge in the industry.Steem’s objective is to develop an algorithm for evaluating individual contributions that most community members believe is a fair estimate of each contribution’s subjective worth.

In an ideal society, members of the community would work together to assess each other’s contributions and determine a fair reward. Algorithms must be developed in the actual world to be resistant to profit-driven manipulation. The exploitation of the scoring system on a large scale might cause community members to lose trust in the economic system’s apparent fairness.

How To Buy Steem (STEEM) Coins?

Follow these steps to buy Steem coins:

1. Choose a cryptocurrency exchange that supports Steem (STEEM) and register an account. (Binance, Bittrex, and many others support STEEM coin)

2. Find a supported ‘STEEM’ trading pair such as STEEM/ETH, STEEM/BTC, etc.

3. Choose the trading pair and enter the amount of STEEM coins you want to buy 

The same process can be followed for selling STEEM coins.

How To Make Money With Steemit?

The most popular platform of Steem (STEEM) at present is Steemit – a social forum where different contributors post their content and generate revenue in cryptocurrencies. To earn money from the Steemit platform, you have to create posts on Steemit forums that are interesting and engaging. Users who like your posts will ‘Upvote’ them which will generate a percentage of revenue for you in the long run.

The amount of money a user can earn depends on their voting power. Voting power can be earned at the time of creating a post/article or any piece of content. You can choose to get paid 50% in STEEM dollars (SBD) and 50% in STEEM power or 100% in STEEM power. Good content will always be upvoted more, thus earning you either STEEM power or STEEM dollars or both, depending on the option you selected when posting the content. 

Conclusion

Steemit built on STEEM Blockchain over 6 years ago is one of the first Blockchain based decentralized social media platform pushing for a web 3 social media ecosystem. Explore the platform and utilize It’s money making features. Be wise to know that any investment in crypto based platform is susceptible to volatility. Invest wisely.

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