Steemit was founded by the creators of the altcoin BitShares. Like Bitshares, it too uses the proof of stake concept to mine the currency.
Steem is the currency behind the blockchain based social media platform Steemit which rewards users for creating and curating content on the site. Steemit users are rewarded with Steem Dollars and voting power which can then be transferred for the altcoin Steem.
Steem has seen steep price increases in 2017, and although still in Beta mode, Steemit’s user base is constantly increasing. Steemit, which is similar to the popular social media site Reddit, is a very exciting and entirely new concept in terms of social media content curation because it encourages engagement through financial rewards.
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