Steemit is quickly expanding their presence in the world of social media. Unlike Facebook or Twitter, Steemit is actively rewarding users for being part of the ecosystem. Additionally, users can value other people’s posts by upvoting them. The platform’s latest payout was worth US$1.3m, representing 10% of Steem’s market cap.

Steemit Is Expanding Rapidly

Getting rewarded for being active on social media is something many people dream of, but very few manage to achieve. Or that used to be the case until Steemit came around. This platform shares some traits with Reddit, albeit in a decentralized manner. All of the platform’s users can get paid to contribute and curate content.

Albeit Steemit has only been around since May of 2016; the social media platform has seen its fair share of success. The number of post votes and posts per day have nearly doubled in the past month. Moreover, the number of new members joining the platform has tripled. Now that the team has paid out 10% of Steem’s market cap to contributors and curators, those numbers will continue to increase.

Steemit CEO Ned Scott told the media:

“The distribution over the holiday weekend was the first of its kind in the cryptocurrency world and marked a pivotal moment for us. This was an opportunity for us to thank our growing community, to reward them for building a sustainable ecosystem that’s much more than the sum of its parts. Yesterday, more than $1.3 million worth of the Steem supply was distributed into the wallets of thousands of users across the world. From every corner, users have been drawn to Steemit because the system actually rewards thoughtful comments, unlike Reddit or Twitter. The community and the blockchain together power a system that gets better and better every day.”

Steem is the native cryptocurrency of the Steemit platform. There are two different types of Steem, both of which provide power to the users. Steemit Dollars, which are worth roughly one US Dollar, contributed for half of US$1.3m payout. The other half was issued in the form of Steem Power, which supercharges voting power.

Gaining Mainstream Traction

What makes this platform so attractive is how they use blockchain technology. In doing so, the team ensures there will be no censorship of posts made. Additionally, developers can use this technology to create robust applications. It is a whole new form of social media. So far, the platform has gained attention from mainstream publications and news sites, who are actively using Steemit as a resource for content material.

The social media platform will continue to evolve over the next few months. Developers are planning to integrate an embeddable Steemit button. Content creators could then post articles and users comments to the blockchain. Moreover, all parties involved would be eligible for cryptocurrency rewards.

Header image courtesy of Steemit

If you liked this article, sign up for the newsletter on the main page, and make sure to follow Fintechist on Twitter and Facebook!


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

Leave A Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.