This is a chapter from the Token Economy book series. All subchapters are collapsed under their subchapter headings to make the page more readable. Find copyright information on this text and about the book an the end of the page.
Disclaimer: The governance rules of Steemit and the underlying Steem blockchain were subject to frequent protocol changes. Documentation was patchy, and some facts were hard to research. In order to grasp the governance rules, one had to read the computer code of the respective protocols implemented, which few people had the capacity to do. Some facts mentioned in the following chapters might, therefore, be inconsistent. This chapter should nevertheless be helpful in painting a big picture of the complexities of the Steemit system in particular, as well as the necessities and pain points of social tokens in general. To give an outlook into the future of social tokens aka “SocialFi,” I will outline emerging Web3-based social networks such as “friends.tech” as well as Web2 networks that have ventured into the social token space, such as “Reddit.”
History of Steemit in a Nutshell
Purpose & Political Principles
Functional Design
Token Types & Token Properties
