Steemit, the decentralized social media platform where users get paid to post and vote, and it’s, has exploded in popularity in its first month with a 1600% increase in community size since launch. Thus far, the online Steemit community (Reddit-like website) has doubled in membership every week, and the cryptocurrency its users are rewarded in, Steem, has increased its market cap of $7 million to $17 million USD.
CEO Ned Scott said he is blown away by how quickly the Steemit platform is changing the online experience.
“We have worked so hard to perfect Steemit and give anyone an opportunity to make money by creating and curating good content. Based on reactions from experts and testing from our consumers, we knew that the reception would be strong, but Steemit is so much further along than where we thought it would be. In about a month, the market cap of Steem has increased two and a half times, page sessions have jumped by nearly six times, and the Steemit Blockchain is now seeing twelve transfers, posts or votes every minute on average. These are phenomenal numbers and we are excited that our growing community is engaging in a fun and potentially lucrative social medium.”
Steemit is powered by an open source Blockchain called Steem, and its users are rewarded when they submit their blog posts or vote on articles, images and commentary that become popular. Users are paid half in “Steem Power,” a token that supercharges voting power, and half with Steem Dollars, a token worth about one USD. Currently, there are over 100 posts valued at $2000 worth of Steem, and the top 20 posts have an average payout of a combined $8,500 for posters and voters.
“Due to the increased number of entrepreneurs building social media apps integrating with Steemit and the Steem Blockchain, we are proud to announce that we are open-sourcing the code for the Steemit web wallet and social media interface. We are seeing incredible demand from early adopters and innovators bridging the technology to other social platforms such as Reddit, Twitter and Wordpress. Having our technology freely available will empower entrepreneurs to extend upon the Steem Blockchain and further revolutionize how social media can reward users and creators,” Scott added.
Since Steemit’s launch, its most popular topics include politics, technology and cryptocurrency, as well as ‘introduceyourself’, news, art and comedy.
Across the entire site, there has been a ten-fold increase in posts per day, as well as a ten-fold increase in votes per day. Due to popular demand, Steemit has integrated with a cryptocurrency exchange, BlockTrades, to allow users to purchase Steem Power with Bitcoin directly from their online account.
“The Steem Blockchain will be rewarding all Steemit users for their contributions on July 4, distributing 10% of its total token supply,” Scott said.
To sign up or learn more about Steemit, visit Steemit.com
- Utrust Joins Forces with Alternative Airlines for Flight Bookings with Crypto - November 13, 2019
- Dark Web Drug Dealer Pleads Guilty To Using Cryptocurrency to Launder More Than $19 Million - November 13, 2019
- Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone? - November 13, 2019
- Celsius Hits over $4 Billion in Crypto Loans – Leading the Industry - November 12, 2019
- Coinbase Introduces Staking Rewards on Tezos - November 6, 2019
- Volvo Cars to implement blockchain traceability of cobalt used in electric car batteries - November 6, 2019
- EU-Funded Acceleration Project, LEDGER, Offering Support Services and Up to €200k Equity-Free for Blockchain Data Governance Projects - November 6, 2019
- Global Financial System Regulators – the Financial Action Task Force – Issue Draft Guidance on Digital Identity - November 5, 2019
- David Chaum Releases XX Alpha Messenger Promising Unprecedented User Privacy - November 5, 2019
- Æternity Blockchain Developers Plan to Take On Ethereum With Final Hardfork – Handing over Governance to the Community - November 5, 2019
- Researchers Claim Cross-border B2B Blockchain Transactions set to Explode to $4.4 Trillion by 2024 - November 5, 2019
- Global Companies Unite to Unveil Comprehensive Framework for Tokenization – It’s About Time - November 5, 2019
- Microsoft Kicks Off Enterprise-ready Crypto Token Platform On Azure – Predicts Tokenization Is A Pillar Of The Coming Revolution In Multi-Party Applications That Blockchain Technology Ushered In - November 5, 2019
- Polish-British Blockchain Company Billon to Digitise Euro in Deal with Raiffeisen Bank International - November 5, 2019
- 500.com Limited Releases Intel on Blockchain Technology for China’s Lottery Industry - November 4, 2019
- Oxfam, Etherisc, and Aon Find Success with First Blockchain-Based Agricultural Insurance Policies for Smallholder Farmers in Sri Lanka - November 4, 2019
- Interview: Brock Pierce and Two Prime’s Alexander S. Blum - November 4, 2019
- Samsung Bullish on Blockchain – Pushing for Developers on New Samsung Blockchain Platform SDK - November 1, 2019
- Busted: SEC and CFTC Nail First Global Credit – a Swiss Security-Based Bitcoin Swaps Dealer That Allegedly Aimed at American Investors - November 1, 2019
- Zilliqa and Oxford Women in Computer Science Society Join to Bring Diversity to Blockchain Sector - November 1, 2019