Steemit Social Media Platform Pays Its Users, Sees Massive Growth

Steemit, the new social media platform that rewards its user base with cryptocurrency, has been growing exponentially since its inception. The company has revealed that over the course of its first month membership has grown by 1,600%, all the while using its blockchain-powered platform to pay users for posting content.

Also read: Antonopoulos Declined ‘Opportunity’ to Identify Satoshi and Doesn’t Care

Steemit ‘Creating and Curating Good Content’

steemit-shareSteemit has seen an enormous amount of registrant’s over the past four weeks. The social media platform enables its user base to get paid in “Steem Power” for posting content and the using the voting mechanisms within the interface.

The company says membership has doubled in size every single week since its launch and this has increased its market capitalization from $7 million to $17 million USD.

CEO Ned Scott says he can’t believe the speed of growth the website has seen and says this social media engine will change people’s online experiences. He explains in the announcement:

We have worked so hard to perfect Steemit and give anyone an opportunity to make money by creating and curating good content. Based on reactions from experts and testing from our consumers, we knew that the reception would be strong, but Steemit is so much further along than where we thought it would be. In about a month, the market cap of Steem has increased two and a half times, page sessions have jumped by nearly six times, and the Steemit blockchain is now seeing twelve transfers, posts or votes every minute on average. These are phenomenal numbers and we are excited that our growing community is engaging in a fun and potentially lucrative social medium.

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CEO Ned Scott

The platform is powered by an open source blockchain called Steem. Additionally, users paid in the token Steem Power get more voting credentials, and receive half their payments in Steem Dollars, which the team says are worth about one US dollar.

Steemit says there are currently over one hundred posts valued at $2,000 USD worth of Steem with the top 20 posts having an average payout of a combined $8,500 for posters and voters.

The platform is similar to Reddit, and the team has recently announced that it is open sourcing its code for the Steem blockchain and social media interface. The reason they chose to do this is “due to the increased number of entrepreneurs building social media apps integrating with Steemit and the Steem blockchain,” said Scott.

The project was also founded by Dan Larimer, founder of the blockchain-based financial exchange BitShares. Scott says adopters of Steem are connecting various other social attributes to the technology as well. He explained:

We are seeing incredible demand from early adopters and innovators bridging the technology to other social platforms such as Reddit, Twitter and WordPress. Having our technology freely available will empower entrepreneurs to extend upon the Steem blockchain and further revolutionize how social media can reward users and creators.

Since its launch, some of the most popular posted content have covered cryptocurrency, politics and technology as the platform has seen a “ten-fold increase” in voting every day.

Scott adds that starting July 4, its blockchain will start distribution with 10% of its token supply total. Users of the new social media platform can also purchase Steem Power via the exchange BlockTrades with Bitcoin.

What do you think about this new social media platform? Let us know in the comments below.


Images via Steemit and Pixabay

  • Keith Parkins

    Mind was supposed to be the new social platform.

    It is not, it is simply a platform for publishing articles.

    In use it is dreadful, like something out of the digital Stone Age.

    I tried posting a couple of articles, then gave up, it was so bad.

    Anyone else tried Mind?

    Steemit would have greater credibility if it gave away faircoin not bitcoin.

    https://keithpp.wordpress.com/2015/04/12/faircoop-faircoin-fair-society/

    Sounds like a ponzi scam to me.

    You get paid, not in bitcoin, but in its own worthless currency.

    But that is not the worse aspect, not by a long shot.

    To join, you do not create a user id and password, oh no, log in via a facebook account.

    Bad, bad, bad.

    This grants access to your facebook account, what you are doing, who your friends are. You may not care about your privacy, maybe your friends do.

    It grants facebook, not only access to what you do contribute within facebook, but what you are doing external to facebook.

    https://keithpp.wordpress.com/2012/04/15/sharing-of-data-between-facebook-and-third-parties/

    • Marco Maltese

      How can anyone try Mind if you don’t give a link?
      It’s not that I can simply search “mind”.
      Steemit runs on Steems I think, not Bitcoin.
      But why do you think Faircoin gives more credibility than Bitcoin? I find this ridiculous. Faircoin is nearly unknown, like 99% of altcoins. Bitcoin is the only one that is on the verge of entering the mainstream.

      Last thing, you can immediately convert Steems into Bitcoin just by opening an account in Poloniex.

      However, I think that Steem will soon switch to Bitcoin as a currency. Steems are falling and falling in value to Bitcoin, essentially because they are not necessary. People earning Steems, immediately exchange them for Bitcoin, and poof: value drops, because nobody wants to hold Steems.

