Major Milestone: Steem Blockchain Hits 1 Million Accounts.
Steem, a blockchain rewards platform that allows content publishers to monetize their work, announced today that the project has reached one million registered accounts. An update from the official Steemit blog confirms the one millionth registration on the blockchain, and shows even more impressive stats on transactions, user activity, and unique visitors.
Steem is exploding in popularity. Not only is the steemit.com blogging and social media platform drawing large numbers of visitors, but also other DApps (decentralized applications) that use the Steem blockchain, such as dtube, busy, and dlive.
Steem’s History
As CCN reported in 2016, Steemit is a social media platform that encourages quality content production and discussions with a voting system. Votes translate to Steem and Steem Dollars (SBD) tokens, which can be exchanged for real money or other digital assets. The Steemit platform acts as an alternate way to earn income for content publishers who usually have to rely on obtrusive ads or paywalls. Steem also says that helps publishers who are frustrated with:
Tips and donations are not viable due to the expense of processing micro-payments
Huge social networks like Facebook take profits from publishers but don’t share revenue
However, the project has long-standing struggles with bots and malicious players who try to game the voting system, as the popular user @kevinwong writes. Still, the numbers do speak for themselves, as Steemit had only 2,000 active users in 2016. Also, according to the project’s website, it has so far paid out $40,154,371 USD in rewards since June 2016.
