When you create a post on Steemit, you are actually creating a transaction on the Steem blockchain. This transaction includes your username, the permlink to your post, the tags you used, the title of your post, the body of your post, and any other metadata. Once this transaction is broadcast to the network, it is then mined by witnesses and added to the blockchain.
Your post is now on the Steem blockchain forever! When someone upvotes your post, they are actually creating a transaction that transfers some of their STEEM Power to you. This is how you earn rewards on Steemit.
The STEEM Power that you earn from upvotes can be used to upvote other posts, which gives you a say in what content is popular on the site. It can also be converted to STEEM Dollars, which can be traded on exchanges for other cryptocurrencies or fiat currencies.
Other related questions:
Q: What blockchain does Steemit use?
A: Steemit uses the Graphene blockchain, which is an open-source blockchain technology.
Q: How does Steemit make money?
A: There are a few ways that Steemit makes money:
1. Selling STEEM tokens to investors in order to fund the company
2. Making money from the sale of ads on the Steemit platform
3. Generating revenue from the sale of other products and services
Q: What is the purpose of Steemit?
A: Steemit is a social media platform that allows users to earn rewards for their content.
Q: What is STEEM blockchain?
A: The STEEM blockchain is a public, permissionless blockchain that anyone can use to create and publish content, as well as earn rewards for doing so. It is powered by the STEEM token, which can be used to purchase goods and services, or exchanged for other currencies.
Bibliography
- Steemit – Wikipedia
- What Is Steemit (STEEM) and How Does it Work? – SoFi
- What Is Steemit and How Does It Work? – CoinMarketCap
- Crypto Logic Platforms and the Cautionary Tale of Steemit
- What is STEEMIT and how does it work?
- How does Steemit.com work? If it’s blockchain-based … – Quora
- What is STEEM and how does it work? – Quora