      • Miles Cynic

        The value of Steem is not falling because people exchange them to BTC. The value of Steem is falling because Steemit as a platform and business model does not work.

        The non crypto centralised versions have failed that pays fiat currency and everyone accepts that. The only selling point Steemit has is it is decentralised running on block chain technology which has no appeal whatsoever to vast majority of people who won’t even understand what that means.

        Even if they change to Bitcoin without a change in business model it will not attracts users. And it is the users that will give a cryptocurrency or fiat based platform value.

        • Marco Maltese

          Why you say that Steemit doesn’t work?

          • Miles Cynic

            Because people will lose interest very quickly in the platform. And advertisers will not be interested in a platform with poor quality traffic and posts.

            ADZbuzz is a better business model. Scroll up above and read my most recent comment and post. There is an article there about Steemit. Read it.

          • Marco Maltese

            Correct me if I’m wrong, but isn’t paying for post done with the intent to cut off advertising and get back to the old system of paying for what you get?

          • Miles Cynic

            You are missing the point and I don’t think you read the article above in my comment. The reasons why Steemit will not work as a business model has nothing to do with the design of the interface.

            Where does Steemit even earn the money to pay for posts if there is no external revenue?

            Now the price of Steem has dropped to its real value after the pump excitement phase and is constantly falling, as paying people pennies or less for poor posts will lead to people losing interest very quickly, since the majority of people only joined during the artificial pump to make some money posting poor content for the most part.

            These models have not worked with the centralized fiat currency versions, which used advertising revenue to pay people to post, so how do you ever think it would work with a crypto version that does not even have external revenue to pay people, but has to constantly produce new coins to do so. And let’s not forget Steem would only gain value through demand, but why would anyone want to invest in Steem or even use Steemit? Steemit’s biggest selling point is block chain technology but that will not interest the public to join who have no idea what that even means, so you are hoping to get high demand from a falling coin from where? The crypto users?

            I was one of them that joined Steemit for the money and got very bored putting a lot of effort into my posts to see lots of poor quality posts earn more, and I also got very bored reading the content on the platform too. And when I realized there is no real money to be made but pennies I moved on. And money others have too. This is why the price of Steem continues to fall as people simply joined it for the money but there is nothing really to be made there.

            Like I said read the article above for a thorough coverage on the matter and join ADZbuzz if you want a platform that will stand a chance competing with the likes of Facebook and Twitter.

          • Marco Maltese

            Sorry for my ignorance: I thought that PEOPLE were paying for the posts they read, that’s where money would come from. Am I wrong?
            And here lies the problem again: I would never buy Steems just to pay for stuff I can read on Steem, but I could use my Bitcoins to pay for posts on different social media platforms. That’s why creating different blockchains for new decentralized social media platform doesn’t make any sense to me. People won’t go buy different altcoins just to read stuff they can already find somewhere else on internet, and just to avoid ads. BUT it could work if it would use something people already have: Bitcoin.

          • Miles Cynic

            Have you read the article? I don’t think you have still.

          • Marco Maltese

            No, I’ve just read parts of it. But honestly if there’s no straight payment to the people, this defeats the whole purpose of decentralized currencies, imo.

          • Marco Maltese

            However, I feel like to say that you are right on Steemit, but not for the reason you think.
            My opinion is that the interface is horrible, and a social platform that wants to have some success NEEDS to be somewhat beautiful and well designed.
            Anything out of that line will not go mainstream and will never dent FB.

  • Miles Cynic

    Steem is losing its value big time. The business model Steemit is not designed to last. I lost interest very quickly and many others most likely have too as the price of the coin reflects. As the sole reason I join was to make money. But you quickly realise the platform is saturated with poor quality posts that are trying to earn and nearly everyone on it is out there doing the same thing trying to make money by posting low quality content mostly.

    At the same time I have been following and using ADZbuzz and it’s concept is much more appealing and will be a place that will attract millions of users for various reasons and the content on the platform will be high quality shared content from publishers targeted to the users interest.

    And both publishers and sharers will get paid each time high quality content is shared on the platform.

    Currently in beta but will soon be ready for mainstream usage by the end of the year.

    You can join ADZbuzz here: https://adzbuzz.com/go?r=mb001589

    Read this article that compares ADZbuzz business model with Steemit here: http://adzcoindesk.com/adzbuzz-vs-steemit/