Steemit, a social media platform on the blockchain has reported having 1 million users in its system. The project seems to be inspired by Reddit because the users have the ability to upvote or downvote the content. However, there is an important distinction – on Steemit these votes have financial value. So, if some people find your info useful, you can earn some Steem Dollars, which is a local cryptocurrency.
It looks like Steemit is gradually starting to attract the public’s attention. Popular tech outlet Engadget decided to publish its content on Steemit, which will lead to further public exposure of the platform. The relationship seems to be mutually beneficial since Engadget gets direct rewards from the users for the published content.
As the size of the network exceeded 1 mln users, the developers shared some interesting data concerning Steemit operation. According to the Steemit team, Steem blockchain is being used to make more than a million transactions every day, which surpasses all other blockchain transactions combined. Moreover, Steemit attracts 250,000 unique visitors daily.
Unfortunately, this milestone achievement didn’t influence the Steem’s price much. However, some experts claim that the project is undervalued and that it has very good chances of growth in the next bull market.