Steemit Social Media App: A SocialFi Blockchain Ecosystem
Mar 03, 23 | Bakhtain Afzal
There’s no doubt that social media straddles between two paradoxes - censorship and freedom of speech. For the rising body of censorship affectees, decentralized media is the long-anticipated guardian angel.
Who knew Blockchain, the Distributed Ledger Technology (DLT), would stretch from crypto transaction recording to being used in various fields - particularly social media? Apart from global connectivity and pooling international reactions, generating passive income through social channels - it’s definitely the next trendsetter.
All thanks to decentralized media, Steemit - a socialFi network that's currently making rounds on the Internet, especially among the younger generation.
Isn't it the best thing of the 21st century?
Now the question arises; how do you even get started? No worries, we've got you covered. This article walks you through everything from an overview of Steemit social media to earning through the STEEM Blockchain network.
What Is Decentralized Social Media?
Decentralized social media, as the name suggests, refers to social media networks that a single corporation doesn't control. Instead, their architecture stands with decentralized technologies like Blockchain, which enables decentralized operation.
Decentralized social media has several benefits over traditional centralized social media platforms. They are more immune to censorship because no single entity is in charge of deciding what gets published or taking it down. Users also have more control over their data and may decide how it is used and shared because they are decentralized.
Platforms for decentralized social media include Minds, Steemit, and Mastodon. These platforms build a distributed collection of computers that handle and store their data using the STEEM Blockchain network. These platforms allow users to engage with each other and produce material, just like conventional social media platforms, but with more security and control thanks to decentralization.
What Is a Web3 Social Media Platform?
Web3 social media is the paradigmatic shift from traditional web2 social media to web3 - where users can own and control their data. Due to its decentralized nature, it restricts middle-party involvement within data distribution, unlike web2 social media platforms.
A Blockchain-powered social media platform aims to improve online security, privacy, and security and enable content creators to generate revenue streams. Conclusively, resulting in further user and audience engagement chances.
Additionally, content creators can avail of an immutable database for content storage. And it removes the censorship barriers - an existing obstacle to higher audience engagement. For example, Steemit is the most popular socialFi platform among other rising dApps.
What Is Steemit?
Steemit is a social media platform built entirely on the STEEM Blockchain, making it a completely decentralized media. The site's primary function is to reward regular visitors with Bitcoin.
Here's the best part, users can also earn Steem, the native crypto token of Steemit social media, through site engagement (posting, voting, commenting, curating, etc.). But, the currency value is far less than Bitcoin.
Voting rewards for new users are also in a small proportion, which necessitates the creation of high-quality content, which increases the probability of increasing their STEEM account balance.
The platform also supports CPU-based Steemit mining, making it possible to mine Steemit similarly to other cryptocurrencies.
Steemit now has native apps for both iOS and Android.
Who Is the Founder of Steemit?
Launched on July 4, 2016, Steemit social media was founded by Ned Scott and Daniel Larimer, a Blockchain developer. And the Steemit app stands powered by the STEEM Blockchain. Currently, the STEEM app serves users with an automated list of posts, commentaries, and news - based on user preferences.
It also benefits the users with crypto rewards in the form of its native currency, Steem. The main deciding factors of these crypto rewards are top-notch content creation and user engagement.
How Do I Join Steemit?
Like Reddit, Steemit social media is a portmanteau of social media and crypto - two next-generation concepts. Generally, content creators have to attract audience attention, and they're paid back with crypto rewards. Interesting, right? To dive in deeper, here's how it works:
User Sign Up
Sign up on Steemit social media using your email ID and cell number. Following that, you get added to a waiting list. Based on administrators and their busy schedules, account verification can take a few days to a week.
Here's a point to remember. Save your password or jot it down somewhere because Steemit doesn't support account recovery methods. In addition to that, you can't delete or even deactivate your account. Every information you add is permanently stored on the STEEM Blockchain network, similar to crypto transactional record storage.
User Interface and Experience
Now that you've signed up and are on the homepage, you'll get an instant click of the platform's similarity to Reddit. A range of posts follows in-depth discussions, mainly related to Steemit vs YouTube videos.
Tabs on the website's upper left, beside the Steemit logo, allow access to different feeds. Here's a list of a few:
It includes posts that come with the highest user engagement and votes, such as Steemit vs YouTube videos.
Here, you'll find the top-rated content taking rounds on the Steemit app.
This tab follows a chronological order of the recently published posts on the Steemit app.
Other than this, you'll find a "Post" icon. This is every user's trigger point for immersing themselves in the exciting world of the Steemit engine. Plus, the publishing part is a little different here. To illustrate that further, you don't have to post with a specific subreddit. Instead, you need to tag relevant labels, and that's it.
But where do you earn crypto rewards from? That, too, is fairly simple. If your post is informative, aligns with user interest, and gains a good amount of attention. You'll start getting notified about your crypto rewards.
How Does Steemit Make Money?
Most social media platforms operate on advertising monetization. And referring to a practical similarity, online platforms give higher importance to those who pay them better. But, the decentralized architecture of the Steemit engine differs from this business model.
Instead, it follows user investment. Bringing the spotlight back to Blockchain Steem, it generates money through who invests in STEEM Power, i.e., the initial step in creating recognizable content - distinguished through votes, later translated into crypto rewards.
This STEEM Power follows a 2-year lock period. The platform uses that money as a platform investment. Later, they focus on a larger ROI than what they're offering users, i.e., user rewards in the form of its decentralized social coin.
