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Steemit: A Blockchain Based Social Network! [Details]

Since the beginning of the year, the Freelancer and content writers on the social network Steemit and some Internet users have also made a few hips. Steemit is basically a social media, called Decentralized Social Media, as well as a large blogging platform. Steemit presently has quite one million active users and is one in all the foremost visited websites within the world. But this Steemit is a lot different from any other social media and blogging platform. This complete social media is integrated with steem cryptocurrency. There are also many more unique features here, which you will not see in other social media. Today, I’m going to discuss this limit.

What is the steemit?

Firstly, Steemit is a social network and a blogging platform at the same time. At the basic level, it may seem like another social network like Reddit. Because almost all the features of Steemit are like Reddit. Similar to Reddit, you can choose to postpone other users’ posts, post comments, post on other users, post them on your profile, follow them to get another user’s post feed, follow any topic you like, and create new posts manually And posting etc. Many of the features that a social media and blog should have There are at steemit.

what is steemit

But at the same time, Steemit shares revenue with their users. This is basically the biggest difference between any other social media and Steemit. And in the case of this revenue sharing, the issue of acquisition of the cryptocurrency of Steem comes in the matter. Steemit does not make payment to their users with the help of regular Fiat Currency (Money, Dollar Pounds, Euro). Rather than steem users, with the help of steem cryptocurrency.

Another interesting fact is that users are not getting payment just for posting content. Rather, getting paid for posting, uprooting and even commenting on someone’s post. But what will be the amount of payment for a user to do, it can be suppressed by some more rules of Steemit and above a few factors. We discussed them later.

How steemit work?

Another difference between Steemit and other commercial social media and blogs is that all posts and content on Steemit are saved on Steem’s own blockchain instead of its web server. There are some extra benefits to using Blockchain technology to store content that is not available in other blogs. For example – the content you create at Steemit, you can always accept that content as the owner. Because content is blocked in Blockchain, the content can never be edited and can not be deleted.

How steemit work

Apart from using this blockchain, it also acts as a fair means for the creators’ revenue share. Every day Steem Blockchain creates new steem tokens and these tokens are the payments that are offered to the creators. 5% of new tokens goes to those users who hold Steem Power. And 75% of these tokens go to Steemit’s community pool and 10% to the Steem Miners (Cryptomainer). These 75% tokens, which go to the community pool, are basically paid as payment to those who make a comment in Steemit or create content.

Steem community pool share system

When you create a new content in Steemit, you have to select how you want to receive the payment. Either you will take 50% of the payment to take the Steem Token and 50% at the Steem Dollar. Or you have to convert the entire payment to Steem Power. In that case you will receive payment as per your hold. Steem, Steem Power, and Steem Dollar all of the same kind of sounds, but there are some differences between them. Notice below-

Steem

It is a cryptocurrency similar to Bitcoin, Lightcoin or Etheriam. It is a liquid currency that can be traded, spread, transfer everything. Like Bitcoin, it can be stored securely in wallets and can be used to buy or exchange other cryptocurrencies, such as Bitcoin or Etherium. Like many other cryptocurrencies, Steem’s price is also up-down. However, its price is mostly stable.

Steem Dollar

It is similar to the US Dollar Steem’s own dollar, which is stored in Steem Blockchain. If you want, you can convert Steem Dollar into your account to Steem Token. In addition, many cryptocurrency exchangers also gives you the opportunity to trade Steem Dollar with other major crypto coins.

Steem Power

It is basically called the influence score of this platform. The more you have Steem Power, the more valuable you are to an Approval Steemit platform. If you postpone someone’s post, the post creator will get the Steem or Steem Dollar from this approve, depending on your own Steem Power. If your Steem is less, the creator will receive less profit from your upvote and if your Steem Power is higher, then users will get more profits from your Approvals. If you receive any objection and comment on your content, then the matter will also work in your case.

How much income can you earn from steemit?

First of all, Steemit is not the only way to become an overnight millionaire. As much as being difficult to succumb by writing content on a social network or creating content in any social network, patience and practice are needed for it, Steemit does not need anything less than that. You will see Steemit’s trending section, many viral posts have many users who have even sold thousands of steem dollars from several hundred Steem Dollars. But there is no reason to believe that any posting there will be viral, and you can earn thousands of money from there.

How much income can you earn from steemit

To create content in Steemit, you will need incredible patience and hard work to be successful. Please, do not make an account at Steemit with the intention of earning a lot of money overnight. Because then you will not get any benefit and you will not succeed. You may not get the uptake in your post early, do not get the help, the post will not get any profitable information. But if you are patient, you can create unique content in English and give some time to the content, then you will be able to be somewhat successful in the near future on the Steemit platform. If you want to explore Steemit’s website, you can go here.

In today’s article, I just wanted to discuss how Steemit platform works by using the Blockchain.certainly would not advise everyone to write content here. Because I will not be able to give you any assurance that you will be able to work here. How it works and how successful it works here depends entirely on your own. If you want to work, try to know more about Steemit. If you look at the tutorial on YouTube, you can know these things better if you want to know and work here.

Roger

Hello smart people. I am Roger a part-time Technology blogger and youtuber. I like to read Technology blogs and also like to share technology thoughts with others from ArreLAB.Com. I am also a Technology freak person.

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