Every major social media platform has offered users a way to communicate with others and earn social currency, such as followers, traffic to their content, likes and retweets.
Now, a new breed of social media networks has emerged – one that uses blockchain technology to build platforms enabling users to control their data and escape the censorship imposed by the likes of Facebook and Twitter. In addition, these new social networks reward users with cryptocurrency.
One such new social media platform is Steemit , which runs on top of a decentralized network known as Steem. Steemit rewards users with its own cryptocurrency in addition to social currency. Much like Reddit and Facebook, Steemit uses its incentives to encourage users to post, share and react to content.
When someone likes or upvotes a post, it becomes more visible on the site. Steemit rewards the original poster with Steem digital currency that can be exchanged for real cash via Bitcoin or reinvested into “Steam Power,” a token that represents how much influence a person has on the Steemit platform.
So, the more Steem Power people have, the more their upvotes will count. Steem Power also allows users to earn additional Steem Power and Steem Dollars from the platform.
Put simply, “Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards,” according to the company.