Steem

Steemit is a social news service which combines a blogging site/social networking website, and a cryptocurrency, known as Steem.  Steemit is based on a cryptocurrency network named Steem. Like Bitcoin, Steem is a blockchain, though it uses a different method of reaching decentralized consensus to reduce the interval between blocks to 3 seconds. It uses a consensus method called delegated proof of stake where most block-creating accounts called witnesses are elected by Steem stakeholders. A proof of work mining method is maintained as an alternative way to create blocks for the network, using the Equihash algorithm to enter a queue. Block producers are given a small part of the rewards created in each block; the rest is paid to authors and curators.