Steemit Bridges Blockchain and Social Media, But How Does It Work?
When an obscure cryptocurrency with a total market cap of approximately $14m skyrockets to over $400m, people take notice. But, when that cryptocurrency forms the backbone of a social media entity rewarding people for creating content, sometimes with thousands or tens of thousands of dollars for single posts, excitement and skepticism ensues. Launched in March and gaining prominence in July, Steemit, a self-described "blockchain-based social media platform", has seen this level of notoriety in just its first few months of operation. To date, it has polarized blockchain experts....
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Social media is a major component of the Internet and has already transformed how humans communicate and interact. Looking to take things to the next level, a few projects are trying to combine social media with the blockchain. Steemit. Blockchain-based social media platform Steemit has gained quite a following in the past few months. The project was....
Blockchain-powered social media platform Steemit, a new novel experiment in social media that sees users rewarded in the token cryptocurrency Steem has been the target of a cyber attack. Steemit, a new social media website that has grown tremendously since its launch two months ago has seen its token cryptocurrency Steem’s value explode over the past week. The digital currency now sits third in the cryptocurrency market value charts with over $360 million at the time of publishing, only after Bitcoin and Ethereum. Speaking to CCN earlier, Steemit CEO Ned Scott described the platform as....
The social media website Steemit that’s similar to Reddit has just announced it has distributed $1.3 million USD in the platform’s native cryptocurrency Steem. The website’s user base will have a lot more digital currency to earn just by posting original content on the decentralized platform. Steemit Users Rewarded. On July 5, the Steemit (steemit.com)....
When it comes to evaluating the strength of a blockchain (after you put aside technical discussions), what matters more, eventually, is the ecosystem that forms around a blockchain, the community that develops to support it. In the public blockchain segment, bitcoin is known to have the strongest, if not the most expansive blockchain ecosystem. Ethereum is easily second in line, with over 300 distributed applications and an increasing number of startup companies opting to use its infrastructure. If you continue this ranking using community and ecosystem as units of measure, Steem (via its....
Steemit, the blockchain based social media platform has reported a hacking incident which might have compromised few user accounts, resulting in the theft of $85000 worth of Steem cryptocurrency. Blockchain-based social media service Steemit today reported that its platform has faced a security breach. The cyber attack, according to CEO Ned Scott, affected over 260 user accounts. As he confirmed further, the platform have also incurred a small loss – worth around $85,000 – in the form of their native cryptocurrencies Steem Dollars and Steem. While the origin (of the attack) and....