Digital Currency Uses as Giveaway by Steemit
Digital Currency is a Steemit Tool to Build Traffic
It is interesting how social media startup Steemit use Digital Currency to their advantage. Using this currency helps them doubled traffic to their platform. What a clever idea! This move also catches the interest of users with digital currencies.
On July 4, 2016 while everyone celebrating Independence Day, Steemit giveaway US$1.3M to their users. Users get paid for curating and creating content a digital currency known they called “Steem Dollars”. It was part of the plan as a decentralized social media platform.
Steemit is a Reddit-like platform that was launched 2 months ago. Steem is a robust blockchain which Steemit plugs into. The platform gives rewards to the users who give the real value to them such as bringing the best videos, images, commentary and articles.
Steemit becomes famous since its launch and on the Independence Day it distributes 10% of their market cap to the people who have been contributing, voting and posting content. Within the day, they already doubled their volume to US$26M. It also brings them twice the traffic they have on their website. Votes increase from 4,680 to 8,350 and posts increase from 1,200 to 2,300 per day while sign-ups tripled.
Rising Interest with Digital Currency brings Steem Trading Volume to its All-time High
The growth is phenomenal with Steemit. This event creates a history with the social media platform’s third month. The distribution of the digital currency last weekend was the first of its kind in the world of cryptocurrency according to Ned Scott, Steemit CEO. Furthermore, he said:
This was an opportunity for us to thank our growing community, to reward them for building a sustainable ecosystem that’s much more than the sum of its parts. Yesterday, more than $1.3 million worth of the Steem supply was distributed into the wallets of thousands of users across the world. From every corner, users have been drawn to Steemit because the system actually rewards thoughtful comments, unlike Reddit or Twitter. The community and the blockchain together power a system that gets better and better every day.
This contribution made by Steemit is linked by major publications and quoted by news sites. This gives digital currency enthusiasts, social media experts and tech savvy writers a public place to grow and show their talents and knowledge.
The Steem block chain technology hinders any kind of censorship because of its transparent and open source nature. This also lets third party business people to create a powerful apps off it easily. Just like steemd.com and steemle.com
“Because it’s based entirely on a blockchain, Steemit shows what social media can look like without censorship. Everything we see on Steemit.com comes from the open source Steem blockchain, so the entire network is replicable on any front-end application. Attempts at censorship can be proven by anyone with a blockchain explorer or another front-end application built on the Steem, so users can feel free to post how they really feel. This freedom is what empowers the Steemit community, and it’s one of the major ways we’re different from centralized, controlling and manipulative social media networks.”
The engineers of Steemit are continuing to develop more features. They are planning to make an embeddable button that can be integrated with the blogs online. This allows writers to post their articles as well as the comments of their fans to the blockchain that makes them more eligible for the rewards of the digital currency.