Steem.it’s goal was to create a social media platform that rewards its users for the contributions they make, whether content, curating content, or funding. It draws inspiration from Reddit (user-generated content, multi-media, and community voting) but it typically features longer-form content and a complex crypto economy system.
The basics of Steem.it are straightforward. Content creators write blogs, post videos, and upload pictures. Other users react by sharing, upvoting, and commenting. This participation is rewarded with a digital currency. Better participation – content, comments, actions that other people react to more – is rewarded with more digital currency. It’s like Reddit, where people get paid.
But the mechanics are quite complex. Three kinds of digital assets. Debt-to-ownership ratios. Witnesses. Liquidity providers. Powering up and powering down. There are countless Steem articles either suggesting ways to explain the system or requesting them from others, and new ones appear all the time. To accomplish its goal of a decentralized social media platform that rewards its users, Steem.it has several unique features.>