Steemit is a blogging and social networking website on the Steem Blockchain database. The Steem blockchain produces Steem and Steem Dollars (SBD) which are tradeable tokens users obtain for posting, curating, upvoting and commenting on interesting content. Steemit, Inc is a privately held company based in New York City with the headquater in Virginia.The company was founded by Ned Scott and Dan Larimer the creator of Bitshares. Steemit was officially launched On the 4th of July, 2016 as a social media with virtual currency rewards that runs over the Steem blockchain.

HOW STEEMIT WORKS
Firstly, Steemit has a reputation system, where all new users starts with a reputation of 25 and the reputation is influenced by the amount of upvote received, therefore, if you get a positive upvote your reputation increases but if you are voted down then your reputation reduces.

All users are eligible to upvoting posts and comments, and the authors whose posts gets upvoted receives a monetary reward in a cryptocurrency token named STEEM and Steem Dollar(SBD).In addition, Users are also rewarded for curating popular content. Curating involves voting comments and post submissions. The Amount of STEEM power held by the voter influences the vote strength and curation rewards.

MORE:http://www.ebankstech.com.ng/2018/01/04/earn-free-money-with-steemit-all-you-need-to-know-about-steemit/