How To Start A Blog in Mylot?

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Dear fellow mylotters, Can anyone tell me how to start a blog here? I'm scratching my head wondering what are feed url and viewing url which I have to fill in. Does it mean that I'll need to have a blog somewhere i.e. blogspot, myspace, etc first and copy and paste its url into the blog section here? Since blogging contains mainly facts and useful information, does it also mean that doing more blogs will carry more earnings as compared to posting comments and discussions?