Steemit is a blogging and social networking
website on top of the Steem blockchain
database. The Steem blockchain produces
Steem and Steem Dollars which are magic bean
tokens users obtain for posting, discovering, and
commenting on interesting content.
Steemit, Inc is a privately held company based
in New York City and headquartered in Virginia.
The company was founded by Ned Scott and
Dan Larimer, creator of BitShares, and EOS.
The Steemit concept was described in the
company's white paper, released in March
- The general concept is similar to other
blogging websites or social news websites like
Reddit , but the text content is saved in a
blockchain . Using a blockchain enables
rewarding comments and posts with secure
tokens of value. Images can be uploaded and
hosted on Steemit. Other multimedia content
must be embedded from other web hosts. For
formatting, there is a WYSIWYG editor. Users can
also opt to use Markdown formatting with HTML
elements.
User accounts can upvote posts and comments,
and the authors who get upvoted can receive a
monetary reward in a cryptocurrency token
named STEEM and US dollar-pegged tokens
called Steem Dollars. People are also rewarded
for curating (discovering) popular content.
Curating involves voting comments and post
submissions. Vote strength and curation rewards
are influenced by the amount of STEEM Power
held by the voter.
Steemit has a reputation system, where new
accounts start with a reputation of 25. An
account's received votes can influence its
reputation up and down, incentive online
etiquette and interaction with the community.
The Steem blockchain has two tokens: STEEM
and Steem Dollars. There is also a vested or
stored interest known as Steem Power. Steem
Power is strictly for internal use in the Steem
community, while the tokens are used for stored
value and trading.
Thanks to all steemit friends.
