What is 'Steemit'?
Steemit is a project uniting a social media in combination with their own cryptocurrency. Through the decentralized storage of all contributions, Steemit wants to provide a censorship free social media platform enabling the publication from all sorts of articles. You can either trade Steemit tokens on regular exchanges but may also use them to gain influence on their social media platform. Quality articles will get rewarded as users are able to share and give likes paying with Steemit tokens. The project got introduced in 2016 by Ned Scott.
Steemit is running on a Blockchain similar to Bitcoin but uses the proof of stake distributed consensus algorithm, like Ethereum. The social media platform is running on a regular website server but developers installed a reference link website enabling users directly interact with the Blockchain. This works because password and username utilized to log-in on the website is the same as login data to access the Steemit Blockchain. Security is granted through a public key encryption method.