Also, the company financially benefits from increased tradable STEEM token value. The developers, too, have their crypto tokens which they can cash out or reinvest depending on their choice.
Another method through which the Steemit app makes money is through post-promotion. Users of Steemit can also advertise their posts, for example, their Steemit vs YouTube videos, to gain a wider audience. Each post on the Blockchain steem platform can be promoted in its own way. This is comparable to other decentralized networks like Minds that also let users boost posts in this manner.
Like a Facebook advertisement, you effectively pay people to view your content, hoping it will lead to business sales. In this case, upvotes and potential revenue for your post.
How to Make Money on Steemit?
Here are the top 4 ways to make money on Steemit:
Writing articles is the best way to make money on Steemit, especially if you have a talent. What you can write has no boundaries. You can earn money by writing about what you are good at and growing your fan base.
Your decentralized social coin reward is more and your STEEM power increases when you get more readers and followers.
As simple as it may sound, commenting on Blockchain steem can earn you money! If you want to make money on Steemit but are too lazy or don't find writing lengthy articles fascinating, this is a wonderful option - leave comments and vote for them to earn money.
Nevertheless, you need to have a high STEEM Power to make the money that can make commenting will be less than the money you would do writing (SP).
Your STEEM Power will also increase through commenting; as a takeaway, your possibilities of earning money from Steemit increase with your STEEM Power.
Strange as it may sound, voting on Steemit can help you generate a passive income. However, this is most helpful when you have increased your STEEM Power. When your STEEM Power is strong, you can comment on a post and upvote, moving your comment to the top and increasing your chances of earning money.
Once you have earned enough STEEM power, you can make good money even with a single vote.
Similar to voting, but with a focus on finding new material. You may be eligible to receive a curation prize if you find a fresh Steemit post that is not yet popular, vote for it, and it later gains popularity.
As mentioned, the more STEEM power you have, the better your prize will be. So, the main focus of curation is finding fresh material and voting it up before it goes viral.
Is STEEM a Good Investment? Steemit Price Prediction
It's crucial to remember that cryptocurrency markets are still incredibly volatile, making it challenging to anticipate a decentralized social coin or token's price with any degree of accuracy over the short term and even harder over a long time.
As a result, algorithmic and expert-based price predictions can even be inaccurate.
Initially, according to a Steemit price prediction on CryptoPredictions.com, the cryptocurrency may have ended 2022 at $0.262. It’s predicted that by the end of October 2023, it might hit $0.372.
The website then predicts the price of STEEM for 2025, estimating that it started at $0.3228 and reached $0.3782 by October. It also forecasted that $0.3896 could be a possible year-ending price. That's not all, it predicted that STEEM may be valued at $0.44177 by October 2026 and $0.4514 by the year's end.
On the other hand, according to CoinCode, the short-term STEEM price forecast for 2022 stated that the coin might have hit $0.247102 on October 10 and $0.318972 on November 4. On October 5, the technical analysis of the website was negative, with 16 indicators emitting bearish signals as opposed to 12 emitting optimistic ones.
In the meantime, PricePrediction.net predicted that the Steemit price might rise to $0.24 this year, $0.37 the next year, and $0.54 another year later.
According to the website, STEEM could have been valued at $0.78 by 2025 before surpassing the dollar to reach $1.14 in 2026. According to the projection, the cryptocurrency may have been valued at $1.74 by 2027, $2.52 by 2028, and $3.66 by the decade's end. The website forecasted a Steemit price of $5.27 for 2030 and $7.37 for 2031.
Does STEEM Coin Have a Future?
The price of Steem on 2023-02-27 is 0.238 USD. Today, if you spent $100 to purchase Steem, you would receive 420.246 STEEM. According to our projections, a steady price rise is anticipated, and the forecasted price for 2028-02-26 would be 0.370 US Dollars.
The revenue generated through a 5-year investment is predicted to be roughly around +55.46%.
What Is the Purpose of Steemit?
A Blockchain steem socialFi platform, Steemit seeks to set itself apart from other social media giants by giving people back authority over the platform rather than giving it to a small number of top-level managers. Which also differs from the traditional methods of centralization.
Users of Steemit receive the decentralized social coin in exchange for publishing, discussing, and upvoting articles on the platform.
What Is a Web3 Social Media Platform?
A Web3 social media platform aims to create a decentralized social networking environment where users have complete control over data.
What Blockchain Does Steemit Use?
Steemit uses the Steem Blockchain.
What Is a Steemit Wallet?
Steemit wallet allows STEEM management. A Steemit wallet can hold STEEM Dollars, VESTS, or STEEM (STEEM Tokens).
A Steemit wallet can include built-in exchanges to help with the various STEEM currencies and may also provide integrated access to STEEM coins and rewards.
How Many Users Are on Steemit?
With the rising popularity, the Steemit engine is attracting, thanks to its decentralized nature coming from the STEEM Blockchain network. Today, it already has 171,515 accounts, which is also anticipated to grow with time.
Conventional forms of social media have been equated as leisure activities, but today, the tables have turned. From the threat of cyber security to zero-to-none financial gains from social media are all talks of the past. Through a decentralized social media platform, the Steemit engine, users don't only have the option to engage on content such as Steemit vs YouTube videos, but also generate a passive income stream from Steemit.
Speaking of earning through decentralized media, gaming is another top-rated method for earning through Web3 options. On the other hand, you can even get a custom app developed for different purposes. To get help with that, head towards Distinguished, a B2B service providing a platform where you can find game app developers ready to translate your concept into a playable reality.
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