Blockchain social media platform Steemit launches in beta release. The platform makes use of a cryptocurrency token called Steem, which people can use as exchange for USD and as a voting power.

Steem being the fundamental unit of account on the Steem blockchain has three different Steem networks namely; Steem, Steem Power, and Steem Dollars. Larimer, co-founder and CTO, said that new users are given a portion of Steem when they sign up. Users who initiate or improve the quality of discussions, through persuasiveness, clarity, grammar and formatting, can be rewarded appropriately.

It is difficult for Steem to accurately allocate payments to contributors by voting input from community members. It rewards those who contribute the most to the total promotion of a piece of content. Steem also rewards the voters proportional to the ultimate reward paid to the content creator. Per year, Steem is seeing constant increase in supply by 100%.

Co-founder and CEO of Steemit, Scott said the CoinJournal, “Our vision is to not only build an empowered community but give content creators an avenue to make money online without needing to advertise.”

The Technology behind Steemit is open source and it is open to anyone around the world. The first major reward issuance has been planned by the company on July 4, 2016. Currently, OpenLedger and Bittrex are the exchange platforms that offer STEEM trading.

Steemit platform allows users get paid for creating and curating content. Founded by Ned Scott and Dan Larimer this year, the New York based company aims at supporting social media and online communities by rewarding users with cryptocurrency.