Steemit

Steemit is a blockchain-based blogging and social media website, which rewards its users with the cryptocurrency STEEM for publishing and curating content, and is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia.

Steemit
Type of site
Social Media Platform
URLsteemit.com
RegistrationFree
Users1,238,717 registered users [1]
LaunchedMarch 24, 2016 (2016-03-24)
Current statusActive

Operating principle

Steemit is designed as a decentralized application (DApp) built upon the Steem blockchain, using the eponymous cryptocurrency STEEM to reward users for their content.[2][3][4] By voting on posts and comments, users get to decide the payout of those posts. Users also get so called "Curation Rewards" for finding and upvoting content that gets upvoted by other users afterwards.[5][6]

History

On July 4, 2016, Steemit, Inc., a company founded by Ned Scott and blockchain developer Dan Larimer, launched the social media platform Steemit as first application built upon Steem blockchain.

On July 14, 2016, Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. About US$85,000 worth of Steem Dollars and STEEM are reported to have been taken by the attackers.[7]

In March 2017, Dan Larimer stepped back as Steemit's Chief technology officer and left the company.[8]

With the STEEM price dropping during the 2018 cryptocurrency crash, Steemit faced financial difficulties and had to lay off 70% of its staff.[9]

On January 22, 2019, Steemit announced structural changes in their leadership team. Former CEO Ned Scott was named Executive Chairman, Elizabeth Powell, the former Head of Communications & Advocacy was named the new Managing Director.[10]

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References
  1. Dale, Dale. "STEEM BLOCK EXPLORER". Observer. Retrieved March 15, 2019.
  2. Chohan, Usman (February 2018). "The Concept and Criticisms of Steemit". Economics of Networks Journal: 8. SSRN 3129410.
  3. "(Reuters) Digital currency Steem soars 1,000% in value in two weeks". Guardian. July 12, 2016. Retrieved January 16, 2019.
  4. Dale, Dale (September 15, 2016). "Steem Aims to Beat Facebook by Paying Its Bloggers in Cryptocash". Observer. Retrieved January 16, 2019.
  5. McMillen, Andrew (October 4, 2017). "The Social Network Doling Out Millions in Ephemeral Money". Wired. Retrieved May 6, 2018.
  6. "STEEM Whitepaper: An incentivized, blockchain-based, public content platform" (PDF). Steem. March 12, 2019. Retrieved March 12, 2019.
  7. Cimpanu, Catalin (July 18, 2016). "Steemit Social Network Hacked, User Funds Stolen, DDoS Attack Ensued". Softpedia News. Retrieved January 16, 2019.
  8. "Joint Statement". Steemit Inc. Retrieved March 13, 2019.
  9. Biggs, John (October 28, 2018). "Steemit laying off 70% of staff". TechCrunch. Retrieved January 16, 2019.
  10. steemitblog. "Steemit, Inc. Leadership Changes". steemit.com. Retrieved March 15, 2019.
  • Steemit publishing platform
  • Steem cryptocurrency used by Steemit
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