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What is Steemit and How it works

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What is Steemit?

Steemit, a new social media platform where everyone gets paid to post online. It does this by rewarding users with STEEM. It has redefined social media by building a living, breathing, and growing social economy; a community where users are getting rewarded for sharing their voice. It is still in the beta stage and very promising.

Also Read: Best Blogging Platform to Start a Blog for Free 

Who are the Brains Behind Steemit

Steemit is a relatively new company, founded in early 2016 by Ned Scott and Daniel Larimer.

Ned Scott earlier worked for Gellert Global Group, a family-owned private equity group which holds many North American food companies. Daniel Larimer is the founder of Bitshares, which has the 11th largest market capitalization amongst all cryptocurrencies.

How Steemit Works

Steemit is powered by blockchain technology and uses a new crypto currency to reward users who post original articles, images, commentary, etc.

This is a smart way to also earn cryptocurrency online. Unlike other social media like Facebook where we post without getting paid. This comes with a different concept to reward its members for posting interesting original articles and updates.  Other ways users can get paid is through sourcing and up-voting popular content. The earlier a person up-votes a post that becomes popular, the more is the reward. Users are paid half in ‘Steem Power’ (a vesting currency) and the half in Steem Dollars, which can be exchanged for bitcoin.

I will still make an in-depth post about this so that you can understand more about it. So watch out for my next post and remember to share this content with your friends and family members.

 

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