What is steemit?

Hey guys, today I would like to say something about Steemit.
Steemit is a social media platform that rewards its users for creating and curating content through a blockchain-based token called STEEM.
It was launched in 2016 and is built on the Steem blockchain. Users can earn STEEM through a process called "mining" by creating and curating content, and they can then use that STEEM to buy and sell goods and services or convert it to other cryptocurrencies.
Steemit is similar to other social media platforms like Reddit, but with a focus on incentivizing users to create and share valuable content.
Please let me know if I am anywhere wrong, also suggest few more points.