Steem, the cryptocurrency at the heart of the decentralized social media platform rewarding users for their work Steemit, jumped over 1250% since its first payout. The total market capitalization of Steem has surged from $13 million to a height of $260 million right now, shooting past Ripple and Litecoin to become the 3rd most valuable cryptocurrency.
The platform also saw the number of transactions, posts, votes and new users tripled. Less than three months after its founding, the blockchain behind Steemit is handling hundreds of thousands of dollars in trading volume each day, with each transaction, post, and upvote subject to public scrutiny.
Steemit CEO Ned Scott said: “People are recognizing the vast potential of a community-operated social networking platform. The Steemit team has created an online hub where users can monetize their time and their energies and share in the profits like never before. Before Steemit, consumers gave away their efforts for free, uploading thoughts, blogs and other content to everyday social networks; now they can do it and get truly rewarded for their participation. With Steemit, the market forms around you.”
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He added: “After the successful payout on July 4, consumers have seen that our system really works. Everyday users are jumping onboard our social network and many early adopters have benefited. People have started saying that they have paid their rent with money earned on Steemit. Others have bought cell phones, washing machines, and even paid their electricity bills. We have constructed perhaps the first blockchain application that anyone can use. Content creators and curators have enjoyed earning valuable crypto rewards through a fun and seamless experience.”