Can you make money by posting? New blockchain social media platform Steemit pays you

Steemit is a new social media platform. If users use the platform to post, the platform will pay users. Currently, the platform has released a beta version. In this era of diversified social platforms, many platforms have their loyal users, so how do new users react to Steemit?

Background of Steemit

Steemit is a relatively new company, founded in early 2016 by Ned Scott and Daniel Larimer.

Ned Scott started his career at Gellert Global Group, a family-owned private equity group that owns a number of North American food companies.

Daniel Larimer is the founder of BitShares, which is currently ranked 11th among all cryptocurrencies by market capitalization.

The concept of Steemit

The Steemit platform is powered by blockchain technology and uses a new cryptocurrency to reward users who upload articles, pictures, and comments.

In addition, users can also earn rewards in other ways, such as by initiating and voting for popular posts. The earlier users participate in voting for popular posts, the more rewards they will receive.

Users' rewards are paid out in two parts: half in 'Steem Power' (a privileged currency) and the other half in Steem Dollars (which can be exchanged for US dollars).

Steemit CTO Dan Larimer said:

“Steemit offers a new way to meet contributors online, especially those who joined our community early and remain active over the long term. We give new users a portion of their Steem. Those who initiate or improve the quality of discussions through persuasiveness, clarity, grammar, and formatting will receive more likes and more rewards.

How to prevent one person from creating multiple accounts

There is a hidden danger in the model of rewarding users for posting, which is that some people will game the system by creating multiple accounts.

These accounts can be used to vote multiple times to manipulate the popularity of a post.

Steemit attempts to control this by requiring users to register with a Facebook account.

The concept of Steemit is not new

The concept of sharing ad revenue with users isn’t exactly new. Back in 2014, sites like Bubblews and Bonzo Me were already pitching the idea of ​​paying users for generating content.

These sites used PayPal to process payments from users. However, Bubblews announced its closure in December 2015.

In addition, Taringa, Argentina’s largest social networking site, uses Bitcoin to reward users for posting and sharing content.

This reward model has not yet caused users to migrate in droves from Facebook and other social networking sites, so whether Steemit can successfully attract users remains to be seen.