What is Steemit?
Steemit is a social media and blogging platform but is different from these so-called social media platforms. The closest thing to Steemit is Reddit. You can call Reddit the ugly and far less valuable version of Steemit which doesn’t pay anything to its dedicated community. Reddit the is number 7 website in the world and is worth $7 billion. But still, Steemit is better than it and has massive potential.
To understand what Steemit is and how it works, you will have to read each article that I’m going to include in this article. Reading thoroughly will help you in the long-term as well, and you will be able to get maximum benefit out of this exciting platform.
What is Steemit?
Steemit is a social media/blogging platform but it is based on Steem blockchain.
What is Steem Blockchain?
The blockchain is the technology behind cryptocurrency which stores cryptocurrency coins. For example, Bitcoins are stored on its own blockchain.
How Does Steemit Reward Its Users?
Steemit Inc. is a company which primarily isn’t a social media or blogging platform. It is an application powered by Steem blockchain, which is like the blockchain technology behind Bitcoin, which has cryptocurrency of its own called Steem. Steemit rewards Proof of Brain. There are two ways of earning on Steemit using your brain, which are briefly mentioned below.
Author Rewards: When you publish a post or a comment and other users upvote it, you earn author rewards.
Curation Rewards: When another user publishes a post or comment, and you determine it to be valuable enough to upvote it, you get rewarded a share of the value of your upvote as curation reward.
Creating content and upvoting content based on its quality both are activities done using the brain, hence Proof of Brain. So, Steemit rewards the use of brain (and I personally love the concept!).
