Steem.it, the social media reddit-like crypto currency powered platform took everyone by surprise with a strong week pushing the price up 1500%, leaving the young currency in the top 5 biggest markets caps in the cryptosphere.
Steemit is a new social media platform built on the Steem blockchain where the community rewards individuals for their posts, comments and votes. Steem can also be mined with computational power and through a delegated proof of stake system, in which users delegate steem power to masternodes that are chosen through a voting process.
The rate of dilution is high at 0.2% or essentially a yearly doubling of the supply.
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