Excited blogger joins Steemit.com with the hope of making money from talking about what he or she loves. Said blogger puts up a wonderful post worth mention by the local Historical Society, gets no upvotes, complains the system is rigged, and leaves to grace various other site with hisher presence.
Perhaps you have noticed something such as that happening on here? Obviously you might have. It really is a daily event. Steemit is actually a blockchain-based social media marketing platform modeled loosely on Reddit. Anyone that uses Reddit knows that content lives and dies using the sacred upvote (or downvote). Upvotes bring “karma,” greater visibility, as well as the chance of landing on the front page.
Similarly, Steemit users are vying for upvotes, but it is because engagement and attention cause actual financial reward. Steemit rewards users for posting, commenting, and also just upvoting other content. Rewards are paid within the platform’s native cryptocurrency, STEEM.
For reasons unknown, most of us believe that posting article is an essential part of steemit.com. Certainly, without content creators, we would have nothing to upvote so it will be crucial. However, currently you can find over 20,000 daily authors so content is not our problem. Certainly, more is welcomed as well as your content should not be omitted. Steemit will almost certainly get tens of thousands of content providers in the future which 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 is compounded from the fact most newer people push their voting power right down to single digits so a 1 cent vote becomes worth almost nothing.
Steemit.com is just one platform for blogs and social media content that sits atop the Steem blockchain. There are more platforms which use the identical blockchain and underlying economic mechanisms. An 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 an additional example, in this case for audio streaming.
The whole Steem system is built on secure blockchain software that runs on a network of computers. In the root from the platform is definitely the currency STEEM, which is your typical transferrable, fungible, freely moveable token (much like bitcoin). The currency will come in 3 variants.
Alas, where is our newbit will make an impact?
Yesterday I wrote a post about the need for commenting since it relates to Google rankings. My understanding is the fact that Google bot cannot separate a write-up from the comments. It is only focused upon content as well as the keywords because content. Therefore, I suggested that it is best for people to go out of as many comments as we can. This will assist the ranks of great posts which results in a snowball effect. The higher the ranking, the better organic traffic received from the search engines, further enhancing 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 website moved up 221 spots in roughly 6 days. Another month or two should see the ranking closing in on the top 100. With 20,000 authors a day posting content, how big the web page is growing exponentially. Having said that, we still need commenting from each person for that site to really 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 their contributions, based on the votes that their content receives. Create valuable content and obtain rewarded, so the theory goes.
With every new block, 15% from the new STEEM units are awarded to those who hold Steem Power, 75% are handed off to content creators, and 10% of the new Steem units are paid to miners.
Whenever you create content that actually earns money, 50% pays to you personally in Steem Dollars which can be exchanged for actual money straight away. Another 50% pays in Steem Power. The Steem Power Units are locked in the vesting period mentioned above.
The saying “minting” might have made you think of cryptocurrency mining or wxedsr processes, like ones seen on a number of other blockchains. STEEM is really a mineable currency, but it’s not the key way of earning tokens.
Producing or getting together with content on Steemit will be the main method for users to have STEEM. It is possible to, of course, also purchase Steem upon an exchange or earn interest (a really small amount) by holding SP. The Steemit platform has grown immensely since its inception. Here’s how the traffic on Steem grew within the last year, based on Alexa’s web ranking: