a new social media platform where everyone gets paid to post online, has been released in beta. In the age of multiple social media platforms, many of them entrenched players, how will new users react to Steemit?
Background of Steemit
Steemit is a relatively new company, founded in early 2016 by Ned Scott and Daniel Larimer.
Ned Scott earlier worked for Gellert Global Group, a family-owned private equity group which holds many North American food companies.
Daniel Larimer is the founder of Bitshares, which has the 11th largest market capitalization amongst all cryptocurrencies.
The concept
Steemit is powered by blockchain technology and uses a new cryptocurrency 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.
CTO Dan Larimer says to CoinTelegraph:
“Steemit is a brand new way to recognize contributors online, especially those who join our community early and stay long term.
