Who Said that Blockchain is About Money?
We live in exponential times. Yeah, yeah, heard it already.
But I'd guess that when you heard it last time, you didn't know of the amazing applications of blockchain technology, completely outside of the financial sector.
What? Everybody knows that Blockchain equals virtual coins equals (secretive) financial transactions.
No, no, wait. That was just the beginning. That's how Bitcoin was born. Bitcoin is just an obvious first application of blockchain. But there's much more.
Anywhere you create value and you don't want a centralised entity (like Facebook or Google) keep the most part of the value generated, you can use blockchain technology. For smart, unbreakable contracts, like with Ethereum.
And now also for content creation. Enters Steemit.
Steemit is a decentralised platform for content creation, where you create value for the platform by creating content which is valued by the network participants. And you get Steemit coins, which is just another virtual currency, with a Dollar value attached.
So I'm getting paid to write. That sounds interesting. But who pays for it eventually? Where does the money – real money – come from?
The value of the virtual coin in real Dollars depends on the overall value of the network. The more participants (writers), the more virtual coins, the more liquid the market, the more interesting for investors, the more value attached to the coin. So it's in every single participant interest to get more users in the network.
With Steemit in particular, you attract participants by creating great content. The better the content, the more readers, the more writers, the more overall value. If you are familiar with Medium, it's the same strategy that they used to increase authorship and readership. Although they are a centralised platform and there is no actual value in dollars for participants.
OK, sorry now I've got to go and create some good piece of content on Steemit!
Join the platform and create value with your content!
Image Downtown Toronto Skyline At Dawn CC-by-nc-thelastminute