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Steemit: All there is to know about Web3’s Reddit

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Founded:2016
CEO:Ned Scott
Headquaters: Virginia, USA
Last Updated:2022
Website: steemit.com

What is Steemit?

Though it may be unfamiliar to some, Steemit is a social media network that is rapidly gaining traction. The web3 social media platfrom was launched in 2016 and is built on the blockchain technology that drives Bitcoin. Like other social media networks, this blockchain-based blogging and social media website allow users to produce and share content.

What distinguishes Steemit is that users are compensated in crypto for their efforts. Users, for example, may earn Steem Dollars by uploading engaging materials. Users may also curate material by upvoting or reporting pieces, and this behaviour is rewarded. As a result, Steemit incentivizes people to create high-quality material.

Who Benefits From Using Steemit

With its distinct approach, Steemit is well on its way to becoming the go-to social media network for crypto fans. The idea is that users will be incentivized to produce high-quality content, as their post will generate more rewards. In addition, the platform provides a way for users to monetize their content without having to rely on advertising revenue. As a result, it has the potential to revolutionize the way that social media works.

While it remains to be seen whether Steemit will be successful, there is no doubt that the platform has a lot of potential. If it can attract a large enough user base, then it could have a significant impact on the social media landscape.

Features Of Steemit

The Steemit platform is a decentralized application (dApp) built on the Steem blockchain
The Steemit platform is a decentralized application (dApp) built on the Steem blockchain, and it rewards users for their contributions via STEEM, a native cryptocurrency. 

For the platform to work effectively it it derived its own Steem’s currency units and these are divided into three types: Steem (STEEM), Steem Dollars (SBD), and Steem Power (SP). Steem and Steem Dollars may be traded, however Steem Power cannot.

STEEM Token

STEEM are the units that can be purchased and traded on open marketplaces for real money. You may exchange the units in the same way that you would bitcoins or stock in a corporation.

STEEM is an inflationary currency, which means that new units are made every day. If you keep STEEM Units for an extended period of time, they will get diluted and lose value. For this reason, it is generally advisable to trade rather than hold them for extended periods of time.

However, as with any investment, you should do your own research to make sure that steem trading is right for you.

Steem Power (SP)

Steem Power (SP) represents a user’s influence and reputation on the site. Users with more SP have more influence, and their votes carry more weight. In addition, users with more SP are able to earn more rewards for their posts and comments.

But SP cannot be sold for two years and holders who keep their Steem Power token earn a reward of 2% interest every year. Steem Power is a way to measure a user’s contribution to the community, and it affects the user’s ability to earn rewards.

It is possible to exchange STEEM tokens for SP, but that is you trading liquidity of tokens for internet influence. Because you own a large portion of the network, you can generate more money with it in the long run. So you think it through.

Steem Dollars (SBD)

Steem dollars are a cryptocurrency that is linked to the US dollar. They may be used to purchase products and services, as well as exchanged on exchanges alongside other cryptocurrencies. Steem dollars are generated on the Steem blockchain and may be won by posting content or voting on the Steemit website.

Steem dollars are a stable currency that can be used to buy products and services without concern of volatility since they are tied to the US dollar. Also SP holders who keep their Steem Power token earn 2% interest every year

What Makes (STEEM) Unique

For starters, it is the first major cryptocurrency built on an algorithm that rewards users for creating and curating content. Furthermore, Steem features a built-in mechanism for controlling inflation, which helps to keep the currency’s value steady.

Because of its intelligent bandwidth distribution, it permits free transactions 24 hours a day, seven days a week. Its blockchain is intended to facilitate large-scale social applications. Steem is used by over 1 million users across 324 Steem-based apps to process more transactions than Bitcoin and Ethereum combined. Finally, Steem is one of the few cryptocurrencies that is backed by a corporation, lending it further solidity.

Buying Steem Token

Pros/Positive Feedbacks

  • You Can Earn Money: One of the reasons why Steemit is so popular is because creators and users can earn money and cryptocurrency.
  • Variety of Topics: Because the site is a community, there are several topics to write about, allowing you to vary your content or speciality.
  • A ton of Users: There’s some level of credibility know that the platform is used by millions of people around the world
  • Easy Education of Cryptocurrency: Given that you’ll be earning in cryptocurrencies, the need to learn more about what you’re entering into intensifies.

Cons/Negative Feedbacks

  • Difficult Means of Building Up: Starting off is really hard as it is on most social media platform.
  • Criticism of vote bots: There has been much criticism of Steem vote bots among Steem users. The Steem accounts that make up Vote Bots have been boosted with a lot of SP. Upvotes from such accounts are more powerful than those from ordinary accounts because users pay for them.
  • Users with a lot of Steem Power are in charge.
  • Hard to Use: Without understanding cryptocurrency, it’s nearly impossible to understand how Steemit works and how to earn

Conclusion

There you have it – a comprehensive overview of Steemit. These platform is ripe with opportunity for those who are willing to explore and utilize their many money-making features. However, as with any online space, it is important to be wise in how you interact with others and what you share if you want to protect your reputation (and wallet!).

Have you had success on Steemit? Share your experiences in the comments below!

I'm Agboola. I am a computer scientist with more than 6 years of experience helping small businesses reach their goals through the use of technology. I have a bachelors in computer science and a masters in information technology, so you can talk to me all day about software applications!

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