Steemit

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Globe icon of the infobox
Steemit
Website logo
"Where social media meets cryptocurrency"
social network
operator Steemit Inc.
user 1,237,123
Registration Yes
programming language C ++ , JavaScript
On-line 2016
https://steemit.com

Steemit is a 2016 launched decentralized social media - and blogging platform, which on the block chain Steem builds and users, through the distribution of the same name cryptocurrency rewarded for their content.

Story and concept

In 2016, Ned Scott and Dan Larimer founded the US company Steemit Inc. to operate the website and finance the development of the new platform. Larimer had already launched the crypto currency BitShares and is CTO at EOS . In 2017 he left Steemit again, where he was also CTO.

The basic idea of ​​a decentralized and censorship-resistant media network was published as a white paper in March 2016 . It is similar to blog platforms such as Reddit , but content is stored in a blockchain, which enables comment and post authors to be rewarded with the cryptocurrency Steem .

It is allowed to upload texts and pictures. Other multimedia content must be stored on external sites and then linked, for example videos via DTube , which is also based on the Steem blockchain.

All users can rate posts and comments and thus determine how high the reward for the respective authors will be. Steem can also be received for rating posts and comments as a kind of finder's fee , the amount of which depends on the amount of Steem Power of the rating users.

Steem blockchain

Steemit runs on a decentralized Steem network and uses this blockchain not only for the transfer of currency units, but also for the decentralized storage of texts and images protected from censorship on the Internet .

Steemit is therefore an application for accessing the content of the Steem blockchain. The network is open and enables anyone interested to develop their own applications that can access the same blockchain and its content as well as users.

Payment system

The Steem blockchain has Steem and Steem Dollars as units . It started with an inflationary distribution model that doubled the payment units every year. According to demands from the community, this rate was limited to 9.5% per year at the end of 2016 and is falling by a further 0.5% per year.

  • Steem can be converted into Bitcoin and other means of payment as the main unit on relevant exchanges .
  • Steem Power (SP) means Steem tied to an account , the amount of which determines the account's influence, but remains excluded from trading until the link is released again.
  • Steem Dollars (SBD) denotes a Stablecoin - token , which is coupled to the value of US dollars; SBD as Steem on exchanges like Bittrex or Binance tradable and in the internal market square of the block chain in Steem changeable.

The Steemit wallet as a digital purse allows an account to send units of the crypto currencies SBD and Steem to other users or to exchange Steem and SBD. You can also exclude a partial stock from trading for three days ("save") in order to protect it from loss in the event of account theft.

75% of the “reward” for posts and comments goes to authors and 25% to reviewers of the contributions. The booking takes place seven days after the publication of a post. It is possible to choose between different types of payment or to reject them entirely.

On October 16, Steemit announced the test run for the Smart Media Token. It is said to be a cryptocurrency that can be used to reward content creators on the Internet.

distribution

At the beginning of 2019, there were more than 1.2 million accounts on the blockchain used by Steemit.

The Steem price was around $ 0.5 in March 2019, which corresponds to a market capitalization of around $ 150 million.

Steemit received particular attention in the media dealing with cryptographic currencies. Adam Hayes of the Investopedia website described Steemit as a “groundbreaking” blockchain-based social media community.

Neil Strauss , member of the Steemit community, emphasized in Rolling Stone that the Steemit reward system is balanced and "particularly clever" from various points of view.

Web links

Individual evidence

  1. ↑ Steem Block Explorer. Retrieved March 12, 2019 .
  2. ↑ steemit. Retrieved July 16, 2018 .
  3. ↑ About. In: bytemaster.github.io. Retrieved January 11, 2018 .
  4. ↑ Jamie Redman: Steemit Social Media Platform Pays Its Users, Sees Massive Growth. bitcoin.com, accessed September 10, 2017 .
  5. ^ A b c Adam Hayes: Steemit: The Disruptive Blockchain-Based Media Community. investopedia.com, July 16, 2016, accessed September 10, 2017 .
  6. ^ Dan Larimer: Today I submitted my resignation to Steemit, inc. Steamit, March 15, 2017, accessed September 10, 2017 .
  7. ↑ Steem White Paper. Retrieved March 23, 2017 .
  8. ↑ Final Review of Steem Economic Changes. Steemit, accessed December 8, 2016 .
  9. ↑ Steemit starts test run for Smart Media Token. October 16, 2019, accessed October 28, 2019 .
  10. ↑ Steem Block Explorer. Retrieved March 12, 2019 .
  11. ↑ Steem. coinmarketcap.com, accessed March 13, 2019 .
  12. ^ David Wachsman: New Social Media Platform Steemit Experiences Growth Since Launch. (No longer available online.) Coindesk, June 9, 2016, archived from the original on June 5, 2017 ; accessed on September 10, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.coindesk.com
  13. ↑ Anthony Noto: Steemit cypto-currency sees huge boost in market cap. The New York Business Journal, July 13, 2016, accessed September 10, 2017 .
  14. ↑ Adam Hayes, Steemit: The Disruptive Blockchain-Based Media Community , investopeida.com, July 26, 2016, accessed April 29, 2018
  15. ^ Neil Strauss: Can This Social Media Site Make You Rich? Rolling Stone, accessed December 8, 2016 .