#Blocktalk - SteemIt's Ned and Dan

## #Blocktalk - Steemit's Ned and Dan: Podcast Summary

Here's a comprehensive summary of the #Blocktalk podcast episode featuring Steemit co-founders Ned and Dan, synthesized from three segments.

1. Narrative Summary:

The podcast episode provides a deep dive into Steemit, a blockchain-based decentralized social network often described as a "decentralized Reddit." The conversation explores the platform's unique design, its core principles of uncensorship and user rewards, and its evolution from earlier projects like Dan’s Decentralized Autonomous Corporation (DAC), BitChairs. Steemit aims to return power to content creators and curators, replacing Reddit's karma system with tangible financial rewards distributed in the form of Steam Dollars, which are convertible to the cryptocurrency Steam. The platform’s design incorporates mechanisms to prevent manipulation of its price feed, drawing data from multiple exchanges and employing a reputation system that incentivizes quality content and discourages abuse. Beyond the technical aspects, the discussion highlights the importance of community building, emphasizing that Steemit rewards users who contribute value and authenticity, not just technical skills. The founders envision a future where Steemit becomes a leading source for cryptocurrency news and fosters a more accountable and thoughtful online environment.

2. Main Topics Discussed:

• Steemit's Core Concept: Decentralized social network, alternative to Reddit.
• Uncensorship & Content Ownership: Content permanence on the blockchain, resistance to censorship.
• Reward System: "Subjective proof of work" – rewarding content creation and curation with Steam Dollars (convertible to Steam).
• Price Feed Mechanism: Multiple exchange data, median calculation to prevent manipulation.
• Evolution from BitChairs: Steemit builds upon lessons learned from Dan’s earlier DAC project.
• Community & Reputation: Incentivized reporting of abuse, reputation impacting earning potential, "one scene, one vote" voting system.
• Content Quality: Higher bar than Reddit, requiring summaries or value-added content.
• Automation & Public Blockchain: Opportunities for bot development (plagiarism checks, derivative sites) due to the public blockchain.
• Brand Verification: Developing a system similar to Twitter's verified accounts.
• Community Building: Rewarding contribution and authenticity over technical expertise.
• Interest Rate Changes: Discussion of block number 86 and associated interest rate adjustments.

3. Key Quotes:

• Ned: "It's a decentralized Reddit. It's a decentralized social network."
• Dan: "Steam approaches a completely different problem. You know, we're talking about social media. We're talking about giving the power of social media back to the people."
• Ned: "It's like the last place that things seem to get to." (Referring to Reddit's lag in cryptocurrency news)
• "You want to be a little more careful and a little more thoughtful because your reputation matters."

4. People Mentioned:

• Ned: Co-founder of Steemit
• Dan: Creator of BitChairs and Co-founder of Steemit
• Alex: Podcast host (first segment)
• Jimmy: Introduced Steemit to the podcast (first segment)
• Craig: Podcast host (second and third segments)
• Be Control: Mentioned in relation to beer donations (first segment)

5. Bitcoin Price:

No specific Bitcoin prices were mentioned during the podcast. The discussion referenced Bitcoin as a familiar concept within the cryptocurrency space. Steam, the cryptocurrency used on Steemit, was discussed in relation to its price feed and conversion to Steam Dollars.