All the discussion in Fintech these days seems to be surrounding Cryptocurrency. However there are Blockchain projects more akin to Social Media than any sort of currency, and they do pay. Steem classifies itself as an incentivized, blockchain-based social media platform and was launched in March 2016 by Blockchain developer Dan Larimer and his team. According to their White Paper:
“Steem is a blockchain database that supports community building and social interaction with cryptocurrency rewards Steem combines concepts from social media with lessons learned from building cryptocurrencies and their communities. An important key to inspiring participation in any community currency or free market economy is a fair accounting system that consistently reflects each person’s contribution. Steem is the first cryptocurrency that attemps to accurately and transparently reward and unbounded number of individuals who make subjective contributions to the community.”
Market Cap as of August 23rd 2017: $305,577,005
Blockchain has not just spawned digital currencies but just about any other real world uses such as Blogging. Steem users are rewarded by others for posting content that is valuable. Popular articles are up-voted and users earn Steem dollars. You earn money by posting and voting good content. As the market cap and user base continues to grow, it seems that Steem has incredible potential and should be considered one of the most valuable projects in Blockchain world.
Social Media Transitioning to the Blockchain
As we continue into this new age of Blockchain technology we discover connections between the past and present. It’s the evolution of human discovery and of doing things differently. We have seen similar ideas such as Library Credits taking a position to become a decentralized YouTube. This is indeed revolutionary and will empower more peer to peer networks. We can only expect this trend to continue.