Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly

The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces.

Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second.

Source: Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly

Blockchain Social Media Steemit Hit With Cyber Attack ; Investigation Underway

The cyber attack, according to CEO Ned Scott, affected over 260 user accounts. As he confirmed further, the platform have also incurred a small loss – worth around $85,000 – in the form of their native cryptocurrencies Steem Dollars and Steem. While the origin (of the attack) and perpetrators behind it are still unknown, the platform is currently working with cyber security experts and law enforcement authorities to investigate the incident.

Steemit has successfully contained the security threat. As the team works on assessing the damage and investigate further into the incident, some of the features may be temporarily unavailable for the users. Steemit has comforted the community by announcing that the user accounts and wallets are not at any risk and the normal operations will be resumed soon.

Source: Blockchain Social Media Steemit Compromised; Investigation Underway

Blockchain Social Platform Steemit Rewards Users with $1.3 Million 

On July 4, Steemit users were rewarded with around $1.3 million worth of the digital currency, Steem Dollars, or 10% of Steemit’s current market cap, to users who have been uploading content and voting on Steemit.

Since its launch two months ago the fast growing social media site has grown at a phenomenal rate with its popularity increasing day by day. By plugging into a blockchain called Steem, the decentralized social media platform rewards those who deliver the best commentary, images, videos, and articles to the site.

Source: Blockchain Social Platform Steemit Rewards Users with $1.3 Million – CCN: Financial Bitcoin & Cryptocurrency News

New Blockchain Social Media Platform STEEMIT Pays You To Post and Vote Online

steemitSteemit, the social media platform where everyone gets paid to post online, has just rolled out it’s BETA. Led by CEO Ned Scott, formerly in private equity, and CTO Dan Larimer, the creator of Bitshares – Steemit today released a publicly available beta version of a social media content aggregator designed to reward content creators and curators with cryptocurrency.

Steemit, which is powered by Blockchain technology, uses forms of a new currency called Steem to reward users that upload articles, images, commentary and blogs, while rewarding users for sourcing and upvoting popular content. The earlier a person up-votes a post that becomes popular, the more they are rewarded. Users are paid half in “Steem Power,” a vesting currency that supercharges voting power, and half with Steem Dollars, which can be exchanged for USD.

Source: New Blockchain Social Media Platform STEEMIT Pays You To Post and Vote Online – Blockchain News

Get the latest RightsTech news and analysis delivered directly in your inbox every week
We respect your privacy.