Digital currency steem gets the thumbs up

By Teamspirit on Thursday, 21 July 2016

In just two weeks the value of digital currency Steem has increased by 1000%. The currency that powers the new social media website, Steemit, is now ranked as the fifth largest digital currency in the world, despite only launching on July 4th.

Steemit is similar to platforms like Reddit and Facebook, but it incentivises users to contribute content by rewarding them with steem when their posts receive thumbs up from fellow users.

Powered by blockchain, Steemit appears to embody the principles of distributed ledger technology (DLT). Anyone can contribute to Steemit from anywhere, and on any subject. Rewards are based on a transparent value metric delivered by users. And the steem currency can be exchanged for Bitcoin, the primary blockchain-supported currency, within the platform.

It will be interesting to see what happens to Steemit as it’s initial success settles down into a mid to long-term strategy. Certain users are already complaining that there is so much content on the platform that it is hard to monetise. But then, there are plenty of people who have always said that about YouTube…

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