Steemit gives users monetary rewards for any meaningful contribution to the platform. Of these contributions the most important are:
- Creating or posting content which the other users consider valuable (like)
- Finding valuable content and upvoting it
The mechanism is designed so that the users decide what is valuable and who the rewards go to. Each user has a certain voting-power, which determines how much weight the vote has. More voting-power can be acquired by earning rewards or by purchasing it. There are also many other ways to contribute to the platform and earn rewards, but which are more technical. More information can be found on https://steem.io .
Rewards are payed in a dollar-equivalent currency, which can be converted to any other currency. The currency can be easily used inside the steem-network by sending it directly to another user anywhere in the world. Users are payed interest if they invest the earned rewards in the platform.
The Steemit -site is a front-end to the steem-blockchain. This means no content is censored, and the blockchain (all contents and history) can be accessed from any other current or future front-end. Anyone can freely create an app or frontend to the blockchain, but Steemit is the first and most complete one.
Steemit requires no log-in for consuming content, but for posting, commenting and recieving rewards a username is needed. At the moment one can use a Reddit or Facebook profile to get started. Each new user gets 3$ to get started.