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It has a token behind it, yes. However, they are going to make it so fiat can be used instead. your rewards are paid in NRVE, a token on the NEON network. The system is far superior to what Steemit has. You can own niches to get more rewards from the ownership, and you also get paid to moderate. Users can be elected to the Tribunal to run things too!

OK. I see. Interesting.