I've been in the cryptocurrency scene for a while and I just read the white paper for steemit. After reading the detailed design it seems like the engineers have put a lot of thought into designing the whole system to pay everyone fairly including content providers, voters, shareholders, and investors. This is a complex system that took years of research, key technologies to be developed, trial and error, and persistence. I do know that the team has been involved in other cryptocurrencies such at BitShares which has achieved some success. They have definitely used their prior experiences with crypto development and it seems they have learned from their experiences. Their continued software iterations to find the perfect formula to properly pay content providers could take down Facebook and Reddit. People in the cryptocurrency space have been talking about this type of social media for years, and it appears that finally all the pieces of the puzzle have come together to finally produce a high quality website. Good luck to steemit and I hope it goes viral and takes off to the moon!
We have been to the moon and beyond. Hahah
It sure seems like it provided Steemit comes out of beta swinging with awesome tools for posting and a slick user experience (it's a bit rough right now) I just made a pretty... okay, a VERY long post and it was a bit of a pain dealing with the current posting tools but hey, still in beta. ;] I think that steemit will set the bar so high it'll be in a completely different galaxy.