Steem – Intersecting, Writing, Reviewing and Mining mint!
If you have been in and around the world of Bitcoins, cryptocurrency and social media, chances are less that you would have missed to come across the craze built around Steem. In this article we would delve a bit more on this.
As put up on their official website, Steemit.com or Steem.io - a blockchain-based social media platform where anyone can earn rewards. It is a decentralized social media platform where users get paid to post and vote. The blockchain distributes payouts as 50% Steem Power for voting and 50% Steem Dollars. Rewards are distributed by the blockchain, similar to how miners are paid by Bitcoin.
It is an amazing concept with the right integration of content writing, curation and the best of all – cryptocurrency. While the product is itself in Beta stage, the impact this has had is quite visible. In days of facebook, with one or other social media websites coming up daily, it is not very common to see a platform swell up by 1500% within one month of launch! The market cap, at the time of writing this article was hovering around $380m. Not only this, with that Steem has broken all grounds and has become the fifth most valuable cryptocurrency worldwide!
If you analyse a bit, it is not very difficult to know the reasons for the same. A big fraction of people (read non-geeks) who were not dealing with this stuff of digital money, have jumped into it. The platform of writing and social media, kind off bridges a gap and helps on-boarding the complete non-techy people in to this. That, of course, doesn’t means that steemit is only for non-techies. The team at Steemit have done the basics right – simple to understand interface, with payouts being done within 48 hours. This gives a “nothing-to-lose” stuff and enables people to play with it.
If you see at a much bigger picture, Steemit is all poised to have a good positive impact in the world of cryptocurrency. The most important reason being the role of “Network effects”. Steemit is bringing more and more “new faces” in this exciting and rapidly evolving field. The more the number, stronger becomes this network. Agreed, it may be quite early to put a stamp on this, but yes, if Steemit can click the security issue well and win the trust of their users, it can well lead on to set standards (as well as ripples all around).
P.S - Steemit is currently accepting users based on invitation only. So, drop in your email id on their site and wait for your luck!