ince the early days of the internet, there has been a constant movement of people, from mailing boards to Facebook and Reddit. Eternal September keeps chasing out the best who are then followed by the rest with the process now repeating.
Although Facebook is one of the biggest companies on earth, few think it is cool – your mom is on it. Meanwhile, Reddit, itself a product of an exodus from Digg, has brought to the forefront a serious problem, private sector censorship of free speech.
The duo of Daniel Larimer and Ned Scott, the former a techy, the latter from the world of finance, think they have a solution, Steemit. The blockchain-powered platform is a mixture between medium and reddit where users are paid for voting and posting in a new currency called steem, currently valued at around $0.23 per unit. Steemit users just received the first payout, $1.3 million in total, but can this really work?