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RE: I Praised Steemit in an Impromptu Toastmaster's Speech and Won Best Speaker
Yeah, indeed. I should have been paid a ton by Facebook for everything I have posted. It kind of makes me angry in retrospect.
I do want to clarify something, though. Technically the founders of Steemit are not paying you. Nor is any company. Steem is distributed to you via an algorithm based on up votes. Whenever a new block is created, rewards are divvied out to the individuals based on those up vote calculations. For instance, in bitcoin rewards go to the miners. On steem, rewards go to the bloggers based on up votes. This is what is referred to as delegated proof of stake. It is literally the computer paying you. :)
Thanks for that upvoted and resteemed, already following. But where does the computer get the money to pay you?
It is generated by an algorithm; similar to the way bitcoins are generated, except it is done mostly by "delegated proof of stake," although "proof of work" is also involved in the creation of new blocks.
This is really interesting. What is delegated proof of stake?