Excited blogger joins Steemit.com with the expectation of earning money from writing about what they loves. Said blogger puts up an awesome post worthy of mention by the local Historical Society, gets no upvotes, complains the program is rigged, leaving to grace some other site with hisher presence.
Have you ever noticed something similar to that happening on here? Needless to say you have. It is a daily event. Steemit is really a blockchain-based social networking platform modeled loosely on Reddit. Anyone that uses Reddit recognizes that content lives and dies with all the sacred upvote (or downvote). Upvotes bring “karma,” greater visibility, and also the possibility of landing on the front page.
Similarly, Steemit users are vying for upvotes, but it is because engagement and attention result in actual financial reward. Steemit rewards users for posting, commenting, and also just upvoting other content. Rewards are paid within the platform’s native cryptocurrency, STEEM.
For reasons unknown, we all believe that posting article is the most essential part of steemit.com. Certainly, without content creators, we would have absolutely nothing to upvote therefore it is crucial. However, at present there are over 20,000 daily authors so content articles are not our problem. Certainly, more is welcomed along with your content must not be omitted. Steemit is going to get tens of thousands of content providers in the future which is wonderful. However, unless one comes here using a large following from FB or any other site, content creation must not be your primary focus.
Also, as much as I discuss upvoting being key, the reality is with low SP, your vote carries little weight. This really is compounded by the fact most newer people push their voting power as a result of single digits so a 1 cent vote becomes worth almost nothing.
Steemit.com is simply one platform for blogs and social networking content that sits atop the Steem blockchain. There are more platforms that use the same blockchain and underlying economic mechanisms. An illustration of this this is D.tube, a decentralized video platform based on the InterPlanetary File System protocol. D.tube is YouTube with no advertisements (and user base) – instead, it uses the built-in Steem currency to reward content producers. D.sound is yet another example, in this instance for audio streaming.
The complete Steem method is built on secure blockchain software that operates on a network of computers. On the root from the platform is 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 going to make an impact?
A few days ago I wrote a post about the price of commenting because it is applicable to Google rankings. My understanding is that the Google bot cannot separate an article through the comments. It is only focused upon content as well as the keywords in this content. Therefore, I suggested that it is best for all of us to go out of as numerous comments since we can. This will assist the ranks of this is funny which produces a snowball effect. The better the ranking, the more organic traffic received from search engines like google, further increasing the ranking.
Obviously, something is working. Last weekend Steemit.com hit 1, 000 in america in Alexa ranking. Look at it now:
That is certainly very impressive. This site moved up 221 spots in roughly 6 days. Another few months should begin to see the ranking closing in on the top 100. With 20,000 authors per day posting content, the dimensions of the site is increasing exponentially. That said, we still need commenting from every person for the 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 is then awarded to users for contributions, based on the votes that their content receives. Create valuable content and acquire rewarded, so the theory goes.
With every new block, 15% from the new STEEM units are awarded to individuals who hold Steem Power, 75% are handed away and off to content creators, and 10% from the new Steem units are paid to miners.
Once you create content that actually earns money, 50% pays for you in Steem Dollars that can be exchanged for actual money immediately. Another 50% is paid in Steem Power. The Steem Power Units are kept in the vesting period stated earlier.
The saying “minting” might have made you think of cryptocurrency mining or wxedsr processes, like ones available on various other blockchains. STEEM is really a mineable currency, but it’s not the key means of earning tokens.
Producing or interacting with content on Steemit will be the main method for users to have STEEM. You can, needless to say, also purchase Steem upon an exchange or earn interest (an extremely little bit) by holding SP. The Steemit platform has expanded immensely since its inception. Here’s how the traffic on Steem grew during the last year, in accordance with Alexa’s web ranking: