Steemit is a decentralized social media platform that provides an embedded financial incentive for user participation. Initially launched in March 2016, Steemit borrowed from the “upvoting” model used by other social media platforms, like Reddit. Any user can post content and each upvote carries a reward that is pegged to the STEEM token at a fixed rate. This establishes a financial incentive to post high quality content and readers are also rewarded for their participation. Steemit was one the first blockchain-based applications that enabled users to benefit from blockchain technology, without requiring them to directly interact with it. According to STEEM’s block explorer, there are more than 170,000 Steemit wallet accounts. Steemit was created by Dan Larimer, the founder of BitShares, BlockOne, and EOS.