Launched in 2016 by the BitShares co-creator Dan Lamier and Ned Scott, Steem is a blockchain-based social network that builds digital communities and enables profit flows for users by remunerating them for sharing meaningful posts. The project also supports decentralised apps via social applications such as Steemit. Steemit network is based on the Steem sidechain and supported by its native token called STEEM. Users who are actively reposting useful content like news, job alerts and Q&As, and participating in discussions are rewarded with STEEM coins. As a result, Steemit has grown into a community-run decentralised platform with the meritocratic organization.