Steem, one of the new breed of digital cryptocurrencies looking to take some of Bitcoins dominance has soared in value by more than 1000%. 

Steemit, the social media website behind the new currency, has seen the currency now valued at $250 million.

“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.”

steem

The news comes only 2 weeks after the website paid people for the first time and in terms of pure monetary value has bypassed LiteCoin and Ripple as a contender for Bitcoins crown becoming the 3rd most valuable digital cryptocurrency currently in play.

Unlike other cryptocurrencies of note, Steem, is in the words of its CEO, Ned Scott, ‘an incentivised social media platform.’ Less than 6 months after it was created, the Steemit website has jumped 1250% since its first pay-out. The website is now processing hundreds of thousands of dollars in trading each day.

“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.”

Perhaps the best way to describe Steemit is to compare it with other social media sites, such as Reddit and Facebook.  Unlike other social media outlets however, when users share and post content, there’s a chance to make money, as Steemit is effectively powered by the same type of blockchain technology used by other digital currencies, such as, let’s say, Bitcoin.

Unlike Bitcoin however, Steem currency is generated purely by the content on the Steemit website, whereas Bitcoin has to be ‘mined’ and these days even with a Supercomputer on hand, the process can be a lengthy and expensive affair.

If nothing else, it’s worth checking out, and who knows, if you get enough up-votes, maybe you can become the next online millionaire. I’m just saying…