Ethereum: What are Steem and Steemit?
As a cryptocurrency enthusiast, you may have come across the name “Steemit” while browsing the internet. You may be wondering what this platform is, especially if you are familiar with the decentralized news network Reddit. In this article, we will dive into the world of Steem and Steemit, exploring their history, features, and how they work.
What is Steem?
Steem is a blockchain-based social media platform that uses blockchain technology to reward users for creating valuable content. The idea behind Steem is similar to other decentralized platforms like Bitcointalk or Mastodon, which allow users to share knowledge and opinions without centralized institutions. However, Steem takes this concept further by adding a unique twist: community-driven moderation.
Steemit Blockchain
The Steemit blockchain is built on top of the Ethereum network, using the Ethereum Virtual Machine (EVM) to run smart contracts. This allows Steemit to operate within an existing ecosystem of decentralized applications and control its own data storage and transactions. The Steem blockchain is also known for its high security features, including a strong focus on decentralized governance.
What makes Steemit unique?
Steem’s value proposition lies in its community-driven approach, which allows users to create and curate content without intermediaries or gatekeepers. This model allows anyone to participate in creating and sharing content on Steemit, making it a platform for diverse voices and perspectives.
Unlike other social media platforms such as Medium or LinkedIn, Steem has a more decentralized focus, and users can monetize their content using Steem Power (SP) tokens. These tokens can be used to create and share content, vote on posts, or even earn rewards from the platform’s moderation system.
How does it work?
Here’s a high-level overview of how Steemit works:
- Post Creation: Users submit posts with text, images, videos, or other media.
- Moderation: Moderators review and approve submitted content before it’s published on the platform.
- Content Engagement: Users can positively or negatively rate posts to show their approval or disapproval of the content.
- Awards: Users earn Steem Power tokens by creating and producing high-quality content, which can be used to vote on posts, participate in community discussions, or even earn rewards from the platform’s moderation system.
Steemit vs Reddit
While Steem and Reddit are both decentralized platforms, there are some key differences between them:
- Content Style: Steemit focuses more on longer-form content, such as essays, tutorials, and personal stories.
- Community Engagement: Reddit is a more traditional social network with a strong focus on community moderation.
- Token Rewards: Steem Power (SP) tokens give users more opportunities to earn rewards from the platform’s moderation system.
Conclusion
Steemit represents an exciting new direction in decentralized content creation and curation. By empowering users to create, share, and interact with content without intermediaries or gatekeepers, Steemit provides a unique opportunity for people to participate in online discussions and build communities around their passions.
Although Steem is still a relatively new platform, it clearly has the potential for growth and adoption. As more users discover the value of this decentralized social network, we can expect to see more interest in Steemit and other similar platforms such as Bitcointalk and Mastodon.