According to dictionary.com
Steemit – a blockchain platform making use of social media structures were users create, vote on, and curate content as they would on other social news services.
Steem is a cryptocurrency.that was launched in March 2016 and is used to power the Steemit
I think steemit actually means MAKE STEEM OUT FROM IT
as it is two words join together- STEEM+IT
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