Blockchain Social Media Gathers Support

Steemit, the decentralized social network which rewards people for participating in its network, has reached its 100,000 user milestone after five months of operation. The platform, which leverages blockchain technology, promotes a growing social economy where users are getting rewarded with its cryptocurrency ‘Steem’ for their time, effort and creativity.

September also saw a reported half a million unique monthly visitors using the platform which Steem compared to other social media sites such as Facebook and Reddit when they were in their early days. 16 months after Reddit was founded and acquired by Conde Nast, the company reported 2.1 million unique monthly visitors. Steemit reported 550,000 unique monthly visitors in less than a third of the time. Facebook recorded 1 million users in its first year; whereas Steemit, after five months, has 100,000.