Steemit, the blockchain based social media platform that allows you earn money by posting or curating content continues its journey to success as more users keep signing up for the Platform, with over 43 thousand accounts created so far!
The Steem price continues to decline, however, as it is to be expected due to it’s inflationary nature. Since Steem has a 103% annual issuance rate, Steem Backed Dollars were created to protect users from volatility and anyone can also grow their Steem, thus protecting the value of their holding, by turning them into Steem Power. This is a long term investment since Steem Power can only be reverted into Steem in the course of 104 weeks, meaning users get 1% of their steem each week.
Steemit is now also completely open source! Anyone can review the code at https://github.com/steemit/steemit.com and make contributions by spotting bugs. The Steemit team plans on handsomely rewarding anyone who finds relevant issues with the code. In the midst of the recent DAO hack, security is the number one priority for any cryptocurrency related project, making community contribution a much-appreciated tool.
An announcement was also made in the Steemit platform regarding the refunding of hacked accounts, stating that all the affected users have been fully refunded. The reimbursement only applies to accounts that have gone through the recovery process, as accounts that have not are still considered to be compromised by default.
The vibrant Steemit community is also taking huge steps in promoting the platform. A well-known, member of the community, @Steemdrive, has come up with a clever idea to spread the Steemit name across the real world, by starting a “crowdfunding” campaign to acquire Steem Backed Dollars to pay for a Steemit Billboard. All the “investors” have to do is upvote the Post created by the user, in which he details the project. The idea has gained a lot of traction and users from all over the world are contributing by gathering funds for Steemit billboards and organizing the rental of publicity spots across the globe. UK, US, Venezuela, NZ, Sweden, Netherlands, Latvia, Portugal and South Africa are some of the places that are set to get one of these Steemit billboards
Two electric billboards have already been placed in Durban, South Africa and more will surely follow
You can see the original Steemit post here: https://steemit.com/money/@steemdrive/sa-s-city-of-durban-to-be-engulfed-by-steem-the-world-to-follow