Steemit is a blockchain-based blogging and social media website. Users can gain a cryptocurrency, STEEM, for publishing and curating content. The company is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia.
Operating principle
Steemit is designed as a
decentralized application
A decentralised application (DApp, dApp, Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like ...
(DApp) built upon the Steem
blockchain
A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called ''blocks'', that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a ...
, using the eponymous
cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It i ...
STEEM to reward users for their content.
By voting on posts and comments, users get to decide the payout of those posts. Users also get so-called "Curation Rewards" for finding and upvoting content that gets upvoted by other users afterwards.
History
On July 4, 2016, Steemit, Inc., a company founded by Ned Scott and blockchain developer Daniel Larimer, launched the social media platform Steemit as the first application built upon Steem blockchain.
On July 14, 2016, Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. About US$85,000 worth of Steem Dollars and STEEM are reported to have been taken by the attackers.
In March 2017, Daniel Larimer stepped back as Steemit's
chief technology officer and left the company.
With the STEEM price dropping during the
2018 cryptocurrency crash, Steemit faced financial difficulties and had to lay off 70% of its staff.
References
External links
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{{Cryptocurrencies, state=expanded
American social networking websites
Cryptocurrencies
American entertainment websites