Social Media Blockchain Steem Issues $1.3 Million Payout To Steemit Users

July 5, 2016         By: Mike Dautner

Steemit users had countless reasons to celebrate this most recent Independence Day Weekend thanks to a special reward.

On July 4, the fast-growing social media site Steemit distributed digital currency payouts worth approximately $1.3 million, or 10% of Steem’s current market cap, to its user base.

Early adopters and significant contributors were rewarded for facilitating a highly efficient and collaborative community of members interested in a multitude of subjects such as politics, gardening, and entertainment.

This unbelievable multimillion-dollar payout details an historic milestone in the phenomenal growth of Steemit, a decentralized social media platform, now in its third month of operation.

Regarding the distribution over the busy holiday weekend, Steemit CEO Ned Scott spoke about how it was the first of its kind in the cryptocurrency world and highlighted a crucial moment for Steemit.

“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.”

Half of the $1.3 million supply of Steem was distributed in Steem Dollars, which is basically a form of Steem worth roughly one US dollar, and half in Steem Power, a vesting currency that supercharges voting power via the platform.

“Because it’s based entirely on a blockchain, Steemit shows what social media can look like without censorship. Everything we see on 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,” said Scott.