Welcome to the Blockchain! Your voice is worth something," states a webpage of Steemit, the social network built on a blockchain that's now exploding with popularity. Steemit ... supports community building and social interaction through cryptocurrency rewards and a reputation or influence-based system, known as Steem Dollars and Steem Power. Ned Scott, CEO and co-founder of Steemit, told IBTimes: "If you think about the existing models - Facebook, Twitter, Instagram - these are platforms that invite people to come and do all this work so that their shareholders, who are not necessarily contributors make all this money. "Our platform is a cooperative version of a social network which is more intuitive, and a more shared, community-driven approach, and that's why our early user base is growing. We are completely open source." Steemit grew out of a long process set in motion by gifted developer and co-founder, Daniel Larimer. It evolved from the idea of a decentralised exchange ... to a later exploration of blockchain-based mutual aid and micro-insurance, with a forum added for users to interact and compare notes. It does away with traditional cryptocurrency barriers to entry, like having to go and buy coins at an exchange. Scott said everyone is rewarded one way or another. People who post content actually get rewarded [with Steem, a currency whose value] is split between tradability and reputation. Steem is currently the third most valuable cryptocurrency in the world.