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Blockchain-based social media is one of the most promising yet underutilized niches within the crypto industry. Faced with competition from Web 2.0 social giants like Facebook, X, Reddit and Instagram, SocialFi (Social Finance) and other blockchain-based social media networks have maintained a low profile during the decade-plus social media revolution. Recent developments in the niche, however, have led to growing interest in the decentralized social media concept. Among the old-time leaders of this promising category is Steem, a blockchain platform built purposely for decentralized social applications.
Steem (STEEM) is a blockchain platform designed specifically for decentralized social media applications.
Its largest and best-known app is Steemit, a microblogging social network that helps users earn crypto rewards by posting content and upvoting/liking it.
Launched in 2016, Steem is the oldest among the leading decentralized social media platforms. Its primary native coin, STEEM, is the fourth-largest SocialFi cryptocurrency by market cap.
Steem is a blockchain designed to host and power the growth of decentralized social media apps. Developers can build and launch Steem-based decentralized applications (DApps) that help users monetize their social content. Steem accounts can earn crypto rewards by producing content and even by upvoting (i.e., “liking”) it.
Steem offers near-instant transaction processing and features zero gas fees. The fee-free nature of the platform is designed to encourage greater involvement of social media users, both on the consumer and content developer sides. Steem was launched in 2016 and is the oldest among the leading decentralized social platforms.