Social Media Blockchain Platform Steemit Experiencing Growth Explosion

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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.

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“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

 

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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4 COMMENTS

  1. I no longer hangout on other platform. Why do something for free when you can be paid for it?

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