What is Steemit and How it Benefits Your Business

Imagine a social media platform that pays you to use it. Well, good news… There is such a thing! It is called Steemit and it was founded by Ned Scott and Dan Larimer in 2016.

But exactly what is Steemit? If you haven’t heard of it before, it is essentially a content-sharing site like Reddit or Medium, powered by the Steem blockchain.

What is Steemit?

The first thing to know is that Steemit was built on top of the Steem blockchain in March 2016. Imagine going on Reddit or Medium. You read and upvote the content, and that’s the end of the story. But on Steemit, you can actually generate revenue (STEEM) if the heavily upvoted content is yours.
Additionally, if you “curate” or share content that becomes popular later on, you will get paid in STEEM. So essentially, STEEM is the foundational cryptocurrency of Steemit that is controlled by the Steem blockchain.

In February 2020, the CEO of the Tron Foundation, Justin Sun, acquired the decentralized social media platform, Steemit, with over 10,000 daily active users. Mr. Sun is a protégé of Chinese tycoon Jack Ma, the co-founder of the Alibaba Group. An example of their ties is Justin Sun’s 1.5 USD million donation to his alma mater Hupan University, which as established by Jack Ma. With this, one can assume, that China will play a more and more significant role in Steemit in the near future.
Find out in our next article how it's beneficial to your business