Excited blogger joins Steemit.com with the hope of earning money from writing about what they loves. Said blogger puts up an excellent post worthy of mention by the local Historical Society, gets no upvotes, complains the system is rigged, leaving to grace various other site with hisher presence.
Maybe you have noticed something similar to that happening on here? Of course you may have. It is a daily event. Steemit is actually a blockchain-based social media platform modeled loosely on Reddit. Anybody who 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 this is because engagement and attention cause actual financial reward. Steemit rewards users for posting, commenting, and even just upvoting other content. Rewards are paid in the platform’s native cryptocurrency, STEEM.
For whatever reason, we all believe that posting article is an essential aspect of steemit.com. Certainly, without content creators, we may have absolutely nothing to upvote so it will be crucial. However, currently there are over 20,000 daily authors so content is not our problem. Certainly, more is welcomed as well as your content really should not be omitted. Steemit is going to get thousands and thousands of content providers in the future which is wonderful. However, unless one comes here having a large following from FB or any other site, content creation should not be your main 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 even a 1 cent vote becomes worth almost nothing.
Steemit.com is simply one platform for blogs and social media content that sits atop the Steem blockchain. There are other platforms designed to use exactly the same blockchain and underlying economic mechanisms. A good example of this can be D.tube, a decentralized video platform based on the InterPlanetary File System protocol. D.tube is YouTube without the advertisements (and user base) – instead, it uses the built in Steem currency to reward content producers. D.sound is an additional example, in cases like this for audio streaming.
The whole Steem system is built on secure blockchain software that runs on a network of computers. At the root in the platform will be the currency STEEM, which is your typical transferrable, fungible, freely moveable token (similar to bitcoin). The currency comes in 3 variants.
Alas, where is our newbit will make a direct impact?
A few days ago I wrote a post about the need for commenting as it relates to Google rankings. My understanding is the fact that Google bot cannot separate a post through the comments. It really is only focused upon content as well as the keywords in this content. Therefore, I suggested that it is best for people to leave as numerous comments while we can. This will help the ranks of read this which results in a snowball effect. The better the ranking, the better organic traffic received from search engines like google, further improving the ranking.
Obviously, something is working. Last weekend Steemit.com hit 1, 000 in america in Alexa ranking. See it now:
That is certainly very impressive. This web site 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 each day posting content, how big the website is increasing exponentially. Having said that, we still need commenting from each person for that site to truly leverage all it can out of each post.
The Steem blockchain is consistently minting new STEEM tokens and adding those to a community “rewards pool.” The STEEM will then be awarded to users for contributions, based on the votes their content receives. Create valuable content and acquire rewarded, and so the theory goes.
With every new block, 15% in the new STEEM units are awarded to those who hold Steem Power, 75% are handed off to content creators, and 10% in the new Steem units are paid to miners.
Once you create content that really earns money, 50% pays to you personally in Steem Dollars which can be exchanged for actual money straight away. Another 50% is paid in Steem Power. The Steem Power Units are kept in the vesting period mentioned previously.
The words “minting” may have made you think of cryptocurrency mining or wxedsr processes, like ones found on many other blockchains. STEEM is actually a mineable currency, but it’s not the primary way of earning tokens.
Producing or getting together with content on Steemit is definitely the main means for users to obtain STEEM. It is possible to, of course, also purchase Steem on an exchange or earn interest (an extremely small amount) by holding SP. The Steemit platform continues to grow immensely since its inception. Here’s the way the traffic on Steem grew in the last year, in accordance with Alexa’s web ranking: