Steem is the cryptocurrency, which is not created by mining, but by content
The fascinating mix of an ad-free social network and a cryptocurrency is needed on the leading Blockchain social media and blogging platform www.steemit.com, or generated by posting content.
The Steemit project was launched in 2016 with the idea of creating a decentralized and censorship resistant media network. The network is open and allows all interested parties to develop their own applications. Users can post all kinds of content like on Reddit.
However, these contents are stored directly in the corresponding blockchain, whereby authors of comments and posts can be rewarded with the cryptocurrency Steem and the censorship is impossible.
While currently more than 2 Billion users provide free content on Facebook yet the profits end up in the pockets of Mark Zuckerberg and his shareholders, the authors at Steemit profit directly from their success of his contributions.
In contrast to many other altcoins this makes Steem already very interesting as it has a real blogging application. However, the platform still has some major weaknesses. In the medium term, if larger media companies want to use this platform for themselves, they will have to buy seem power to increase the visibility of their contributions on the platform. In conclusion, Steem is an alternative cryptocurrency with real application and already more than 350.000 registered users.