Steemit, a new social media platform where everyone gets paid to post online, was released in beta in 2016
Who built Steemit?
Steemit is a social media company built on blockchain. The company was founded in early 2016 by Ned Scott and Daniel Larimer. Scott earlier worked for Gellert Global Group, a family-owned private equity group which holds many North American food companies. Larimer is the founder of Bitshares, which has the 31st largest market capitalisation amongst all cryptocurrencies.
What is Steem it all about?
Steemit is powered by blockchain technology and uses its own cryptocurrency called STEEM to reward users who upload articles, images, commentary, etc. Other ways users can get paid is through sourcing and up-voting popular content. The earlier a person up-votes a post that becomes popular, the more is the reward. Users are paid half in ‘Steem Power’ (a vesting currency) and half in Steem Dollars, which can be exchanged for US Dollars. When users invest in Steem—the company’s crypto currency—their standing in the Steemit community becomes more powerful. Users do not have to purchase coins, but it’s good to invest in projects to get more involved and understand.
Why should Indian community in Australia adopt Steemit for their social postings?
Mass adoption of Steem by the Indian community in Australia will help us monetise our content. We are quite active on social media as a community. A sizeable chunk from the community spend long hours in front of social media. Let’s say a bunch of members from The Indian Sun Community group decides to migrate their posts and blogs to Steemit collectively, they can build a following and work on a revenue stream that can benefit your cashflow and give you enough for an annual family holiday. A blogger or user has to have multiple posts everyday to get traction and more followers. The more followers you have, the better it is. The community can strategically make posts to raise funds for their projects. Although Steemit does not give you a complete run down on how to build on your revenue stream, you can work on ways and new strategies to better monetise a post that needs attention and financial support.
@theindiansun is fairly new to Steemit and are only learning the tricks of the trade. But it’s very convincing and an effective tool for communities and if we work on this platform as a group, there’s lots we can attain.
Should I buy Steem? And How do I buy?
- Steem is a cryptocurrency of the Steem ecosystem.
- Steemit is the social media site of the steem ecosystem;
- Powering up is a concept in Steemit ecosystem which gives your votes more credit and weight;
Steem wants to encourage long-term growth. It is hardwired to allocate 9 Steem to Steem Power (SP) stakeholders for every 1 Steem it creates to fund growth through contribution incentives. Over time this drives the ratio of the total Steem value of Steem Power balances to the total of Steem balances toward 9:1. It seems likely that the ratio will be somewhat greater than 9:1 due to continued net Powering Up of the newly printed Steem. It also means that long-term holders are almost completely protected from the dilution used to fund growth.
Benefits of Accumulating Steem Power
As you increase your Steem Power the minute by minute compounding makes your Steem Power grow even faster. You gotta love the power of compounding!
The Steem White Paper states that individuals are guaranteed to have more Steem in the future than they have when they first convert from Steem to Steem Power.
The other benefit of increasing your Steem Power is that it gives your votes more weight.
It is said that Steem Power is the heart of the Steem system. The benefits of accumulating Steem Power are truly powerful.
You get paid for all the upvotes on Steem.
How is multiple account creation prevented?
One of the banes of rewarding users for posting is that people try to game the system by creating multiple accounts. These accounts can be used to post/vote multiple times and thereby manipulate the popularity of posts. Steemit tries to control this by requiring users to register through their Facebook accounts. Steemit is a content aggregator that rewards users in forms of a new cryptocurrency.
Depending on the quality and popularity of a post, or how early a post is upvoted on, users are paid in forms of Steem. Although Steemit may be the most sophisticated and thought-through system to date, the concept of rewarding users for their posts is not entirely new. As early as 2014, sites such as Bubblews and Bonzo Me came out with the idea of paying users for generating content. These sites used Paypal to make payments. Bubblews closed down in November 2015. Taringa, Argentina’s largest social networking site, tips users in bitcoins for posting and sharing content. This hasn’t led to users migrating in droves from Facebook and other social networking sites. It remains to be seen how successful Steemit is in attracting users.
Any decision to invest should be taken after thorough decision and The Indian Sun is not accountable for any losses incurred by investors if they decide to invest in Steem.