Steemit recently announced that it has exceeded 1 million users.

The reality behind Steemit

It is a content platform based on blockchain technology, with two peculiarities: not only does it pay its users who create quality content, comment on it and share it, but the payment is made using a cryptocurrency called STEEM.

Specifically, the votes given to each content are converted into Steem tokens and Steem Dollars (SBD), that in turn can be converted to bitcoin or, if you prefer, fiat currency.

As confirmed by the numbers cited in the blog, Steemit.com has more transactions than any other crypto: 250 thousand visitors a day, a million daily transactions, created by 60,000 unique accounts that interact daily with the network.

Growth over time

Moreover, these statistics do not count the numerous DApps (decentralized applications) that use Steem’s blockchain (dtube, busy and dlive as first examples) and that in turn offer large user bases.

Looking back at two years ago, the comparison is astonishing: in 2016, in fact, the platform did not go beyond 2,000 users, while today it has just exceeded one million.

But the comparison with other big names such as Ethereum is merciless: ETH, which reaches a market capitalization of 70 billion dollars, can boast 33,000,000 unique addresses and it is good to remember that the habit of creating a new address for each transaction, sent or received is widespread among crypto users.

Steemit’s vision

Steem’s approach is different, with a capitalization of around 800 million, users generally have only one account, which makes Steem’s numbers particularly realistic.

Steem’s blog reads:

“As the only protocol on top of which entrepreneurs are building applications that “real people” can use, Steem is also helping to legitimize the cryptocurrency ecosystem as a whole. Applications such as busy.org, d.tube, and dlive.io are the kind of websites that people are familiar with and comfortable telling their friends and family about. Instead of cryptocurrency being some abstract concept that people hear about on the news, Steem turns it into something real, thereby helping to bring attention to other legitimate projects in the space.”