Are you a blogger? Are you into writing articles? Maybe some poetry or citizen journalism?
We’re living in the world of ever growing technology. There are so many platforms to share your voice and many of these platforms pay all the freelance writers. But, now there is something more exciting in the digital-sphere.
It’s Steemit! This social media platform has taken the concept of getting paid to write to a whole new level by democratizing and decentralizing the entire process by the help of the blockchain technology. It has its own digital currency, called Steem. Steemit has massively grown into a huge community including the content shared on it.
Looking A Bit Deeper
Steemit is just like an online community where the users get rewarded for their efforts in return for adding and generating creative content. Anyone can create an account on the platform. But, the catch is that there is no central database or server. Where does all the data go? It’s stored on a distributed, decentralized network which is based on the blockchain technology. It’s the same technology that powers all the cryptocurencies like Bitcoin, Litecoin, Dogecoin including smart contracts platforms such as Ethereum.
The Magical Algorithm
Steemit basically uses an algorithm which is responsible for determining the value of each user’s contribution on the platform. It’s a game of influence. The more the influence grows the more they are rewarded. The users can be contributors or contributors or even both. The curators read, vote and comment on the content.
While the contributors are responsible for creating content which can be original or externally linked. The contributors can write anything, from mainstream to niche subjects. It’s entirely up-to them. There are no restrictions whatsoever. The authors get paid when people like what they have written and “upvote” their post.
Internal Digital Currency
Steemit is different and unique from other blogging forums or sites such as Medium because it is decentralized. The writers get paid by the community in the form of “Steem.” Steem is the internal digital currency of Steemit.
Sure, Steemit is actually an online user community and content platform. It’s Steem that power the entire thing. The authors with high votes are rewarded with their voters at a ratio of 3:1. The rewards are originated from two sources, new Steem is generated. Steem itself can be exchanged for dollars or even Bitcoin on different cryptocurrecny exchanges.
Steem Power (SP)
There is also Steem paid when someone is using Steem to buy equity. It can thought of as vested equity. Basically the number of Steem Power is an indicator of the voting power of a Steemit account. Whoever stores Steem Power knows that it’s very beneficial. Steem power can easily by bought by using Steem in a process called power up.
Currently, two types of posts are getting rewards on the platform. Posts that are related to cryptocurrency mostly related to Steemit and posts that are already popular on other social networks.This is sort of a setback because Steemit can be a great platform for underappreciated writers if it wants to be, if its users realize the potential it holds.