Blockchain Based Social Media Platform Steemit Experiencing Rapid Growth

Decentralized social media platform Steemit, where users get paid to post and vote, reported a huge surge in use in its first month, with a 1600% increase in community size since launch. To date, the online Steemit community has doubled in membership every week, and the cryptocurrency its users are rewarded in, Steem, has increased its market cap of $7 million to $17 million USD.

CEO Ned Scott remarked: “We have worked so hard to perfect Steemit and give anyone an opportunity to make money by creating and curating good content. Based on reactions from experts and testing from our consumers, we knew that the reception would be strong, but Steemit is so much further along than where we thought it would be. In about a month, the market cap of Steem has increased two and a half times, page sessions have jumped by nearly six 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 community is engaging in a fun and potentially lucrative social medium.”

Steemit is powered by an open source blockchain called Steem, and its users are rewarded when they submit their blog posts or vote on articles, images and commentary that become popular. Users are paid half in ‘Steem Power’, a token that enables voting power, and half with Steem Dollars, a token worth about one USD. Currently, there are over 100 posts valued at $2000 worth of Steem, and the top 20 posts have an average payout of a combined $8,500 for posters and voters.

Scott added: “Due to the increased number of entrepreneurs building social media apps integrating with Steemit and the Steem blockchain, we are proud to announce that we are open-sourcing the code for the Steemit web wallet and social media interface. We are seeing incredible demand from early adopters and innovators bridging the technology to other social platforms such as Reddit, Twitter and WordPress. Having our technology freely available will empower entrepreneurs to extend upon the Steem blockchain and further revolutionize how social media can reward users and creators.”

Since Steemit’s launch, its most popular topics include politics, technology and cryptocurrency, as well as ‘introduceyourself’, news, art and comedy. Across the entire site, there has been a ten-fold increase in posts per day, as well as a ten-fold increase in votes per day. Due to popular demand, Steemit has integrated with a cryptocurrency exchange, BlockTrades, to allow users to purchase Steem Power with Bitcoin directly from their online account. The Steem blockchain will be rewarding all Steemit users for their contributions on July 4, distributing 10% of its total token supply.