Steemit

Steemit is a social networking and blogging site on top of the Steem blockchain database. The Steem blockchain generates STEEM and Steem Dollars which token users can use to post, discover and comment on interesting content.

Steemit, Inc. is a privately held company headquartered in New York and headquartered in Virginia. The company was founded by Ned Scott and Dan Larimer, the creators of BitShares.

Draft
The idea of ​​Steemit was originally described in a white paper released in March 2016 which was further updated in August 2017.

The general concept is similar to blogging sites or other social news sites like Reddit, but the text content is stored on the blockchain. The use of blockchain allows token rewards awarded for every useful comment and post to be secure. Content in the form of images can be uploaded and hosted on Steemit, while other multimedia content must be embedded from other web hosts. For formatting, there is a WYSIWYG editor. Users can also choose to use the Downdown format with HTML elements.

User accounts can increase the number of posts and comments, and upvoted authors are rewarded with prize money in the form of cryptographic currency known as STEEM and tokens pegged in US dollars called Steem Dollars. Awards are also given to users who curate (discover) popular content. Curation involves voting comments and post submissions. Reward power and reward mastery are influenced by the amount of STEEM power a voter has.