QUESTION: what is unique about steemit ?
This is not a post rather a question. I couldn't find a better platform to ask this question. Please help me in understanding more about steemit.
Background:
I am not entirely new to crypto world. I have been following the crypto news now for almost a year. I understand about bitcoin, ethereum but don't understand much about steemit. Following is the question.
In future, if someone starts blockchain based content platform with the same functionality as of Steemit, but doesn't launch any crypto token and uses fiat dollar instead, what advantage will Steemit have over that platform? e.g. tomorrow reddit starts a decentralised product "Reddit plus" where content creators will be incentivised exactly like steem, will there be a difference between "reddit plus" and "steemit"? Reddit plus will be using fiat and steemit will be using steem.
I want to understand why steem token is required for this platform? Just use the blockchain based architecture but use fiat. Is it mandatory to create token if you are using blockchain ? How do I decide whether a coin is needed for a particular kind of platform ?
In the case you are describing, Reddit would have to pay out millions of dollars to creators, which would have to be taken out of their own profits. It's a completely different business model. In the case of Steemit, we as creators and as a community are the backbone of Steem currency.
Are you saying that if content creators are paid for their content there won't be need of steemit? Netflix for text content/ blogs will eliminate need for steem token ?
Not at all. The beauty of Steem is that creators are rewarded not out of a pocket of a dirty corporation.
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