Founders: Dan Larmer 
Ned Scott 
Steemit is a social networking and blogging website on top of the steem blockchain database.
Steemit is a social media platform which uses virtual currency rewards that runs over the steem blockchain
Steem blockchain produces steem dollars and steem. Which are tokens users get from posting and commenting on other users content.
Steemit was officially launched on the 4th of July 2016. It's a privately held company based in New York City while it's headquarters is located in Virginia.
FEATURES
STEEM POWER
This can be said to be steem in the sense that it is locked in a vesting fund for 3 month.
Steem power are used for upvoting and getting curation rewards.
Steem power have the tendency of getting low when ever we upvote a content but after a period of time will regenerate to a 100%.
STEEM
This is liquid and can be bought and sold in exchange for SBD and steem power. It is used to power the platform steemit.
STEEM BACKED DOLLAR (SBD)
This are provided to protect content creators from Violatility and it can be traded for steem (in some cases physical money) in order to cash out from steem.
Converting SBD to steem takes about 5 days and user's receive bonuses from holding steem backed dollars.
REFERENCE
