The Steemit social network has been gaining considerable traction within the previous couple of months. It now boasts quite a million users and is one among the most-visited sites within the world. But it’s not like all other social network. It’s closely integrated with the Steem cryptocurrency and thus has some unique features which are enticing users. So, what’s all the fuss about? Let’s take a better look.
How Does Steemit Work?
Unlike regular social networks, which store all their content on their own servers, most the text on Steemit is saved on the Steem blockchain. For images, you’ll still got to use a third-party hosting site like Imgur.
The use of the blockchain has some practical benefits. for instance , you keep ownership of your content forever, and nobody can delete it.
But more importantly, the blockchain also underpins the whole rewards scheme. Every day, the blockchain mints new Steem tokens. From the new tokens, five percent goes to people that hold Steem Power, 75 percent goes to the community pool, and 10 percent goes to the Steem miners.
Steemit then divides the community pool between users counting on the recognition of their content.
How Does Steemit Divide the Community earning?
Whenever you create new Posts, you'll choose the way to receive your payment. you'll either receive 50 percent in Steem tokens and 50 percent in Steem dollars, otherwise you can receive the whole payment in Steem Power.
There are some critical differences between the three:
Steem: Steem is like all other cryptocurrency. It’s liquid, tradable, and transferable. you'll buy and sell it on any of the main cryptocurrency exchanges and keep it in secure wallets. Its price determines the worth of the opposite Steem-based tokens.
Steem dollars: Steem dollars are pegged to the US dollar. they're a certificate of indebtedness which will pay $1 worth of Steem to the holder within the future. you'll also convert your Steem dollars into Steem. Some cryptocurrency exchanges allow you to trade Steem dollars.
Steem Power: Steem Power is like an influence score. The more Steem Power you've got , the more your upvote is worth on the network. It’s a tool designed to stay people engaged with the Steem project over the long-term. it's the foremost illiquid of the three assets. If you would like to sell your Steem Power—referred to as “powering down”—you will receive the worth of the facility in Steem in 13 equal payments over 13 weeks. Steem Power isn't tradeable.
How Much Money are you able to Earn on Steemit?
Steemit isn't a get-rich-quick scheme. Like with any social network, some social posts can go viral and earn their creators a surprising amount of Steem during a short amount of your time .
But if you would like to earn a solid amount of Steem consistently, you’ll got to invest time and energy to grow your following, become known in your own a part of the community, and develop high-quality content. Again, it’s a bit like the other social network.
One particularly famous user made $100,000 during a week, but your expectations shouldn’t be so high. If you earn quite $500/month, you’re doing rather well . As a replacement user, you shouldn’t expect to earn quite a couple of dollars.
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