Reddit-like platform rewards content providers and curators with 10% of crypto market cap Steemit users had more than a million reasons to light the fireworks and celebrate this Independence Day weekend. On July 4, the rapid-growing social media site Steemit distributed digital currency payouts worth approximately $1.3MM, or 10% of Steem’s current market cap, to its user base.
Early adopters and major contributors were rewarded for creating and improving a thriving, collaborative community of members interested in everything from gardening to politics to financial markets. The multimillion dollar payout marks a historic milestone in the phenomenal growth of Steemit, a decentralized social media platform, now in its third month of operation.Steemit CEO Ned Scott said the distribution over the holiday weekend was the first of its kind in the cryptocurrency world and marked a pivotal 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 $1.3MM 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.”