Steemit is bringing blockchain to social media and rewards users for the valuable content they post

Country: USA steemit
Year: 2016

 

According to Steemit co-founders, social media users deserve to be rewarded for the value they bring to the web. A lot of very valuable content is created every day on social media. Steemit offers its users the possibility to earn Bitcoins as they upload content.

Steemit went live in June 2016, currently on Beta version. 

Concept

  • Steemit is a social media platform that enables users to get paid as they upload content or when they share and like others’ content
  • Steemit does not operate like a typical social media platform as it is a mix between an ordinary social network and a blog based on blockchain technology. There is no control over the content, the users judge themselves the quality of the content by sharing or commenting the posts
  • The posts are sorted by topics: art, life, photography, health, charity etc.
  • Voters and posters get financially rewarded with Bitcoins. They can also flag inappropriate content or vote down a post and it will disappear

Consumer Benefits

  • Transparency: the content posted to the platform is completely open to anyone on the website and is visible on the blockchain
  • Decentralization: the users themselves have control over the content as they “vote” for the posts they like
  • Financial rewards: first blockchain social media where people get paid for the value they bring to the platform   

How To Use

  • Users can create a free Steemit account using either their Facebook or Reddit accounts.
  • Steemit then verifies the email address and generates a password that is registered on the blockchain. This is the unique “key” that users get and can’t be changed or re-set if forgotten
  • The user can then write and publish articles and posts
  • The blockchain then decides who will get rewarded for the content posted based on the number of shares or comments each post gets

Illustration

  • For more information please find Ned Scott’s (co-founder) interview here 
  • The user’s home page
    1. on the top of the page, users can look for posts and articles “new”, “hot”, “trending” etc.
    2. in the middle the users have access to their wallet to see how much bitcoins they earn thanks to the articles they wrote.

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  • On the “new”, “hot”, “trending”, “promoted” and “active” tabs users can see the list of posts and share or comment them.
  • This adds money to their wallet and to the posters wallet.

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