The Steem cryptocurrency was created for content monetization in social sites. Steemit, a Reddit/Medium-style social network, was the first site built to use Steem. Later, several other platforms including Dtube, a decentralized Youtube, also used Steem for monetization.
User identities and post data are stored on the Steem blockchain.
### Identity
User identities are stored on the Steem blockchain. New account creation requires an email and phone number, and must go through a review process
A Steemit account functions as a cryptocurrency wallet, and users are responsible for their own key management. There is no account recovery available, and funds can be lost or stolen if the key is compromised. Accounts cannot be deactivated or deleted, since they are permanently stored on the Steem blockchain.
### Networking/Message passing
### Data Storage/Message Persistence
Post data is stored on the Steem blockchain.
### Moderation/Reputation
Reputation determines the weight of votes in the network. Older accounts have more reputation.
### Spam
Since there is a monetary incentive to create fake accounts to upvote posts, a centralized spam prevention method was necessary to combat abuse. The new account creation process which requires review of an email and phone number is the method used by Steemit.
### Social/Discovery
### Privacy and Access Control
### Monetization
Steemit mined 80% of Steem in the first week. Steemit benefited from the appreciation of Steem during the 2017 cryptocurrency run-up, but did not manage the bear market well and had to lay off much of its staff. When a company’s monetization strategy depends on a volatile asset, its leaders have to be prudent portfolio managers as well as good operators.
Other than depending on Steem price appreciation, Steemit monetizes through users promoting their posts. When users perform certain actions on Steemit, they earn Steem. Creating posts that get upvoted qualifies users to earn from a rewards pool. Upvoting posts that later become popular can earn voters a curation reward. Votes are weighted by reputation, which accumulates with age, so older accounts of early adopters have more power in the network. This, as well as the fact that Steem tokens could be mined easily early on, means that Steemit’s incentives are geared towards early adopters.
### User experience (if applies)
### Interoperability
what is the minimum requirement for a message to enter or leave the system?
