Steemit

Steemit is a blockchain-based blogging and social media website. Users can gain a cryptocurrency, more specifically STEEM, for publishing and curating content (i.e. posts). Users can also be rewarded with STEEM based on their comments. The company is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia.

Steemit
Type of site
Social Media Platform
URLsteemit.com
RegistrationFree
Users1,238,717 registered users[1]
LaunchedMarch 24, 2016 (2016-03-24)
Current statusActive

Operating principle

Steemit is designed as a decentralized application (DApp) built upon the Steem blockchain, using the eponymous cryptocurrency STEEM to reward users for their content.[2][3][4] By voting on posts and comments, users get to decide the payout of those posts. Users also get so-called "Curation Rewards" for finding and upvoting content that gets upvoted by other users afterwards.[5][6]

History

On 4 July 2016, Steemit, Inc., a company founded by Ned Scott and blockchain developer Daniel Larimer, launched the social media platform Steemit as the first application built upon Steem blockchain.

On 14 July 2016, Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. About US$85,000 worth of Steem Dollars and STEEM are reported to have been taken by the attackers.[7]

In March 2017, Daniel Larimer stepped back as Steemit's chief technology officer and left the company.[8]

With the STEEM price dropping during the 2018 cryptocurrency crash, Steemit faced financial difficulties and had to lay off 70% of its staff.[9]

In 2020, Steem successfully 'forked' and the HIVE blockchain was created in the process.[10] HIVE is the official cryptocurrency on this fork of the main Steem blockchain. In addition, this fork has many of the features of the main Steem blockchain as well as a series of original ones, such as badges.

References
  1. Dale, Dale. "STEEM BLOCK EXPLORER". Observer. Archived from the original on January 25, 2019. Retrieved March 15, 2019.
  2. Chohan, Usman (February 2018). "The Concept and Criticisms of Steemit". Economics of Networks Journal: 8. SSRN 3129410.
  3. "(Reuters) Digital currency Steem soars 1,000% in value in two weeks". Guardian. July 12, 2016. Archived from the original on January 16, 2019. Retrieved January 16, 2019.
  4. Dale, Dale (September 15, 2016). "Steem Aims to Beat Facebook by Paying Its Bloggers in Cryptocash". Observer. Archived from the original on January 16, 2019. Retrieved January 16, 2019.
  5. McMillen, Andrew (October 4, 2017). "The Social Network Doling Out Millions in Ephemeral Money". Wired. Retrieved May 6, 2018.
  6. "STEEM Whitepaper: An incentivized, blockchain-based, public content platform" (PDF). Steem. March 12, 2019. Archived (PDF) from the original on November 7, 2018. Retrieved March 12, 2019.
  7. Cimpanu, Catalin (July 18, 2016). "Steemit Social Network Hacked, User Funds Stolen, DDoS Attack Ensued". Softpedia News. Archived from the original on January 16, 2019. Retrieved January 16, 2019.
  8. "Joint Statement". Steemit Inc. April 12, 2017. Archived from the original on May 30, 2017. Retrieved March 13, 2019.
  9. Biggs, John (October 28, 2018). "Steemit laying off 70% of staff". TechCrunch. Archived from the original on January 16, 2019. Retrieved January 16, 2019.
  10. Ali Martinez (March 20, 2020). "Steem Successfully Forks Creating "Hive" Blockchain". Crypto Briefing. Retrieved October 19, 2023.
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