How Steemit works?
Steemit is a great example of decentralization. Participating to create an open and free society Steemit is one of the first service adopted by the mass that pay its user to use the service.
Users are paid to use the service! Yes... It's awesome!
Why people get monney on steemit?
Because they get a reward for:
- Creating content (Articles such as this one)
- Engaging with the community (Upvote, Comment, etc...)
They Get Steem token for that. and Each STEEM token can be exchanged against $
But how does the money is created then?
It is steemit who create STEEM token every day and give them to us, the users. Here is how it's allocated
75% ---> Reward for contributors
15% ---> Holders
10% ---> Witness
The more you use the platform, the more powerful you are. Which means that when you upvote an article, the author will get more Steem thanks to your power. Same if you get upvoted by a powerful user, you'll get more steem.
Thank you so much for sharing this information! I love steemit! I believe in steemit immensely! It is such a great and helpful community! I'm very proud and honored to be a part of! Thank you so much for following me! It means the world to me! Two thumbs up! :)
Hey @extraterrestrial :)
Thanks for the comment.