The implementation of the blockchain technology will disrupt many industries such as the banking system, energy and supply chains. Contrarily to the traditional system, blockchain brings much more efficiency and transparency.
Social media is one of the world’s fastest growing industry in the past 20 years. In the past 2 decades, social media has completely transformed our everyday lives with companies such as Facebook, Instagram, Snapchat and Youtube.
The video sharing giant, Youtube, has been criticized since it was accused of subjectively banning and demonetizing accounts.
On the other hand, Facebook recently banned every advertisements related to Initial Coin Offerings (ICOs) and cryptocurrencies. This has had a big impact on the cryptocurrency market since it is limiting the overall market reach for customers.
Steeemit is a social media platform that was launched in 2016. Contrarily to traditional social medias, many topics can be posted on the platform with much less censorship since it is a decentralized ecosystem.
Another advantage that Steemit has over traditional social media platforms is that instead of paying the content creator with advertisements or the site itself, he is paid by other users of the platform.
The system used by Steemit is very similar to the upvoting system of Reddit but with the only difference that an upvote gives a fraction of the Steem cryptocurrency to the content creator, instead of representing an alone number. This processus allows readers of content and posts to only upvote (pay) what content or articles they like.
Also, as it is possible to change the “power” of your upvote, which will increase the amount in Steem cryptocurrency the content creator will receive. These features makes the platform much more competitive than traditional social media platforms.
Presently, more than 61 000 people use the Steemit platform on a daily basis, which is much less than other traditional platforms. However, in the last 3 months, the daily users have doubled. Anyone in the world can utilize the Steemit platform and get paid for the content they put on the social media.
The Steemit social media platform has been submerged with new requests recently since everyone that puts content on the platform can make money. On the platform, there is more and more high quality and in-depth content created than ever before and it seems to get better with time as content creators see the potential of the system.