Monetizing Content on the Blockchain
STEEM IS THE cryptocurrency powering the Steemit censorship-free social media platform, which has onboarded over a million users since its launch in 2016. Anyone with an internet connection can create a Steemit account and start earning the cryptocurrency through content with no upfront investment. Steem can then be converted to Bitcoin or Ethereum, which has led to huge speculation about mass global adoption.
Based in New York and headquartered in Virginia, Steemit is a step ahead of existing platforms such as Facebook, Instagram, Twitter and Reddit, which at the time of writing are yet to make any cryptocurrency integrations. Existing platforms are not incentivized beyond digital dopamine hits such as likes, retweets and points. Arguably Steemit’s competitive advantage is that it represents the very opposite of these existing platforms, where user-generated content has created billions of dollars of value for shareholders.
Steemit was conceived by former financial analyst Ned Scott and computer scientist Dan Larimer, who developed crypto exchange BitShares. The gamification is by design, but the rewards are real. Scott, who used to love playing the action role-playing computer game Diablo II, tells Wired magazine: “All of the characters in the game had the ability to cast spells, and they had ‘mana’ they could use,” he says. “As they cast spells, the mana was used up; over time, it regenerated, so they could cast more spells later. Voting power here works similarly: Users come back every day to try and vote better, and level up.”
Circulating Supply: 266,265,194 STEEM