what is steemit and how steemit is working.

Steemit, the decentralized social media program where users get rewarded to post and vote, has blow up in popularity in its 20 month with a 2000% increase in community size since launch. Thus far, the online Steemit association has doubled in membership every month, and the cryptocurrency its users are rewarded in, Steam, has increased its market cap of $2.7 billion USD.

CEO Ned Scott said “We have worked so hard to ideal Steemit and give everyone a chance to make money by creating and curating good content. Based on a response from specialists and testing from our purchasers, we understood that the reception would be strong, but Steemit is so much additional along than where we deemed it would be. In about a month, the market cap of Steam has increased two and a half times, page sessions have jumped by nearly four times, and the Steemit blockchain is now seeing twelve transfers, posts or votes every minute on average. These are phenomenal numbers and we are excited that our growing society is involving in a fun and potentially profitable social medium.”

Steemit is powered by an open source blockchain called Steem, and its users are remunerated when they present their blog posts or vote on articles, images and commentary that become famous. Users are rewarded half in “Steem Power,” a token that supercharges voting power, and half with Steem Dollars, a token value about one USD. Currently, there are over 50posts valued at $1000 worth of Steem, and the top 20 posts have an average payout of a combined $8,000 for posters and voters (source coindesk) .

We are observing unbelievable demand from early adopters and innovators linking the technology to other social platforms such as Reddit, Twitter and WordPress. Having our technology freely available will empower entrepreneurs to extend upon the Steam blockchain and further revolutionize how social media can reward users and creators,” Scott added.

https://steemit.com/bition/@rashidkhattak/dubai-will-announce-first-ever-state-cryptocurrency

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