Here is an excerpt from the steemit white paper that I found interesting. For those who still need a little help understanding how steem and steemit works.
Steem is designed from the ground up to address the major barriers to adoption and monetization of a social media based economy. Our thesis is that the same techniques used to grow major social media platforms can be used to bootstrap a successful cryptocurrency. Economic incentives enabled by cryptocurrency can dramatically facilitate the growth of a new social media platform. It is the synergy between cryptocurrency and social media that we believe may give Steem a powerful advantage in the market. The challenge faced by Steem is deriving an algorithm for scoring individual contributions that most community members consider to be a fair assessment of the subjective value of each contribution. In a perfect world, community members would cooperate to rate each other's contribution and derive a fair compensation. In the real world, algorithms must be designed in such a manner that they are resistant to intentional manipulation for profit. Any widespread abuse of the scoring system could cause community members to lose faith in the perceived fairness of the economic system. Existing platforms operate on a one-user, one-vote principle. This creates an environment where rankings can be manipulated by sybil attacks and the service providers must pro-actively identify and block abusers. People already attempt to manipulate the Reddit, Facebook, and Twitter scoring algorithms when the only reward is web traffic or censorship. The fundamental unit of account on the Steem platform is STEEM, a crypto currency token. Steem operates on the basis of one-STEEM, one-vote. Under this model, individuals who have contributed the most to the platform, as measured by their account balance, have the most influence over how contributions are scored. Furthermore, Steem only allows members to vote with STEEM when it is committed to a multi-year vesting schedule. Under this model, members have a financial incentive to vote in a way that maximises the long term value of their STEEM. Steem is designed around a relatively simple concept: everyone’s meaningful contribution to the community should be recognized for the value it adds. When people are recognized for their meaningful contributions, they continue contributing and the community grows. Any imbalance in the give and take within a community is unsustainable. Eventually the givers grow tired of supporting the takers and disengage from the community. 6 of 44 The challenge is creating a system capable of identifying what contributions are needed and their relative worth in a way that can scale to an unbounded number of people. A proven system for evaluating and rewarding contributions is the free market. The free market can be viewed as a single community where everyone trades with one another and rewards are allocated by profit and loss. The market system rewards those who provide value to others and punishes those who consume more value than they produce. The free market supports many different currencies and money is simply a commodity that everyone finds easy to exchange...
For more from the steemit white paper please vote and follow.
Feel free to ask questions regarding steem or steemit and I will answer with references from the white paper.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steem.io/SteemWhitePaper.pdf
I recommend that you enter https://wcex.co/?ref=urq1g3D you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!
I recommend that you enter https://wcex.co/?ref=urq1g3D you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!