As we all know that Steemit is a blogging and social networking website that uses its steem blockchain-based rewards platforms for bloggers, writers, and publishers. The steem blockchain produces Steem and Steem Dollars which are tradable tokens obtained for posting , discovering and commenting on posts that are submitted on the website.
This is a type of social news community available mainly in English and other languages too such as German , French etc. It was launched on March 2016 i.e. 2 years ago. Steemit is a privately held company based in New York City and headquartered in Virginia.
User accounts can upvote posts and comments similar to other blogging websites or social news and the authors who get upvoted received a monetary reward in a cryptocurreny token named Steem and US Dollar-pegged tokens called Steem Dollar. People are also rewarded for discovering popular content. Curating or discovering involves voting comments and posts submissions. Vote strength and curation rewards are influenced by the amount of Steem power held by the voter.
On July 4, 2016 , Steemit ,Inc. officially launched Steemit , a social media with virtual currency rewards that runs over the Steem blockchain. But on July 14,2016 , Steemit announced on their website that they were hacked and a little less than US $85,000 worth of Steem Dollars and Steem were taken by the hackers.
