New submitter mirandakatz writes: Our relationships with most social media are sneakily transactional: We log onto Facebook or Instagram and wind up paying the platforms with our attention and ad clicks. A new social network aims to turn that on its head by paying users for their posts. Steemit runs on Steem, a cryptocurrency that currently has a market cap of $294 million — and users have made more than $1.2 million in American dollars on the network. At Backchannel, Andrew McMillen takes a deep dive into Steemit, writing that ‘By removing the middlemen and allowing users to profit directly from the networks they participate in, Steemit could provide a roadmap to a more equitable social network…Or users could get bored or distracted by something newer and shinier and abandon it. Fortunes could vanish at any moment, but someone stands to get rich in the process.’

Read more of this story at Slashdot.

Source: Slashdot – Steemit Is a Social Network That Pays You For Your Posts In Cryptocurrency