While steemit is actually a blockchain which was built on a certain technology called Graphene, it is also a social network rewarding people for the creation and curation of content. In many cases; users are rewarded with thousands of dollars worth of steem for a single post.
Steemit has proven to be a successful bridging of the gap between blockchain technology and social media.
Even more remarkable; is the use of steemit's decentralised crypto-currency system to ensure its self-sustainnance.
I'd expect that any social media attempting to pay its users a reasonable amount of cash for social activities even while generating millions of dollars per year would inevitably fall into bankruptcy.
Who knew the solution would have been somewhere in the crypto currency world ?