EOS and Steemit executive Daniel Larimer has revealed plans for a new currency-focused altcoin, but community responses have been harsh.
Steemit is a decentralized social network specifically developed using Steemit blockchain technology. The main feature of the site is rewarding active users with Bitcoin. The internal Steemit cryptocurrency — named Steem, which has a value currently much less than Bitcoin — can be earned through posting, voting, commenting, curating, etc., and by just staying active on the site. New users don’t get a lot from voting, so they have to work to gain their steem power by providing unique and useful posts. With every creation, the value of their vote becomes greater. In addition, the platform offers Steemit mining on CPU, just like any other cryptocoin. Currently, there is also a Steemit app available for both iOS and Android.
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