What is Steemit?
Steemit is a social news service which runs a blogging and social networking website on top of a blockchain database, known as Steem. The service produces STEEM and Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content.
Pro's:
Post and comment rewards are split 75% to the author and 25% to the curators. A 50/50 split of STEEM Power and liquid tokens are awarded to authors and commenters 7 days after a post or comment is made. 100% STEEM Power rewards are optional for posts. Post authors can also choose to decline payouts.
Con's:
Some industry experts question the need for a unique token specific to steem when bitcoin or ether could be used. Others point out that steem might be a Ponzi scheme, predicting that the digital currency "will grow and grow until there are no fresh users to suck in and then quickly collapse".