‘Decentralized Reddit’ Steemit Awards $1.3 Million to Users

What better way to attract more visitors to a site than by giving money away, which is exactly what blockchain-based Steemit did over the Independence Day weekend to its users. On July 4, Steemit users were rewarded with around $1.3 million worth of the digital currency, Steem Dollars, or 10% of Steemit’s current market cap, to users who have been uploading content and voting on Steemit. Since its launch two months ago the fast growing social media site has grown at a phenomenal rate with its popularity increasing day by day. By plugging into a blockchain called Steem, the decentralized....

Since the early days of the internet, there has been a constant movement of people, from mailing boards to Facebook and Reddit. Eternal September keeps chasing out the best who are then followed by the rest with the process now repeating. Although Facebook is one of the biggest companies on earth, few think it is cool – your mom is on it. Meanwhile, Reddit, itself a product of an exodus from Digg, has brought to the forefront a serious problem, private sector censorship of free speech. The duo of Daniel Larimer and Ned Scott, the former a techy, the latter from the world of finance, think....

Blockchain-based social network, Steemit, recently hit 100K users within its first 5 months of operation. It has also acquired 500K monthly unique visitors from all over the world with its unique blogging platform that rewards contributors. Steemit growth similar to Reddit. Ever since Steemit launched in summer, 2016, it has gained a lot of popularity by its bloggers and curators while in beta with its goal to “redefine social media.” This is mostly due to Steemit’s popular system of rewarding people for voting and posting content on the platform with its own coin, Steem. Some are even....

Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. A little less than US$ 85,000 worth of Steem Dollars and Steem are reported to have been taken by the attackers. In the security announcement CEO of Steemit Ned Scott said: “User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.” Law enforcement informed. At the moment it appears that the virtual currency itself has not been compromised but....

Reddit’s non-fungible token (NFT) avatars have produced significant market action in the NFT industry, as the collectible’s secondary market sales reached more than $5 million on October 24 across more than 20,000 sales. The demand for Reddit’s collectible NFT avatars minted on Polygon has also spurred over three million Redditors to leverage Reddit’s Vault blockchain wallet. Demand for Reddit’s Collectible NFT Avatars Skyrockets — $5 Million in Secondary Sales Sold Across 20,000 Sales During the first week of July, Reddit revealed the company had plans to release....