Ever wondered what your new post could possibly fetch you some rewards? There might just be some good news coming your way with Steemit redefining social media norms by helping people build a living and thrive in the social economy. It’s a community where users are rewarded for their sharing’s and gain attention.
Steemit is just among many other websites like Busy.org, Utopian.io that is powered by STEEM blockchain and the STEEM cryptocurrency. Its mechanism is the content is written and read to the STEEM block chain that stores the media in an immutable blockchain ledger and later rewards the users for their contributions via the digital tokens named STEEM. The company regularly mints in new STEEM token and then adds them up to a community’s reward pool. The awarding is done based on the user contribution and votes being received. One perk of owning many tokens as STEEM power is that it gives you the authority to decide the major chunk distribution of the reward pool. So unlike the other social media platforms where companies reap value for their shareholders, here the users are centred and are provided the benefits and rewards that they deserve for their valuable contribution that gains a lot of attention.
- Posting Content or Media: One can earn digital token via sharing their posts and earning up votes from the community members which decides the share of the rewards pool to be awarded.
- Voting and Curating: Here, if you discover a post with a good content which you up vote before it becomes popular among the community, you earn the curators reward that will be dependent on the amount of STEEM power possessed.
- Purchasing: Another option is by directly purchasing the STEEM dollar tokens or STEEM via the wallet by methods of bitcoin, ether or BitShares token. They may also be available be from other markets in the field.
- Vesting: Once your STEEM token powers the STEEM power up to a certain aspect, you will be credited with a small amount of additional token for holding.
Here the network community continuously invests new digital token for rewarding the content providers and the curators. As mentioned some share of the newly created tokens are directly transferred to the users for their activity of posting, commenting and voting. Rest of the share is distributed among the holders of the STEEM Power and witnesses who are the backbone of the block chain.
Hence, STEEM is basically a point system. As it’s a point system being based on block chain, the points being credited can be traded on the market as tokens. Users will be able to buy and sell these tokens and many of the users wait in anticipation of increased purchasing power for different STEEM related services. When perceived, it can be considered as a game for grabbing more views and votes on the platform where users compete by their content and thereby adding value to the platform. The tokens being grabbed by the users have market value and can be used for trading. An analogy that can be taken is obtaining a limited reward or currency by playing a video game. So if the rewards are transferable among users they can be either sold or bought on the game market.
Another aspect of the game is that it isn’t a getting rich schemed game. It may seem easy to post content and get it viral quickly to earn a ton of rewards from the total share. It is to be kept in mind that it isn’t the story for most of the users. When looked on the list of the most popular authors on the website, it has to be understood that it requires enormous dedication, time spending, network building, follower investment, and building connections and having a reputation for high-quality content. Being realistic in terms of the expectations from the website without having high hopes when initially starting out. It is imperative to work on building a network that gives you following and have a good reputation for producing high-quality content.
Another perk of the website is having Smart Media Token which is a native digital asset on the STEEM block chain to be launched quickly by the users to help them monetize their online content and generate incentives to encourage a desired user outcome or behavior. Just like the Ethereum’s ERC -20 Tokens but with a certain built-in proof of brain properties and the token distribution and reward system is designed specifically for this digital content businesses.
Interface and Applications:
- Home: It is like the customized news feed for the user whose accounts they follow.
- New: The posts are sorted by the time they are posted in ascending order.
- Hot: It displays the popular posts at the current moment.
- Promoted: Users can boost their views and votes by using the STEEM dollar payments that are listed higher in the hierarchy.
- Trending: It displays the posts that have garnered maximum amount of votes and has been credited recently.
A user can post at any instant with the posts having a time lapse of not less than 5 minutes. It shall be understood that the community may not appreciate the user posting content way too frequently, so it is necessary not to overwhelm the followers with an abundance of content. The posts are limited to 64,000 characters that include formatting. If you are willing to write long posts or blogs then do consider that users may lose interest that eventually affects the count of up votes and ultimately the rewards being received.
Steemit.com allows different provisions for the users to use their STEEM and SBD tokens that ease out the transactions out for users looking for developing their skills such as:
- Power up to STEEM Power
- Withdrawing for an exchange and trade it for BTC or any other digital token service.
- Purchase items via third-party stores accepting STEEM token payments or accepting SBD digital tokens.
- Exchange for SBD or STEEM via your wallet or use STEEM exchange in the internal market.