Steemit is a one of a kind social media platform with 3 tiers of internally and autonomously generated currency. Initially created to support images and writings, the platform is open source software and the community has been hard at work creating audio and video interfaces with the blockchain.
The creation of software applications (commonly called ‘Bots’) which automatically distributes votes based on a users preferences allow the platform to be used is some unique ways for the funding and support of content creators. Before getting to far into the funding mechanisms or nuts and bolts a bit of detail on the currencies native to the platform you’ll be earning if you decide to participate;
- Steem: The liquid token of the platform. It can be instantly Powered Up which converts it to Steem Power. It can be traded on the internal exchange for Steem Dollars. It can be exchanged on an external platform for another digital currency.
- Steem Power: This is a non-liquid token which determines a users Vote Value. Steem Power can be Powered Down over a period of 13 weeks. SP can be delegated to another account, which allows another account to distribute your Vote Value automatically. It can be used manually to distribute your Vote Value to authors and commenters you value. It can also be used as an income generating investment vehicle through various applications becoming available on the platform.
- Steem Dollars: These were tokens originally created to stay pegged to $1.00 usd, however, massive demand for the platforms currency broke the peg and the SBD coins now trade significantly higher. This is the currency of the Steemit Eco-System, with near instant transactions and zero fees it is just scratching the surface of it’s full potential.
Steemit offers no cost transactions using a unique Delegated Proof of Stake consensus method and routinely boasts the best performance among the top 40 blockchain projects in terms of speed and volume. The biggest bottleneck preventing massive user adoption is lack of education and understanding among the world content creating and consuming public. This platform is a brilliant solution to some major issues in today’s media industry. Issues like lack of funding for Independent Media, Censorship, and access to content Monetization. Steemit is a perfect example of how the New Economy is providing better ways of doing things, it is also a perfect example of how long it takes for users to begin understanding and migrating towards these solutions.
Services like SMARTSteem Website offer easy ways for users to automatically monetize their Steem Power holdings while retaining full possession of their account. A users SP is delegated towards a Bid Bot Service or Vote Selling application that works 24/7 to maximize the distribution of your accounts vote power, which in turn maximizes the income generated by those votes. All transactions are recorded on-chain and currency distribution and holdings are all publicly available.
Independent Media creators can view the Steemit Funding Model being developed in my Projects section for additional ways the platform can be used to engage and build audiences while allowing both author and audience to monetize their time and effort on the platform.
ADDITIONAL STEEMIT INFO FROM BPR
Independent Media Monetization – Brief description of several blockchain sources which offer new ways of monetizing and funding independent crowd supported writing, photography, video, audio, etc. Steemit is the premier player in this space.
Steemit & The Independent Media – Descriptions of several different ways the decentralized media can view Steemit as an Investment Vehicle for their channel. Authors are the center of attention and should be rewarding the attention of their audience via the automated voting software and interfaces.
Supporting Independent Media on Steemit – Steemit article describing and creating a Curation Trail for several quality sources of information currently using Steemit. Curation Trails are a simple way for users to maximize their voting power while also supporting their favorite authors and commenters.
Smart Media Tokens (SMT) & The Evolution of Steemit – Review and analysis of the Smart Media Token protocol scheduled for release in 2018 on the Steemit Blockchain. The Social Media and Attention Economy are about to get hit with the Blockchain Tsunami in similar fashion to the financial sector by Ethereum over the summer of 2017. If my thoughts are accurate, the naturally decentralized nature of social media will use this wave of digital energy much more eloquently than the financial world has so far.
Steemit Funding Strategy – An example scenario to describe the unique ways Steemit could be used by digital media business or collectives to increase monetary rewards. Steemit’s delegation feature offers completely new ways of investing in the New Economies media sector.
Investment & Growth Strategy – Description of some ways the steemit platform and currency generation model can be used by decentralized media and their audiences as an Investment Tool which benefits and builds decentralized wealth for all parties involved. Includes BPR’s own Curation Trail supporting the best Real News we’ve found on the Steemit Blockchain.