Steemit - Definition from the Hotspot Shield Encyclopedia
Steemit is a service that provides an outlet for social news and also a blogging or social networking and cryptocurrency called Steem.
The service was created in 2016 by Dan Larimer and Ned Scott and has an active userbase of around 40,000 members. The Steem currency is similar to Bitcoin, uses a proof of work system and has an inflationary supply model. Other creations from the Steem Blockchain are Steem dollars and Steem Power which are an asset and an influence token respectively. The Steem currency has seen much fluctuation in value against the US dollar rising to market values of 405 million, down to as low as 90 million. In some cases the value of the Steem currency rose by 1000%.