With the advent of the digital age the world of economics has imploded. No longer binded to location or bureaucratic control people are able to offer quality content. However content publishers still need to generate revenue. This is usually done advertisements or pay wall. This is where Steem comes in.
Steem is a social media platform that enables quality content producers to monetize their work. At the same time it encourages discussions with a voting system. Votes helps the user generate Steem Dollars (SBD) tokens, which earns digital assets.
Starting with about 2,000 active users in 2016 the website claims to have paid out $40,154,371 USD in rewards since then. The project has recently reached one million registered accounts. A recent update from the official Steemit blog confirms this impressive statistic along with other details about its transactions and user activity.
Steem popularity transcends its native blogging and social media platform in drawing large numbers of unique visitors. Other decentralized applications that use the Steem block chain, are also boasting similar upturn.
Steem has always maintained that its core mission is to reward publishers with an open blockchain and they have not strayed from that path. This has undoubtedly, attracted developers’ interest and driven content-based DApps.
Ned Scott, the cofounder of steamit, was present as a panellist at the Consensus 2018 conference. He reaffirmed this direction by stating “For me it’s all about building networks and empowering people,”. At this interesting discussion he went into a deep discussion about Steem cryptocurrency and who it builds on the ideas of showing users’ influence in pre established platforms like Reddit.