CEO Steemit Ned Scott Gives Interview To Betty From Bloomberg News: Must Read It, It Gives More Information Thanks To @ankarlie She suggest It:

Betty: This is daybreak Asia.

Yvonne: Now to a company trying to combine social media with cryptocurrencies. A blockchain social media platform founded two years ago has about a million accounts joining us now from Tokyo is the CEO Ned Scott.

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How does it work?

Walk us through the business model how do you earn money to pay for posts?

Thank you for having me on very excited to be here.
To give you a brief synopsis, we built steam it steemit that is build on top of a blockchain called steem it does she redid my than $50 million worth of cryptocurrency over the last two years.

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Yvonne: Where are the revenues coming from? You talk about advertising.

Revenue for you guys Depending on these accounts and what they actually post that leads to more eyeballs and potential more people coming through. The people have said the content is low quality given that some of users are trying to earn a quick walk they are building a reputation a quick buck.
They are building a reputation how can you compete with the likes of red and Instagram redid and instagram.
We would use the cryptocurrency that would use the wisdom the crowd and inform generally objectively where the quality content was.
You could use that to really create a trending page of content where you see the highest quality content at the top. We have only been somewhat successful in that mission.
In going forward there is plenty of software to help us further embrace the idea that people can inform a cryptocurrency. As far as the business model and what makes us all sustainable, steem is a cryptocurrency like Bitcoin and Ethereum and at has and it has taken value like the others. People like it as value that is true their own in an autonomous contract that only they own.
Steem, then he becomes more valuable because it is no cryptocurrency is distributed as far and wide as steem because steem is pervading the media content where there’s already millions of people ready to participate in this new cryptocurrency the system.

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Betty: I want to be clear about the business model people write these articles depending on the number of clicks or does it depend on the number of views?

That's how they are paid than in steem?

There is actually a treasury, a sort of treasury that is coded into the blockchain.
New tokens are admitted or destroyed everyone single day by the logic of the Blockchain.
The users who hold the coin help to decide how to distribute the new tokens from the treasury. They do that by supplying a subjective valuation of the content they are reading.
They hit up votes.The votes get calculated inside the Blockchain.
They discover how to utilize.Distribute the currency.
By seeing the tokens flow through the system, they are able to take a percentage of those tokens.
Because the Texans have speculative value just like Bitcoin, the websites are able to sustain their operation based on the tokens that they are receiving as well.

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Betty; so people cash out afterwards?

That is how they are able to generate the revenue than?

They are able to freely trade steem i against bitcoin or any fiat currency so they can cash out, watch them stay in the system and use the currency as more influence for themselves and the platform.
There is total liquidity at the same time as you are earning these tokens, it is like earning money.

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Betty: can you see this business model working with other social networks Facebook, for instance, which is so dependent on the advertising model.

Can you see something like what you are building hitting it to into Facebook?

Absolutely Facebook in the last several months, zuckerberg came out in his yearly address and said they are looking at a cryptocurrency how they can be used to
Positively impact community building that is a big focus for us.
If we look at our concept, without a doubt, I can say this is the beginning of a major phase ship.
In five to 10 years, there will thousands of websites and applications to reward their contributors with value.
Facebook will be an exception to that.
The way we are getting there is we are working on new sites.

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Thanks For Reading #promo-steem