Excited blogger joins Steemit.com with the hope of earning money from talking about what they loves. Said blogger puts up an excellent post worthy of mention by the local Historical Society, gets no upvotes, complains the program is rigged, leaving to grace a few other site with hisher presence.
Maybe you have noticed something like that happening on here? Obviously you have. This is a daily event. Steemit is really a blockchain-based social networking platform modeled loosely on Reddit. Anyone that uses Reddit knows that content lives and dies with all the sacred upvote (or downvote). Upvotes bring “karma,” greater visibility, as well as the chance of landing on the first page.
Similarly, Steemit users are vying for upvotes, but the reason being engagement and attention lead to actual financial reward. Steemit rewards users for posting, commenting, as well as just upvoting other content. Rewards are paid inside the platform’s native cryptocurrency, STEEM.
For whatever reason, we all think that posting article is the most essential aspect of steemit.com. Certainly, without content creators, we might have absolutely nothing to upvote so it will be crucial. However, at the moment you can find over 20,000 daily authors so content is not our problem. Certainly, more is welcomed as well as your content must not be omitted. Steemit is going to get thousands and thousands of content providers down the road that is wonderful. However, unless one comes here having a large following from FB or another site, content creation should not be your primary focus.
Also, around I discuss upvoting being key, the truth is with low SP, your vote carries little weight. This can be compounded from the fact most newer people push their voting power down to single digits so also a 1 cent vote becomes worth almost nothing.
Steemit.com is only one platform for blogs and social networking content that sits atop the Steem blockchain. There are more platforms that use exactly the same blockchain and underlying economic mechanisms. A good example of this really is D.tube, a decentralized video platform based on the InterPlanetary File System protocol. D.tube is YouTube minus the advertisements (and user base) – instead, it uses the built in Steem currency to reward content producers. D.sound is another example, in this instance for audio streaming.
The whole Steem product is built on secure blockchain software that operates on a network of computers. On the root of the platform will be the currency STEEM, which is your typical transferrable, fungible, freely moveable token (comparable to bitcoin). The currency will come in 3 variants.
Alas, where is our newbit will make an impact?
Yesterday I wrote a post about the price of commenting as it is applicable to Google rankings. My understanding is the fact that Google bot cannot separate an article from the comments. It is actually only focused upon content and the keywords in this content. Therefore, I suggested that it is best for people to go out of as numerous comments as we can. This will help the ranks of tip and stuff which results in a snowball effect. The higher the ranking, the more organic traffic received from the search engines, further increasing the ranking.
Obviously, something is working. Last weekend Steemit.com hit 1, 000 in america in Alexa ranking. View it now:
That is certainly very impressive. This site moved up 221 spots in roughly 6 days. Another couple of months should begin to see the ranking closing in on the top 100. With 20,000 authors a day posting content, the size of the website is growing exponentially. That said, we still need commenting from each person for your site to truly leverage all it can away from each post.
The Steem blockchain is consistently minting new STEEM tokens and adding them to a community “rewards pool.” The STEEM is then awarded to users for contributions, based on the votes their content receives. Create valuable content and obtain rewarded, therefore the theory goes.
With every new block, 15% of the new STEEM units are awarded to the people who hold Steem Power, 75% are handed off and away to content creators, and 10% of the new Steem units are paid to miners.
Once you create content that really earns money, 50% is paid to you personally in Steem Dollars which can be exchanged for actual money right away. Another 50% pays in Steem Power. The Steem Power Units are kept in the vesting period stated earlier.
The words “minting” may have made you consider cryptocurrency mining or wxedsr processes, like ones found on various other blockchains. STEEM is a mineable currency, but it’s not the main way of earning tokens.
Producing or getting together with content on Steemit will be the main way for users to get STEEM. It is possible to, needless to say, also purchase Steem with an exchange or earn interest (a very small amount) by holding SP. The Steemit platform continues to grow immensely since its inception. Here’s how the traffic on Steem grew during the last year, in accordance with Alexa’s web ranking: