Steemit Social Media Platform Pays

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 Steemit, the new social media platform that rewards its user base with cryptocurrency, has been growing exponentially since its inception. The company has revealed that over the course of its first month membership has grown by 1,600%, all the while using its blockchain-powered platform to pay users for posting content. 

                                Steemit ‘Creating and Curating Good Content’

 

Steemit has seen an enormous amount of registrant’s over the past four weeks. The social media platform enables its user base to get paid in “Steem Power” for posting content and the using the voting mechanisms within the interface.

The company says membership has doubled in size every single week since its launch and this has increased its market capitalization from $7 million to $17 million USD.

 The platform is powered by an open source blockchain called Steem. Additionally, users paid in the token Steem Power get more voting credentials, and receive half their payments in Steem Dollars, which the team says are worth about one US dollar.

Steemit says there are currently over one hundred posts valued at $2,000 USD worth of Steem with the top 20 posts having an average payout of a combined $8,500 for posters and voters.The platform is similar to Reddit, and the team has recently announced that it is open sourcing its code for the Steem blockchain and social media interface. The reason they chose to do this is “due to the increased number of entrepreneurs building social media apps integrating with Steemit and the Steem blockchain,” 

said Scott.

The project was also founded by Dan Larimer, founder of the blockchain-based financial exchange BitShares. Scott says adopters of Steem are connecting various other social attributes to the technology as well. 

 Since its launch, some of the most popular posted content have covered cryptocurrency, politics and technology as the platform has seen a “ten-fold increase” in voting every day.Scott adds that starting July 4, its blockchain will start distribution with 10% of its token supply total. Users of the new social media platform can also purchase Steem Power via the exchange BlockTrades with Bitcoin. 

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