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.
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The Blockchain-based social media platform Steemit has gained quite a following in the past few months. The was project built by Daniel Larimer, the founder of Bitshares, using graphene architecture. The company is also led by Ned Scott who is a technical analysis with a background in financial data.
Steemit launched back in March with a small amount of enthusiasm but has since become a hot topic in cryptocurrency circles and social media. During the summer months, Steemit has attracted a lot of artists, writers, and vloggers to the platform because it pays people for sharing content. People have been paid thousands of dollars per post in some instances, with the most popular articles netting close to $15,000 USD in rare cases.
The platform, which combines the concepts of Facebook, WordPress, and Reddit all in one, operates on the Steemit blockchain and uses three types of crypto-tokens:
Steem Power gives