Steem overtook The DAO to be the world’s fifth most valuable cryptocurrency
Steemit May Become Killer App As It Looks to Draw 1 Mln Bitcoin Users Yearly
Overtaking the DAO
With Steemit being touted to be the bridge that has the ability to bring people who have no interest in cryptocurrency into its world, Steem overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4. After the $1.3 million giveaway, the number of transactions, posts, votes and new users signing up to Steemit’s decentralized Reddit-like platform tripled.
In a media release its CEO, Ned Scott, says:
After the successful payout on July 4, consumers have seen that our system really works. Everyday users are jumping onboard our social network and many early adopters have benefited. People have started saying that they have paid their rent with money earned on Steemit. Others have bought cell phones, washing machines, and even paid their electricity bills. We have constructed perhaps the first Blockchain application that anyone can use. Content creators and curators have enjoyed earning valuable crypto rewards through a fun and seamless experience.