NEW YORK: Steem, the digital currency behind the new social media website Steemit, soared more than 1,000% in value on July 12 to over US$150mil (RM595.13mil), two weeks after it first paid people who posted on its website, according to coinmarketcap.com.
Steemit essentially is a website that rewards or pays users who post content that gets multiple thumbs up from the site's participants. The reward given is the steem currency. Content on the site is not limited to digital currencies and users have posted varied topics from lasagna to a trip to North Africa.
