Happy Birthday Steem!

in #steem5 years ago (edited)

4th year.jpg

Three years ago today the very first Steem block was produced and since that time the blockchain has continued to produce blocks every 3 seconds nearly without interruption despite constant growth in users and applications.

Community

Its first year in operation, Steem saw rapid growth due to the adoption of steemit.com, still the largest blockchain-powered social application in the world. That rapid growth led to Steem becoming the fastest and most transacted blockchain in the world by the end of 2017. But these are just vanity metrics. The most valuable metric was that we were building an amazing, hyper-engaged community. Best-in-class specifications are certainly important when you’re talking about a platform for building applications, but equally as important is an active community of users and developers. In retrospect, year two was really about reaching an inflection point of users and developers that would set the stage for the massive growth in Steem applications which distinguish Steem’s 3rd year in operation.

Dominating the Rankings

Steem apps are now dominating the rankings on stateoftheapps.com. Gaming applications like steemmonsters.com are showing the world that Steem is about more than just great social applications like Partiko, Busy and Esteem. These games are leveraging Steem’s unparalleled support for Soft Consensus to offer features that people previously believed required Smart Contracts that are difficult to code and expensive to execute. They demonstrate in objective terms that Steem is actually better for application developers of all types than the most hyped general-purpose protocols.

Scaling

This year we’ve made unparalleled strides with respect to addressing the real scaling challenges that blockchains with actual usage (of which Steem is far ahead) are facing.

Resource Credit System

The Resource Credit system was added to Steem in Hardfork 20 and that system has been functioning so well … nobody even talks about it. This system furthered Steem’s lead as the most advanced, sustainable, and scalable freemium blockchain in the world by implementing a market-based system on-chain which ensures that the amount of resources consumed by users is sustainable and scalable.

Free Account Creation

At the same time, this advanced system also enabled a revolutionary blockchain feature that no other chain has managed to accomplish even still: the ability for any stake-holder to create free accounts that are still capable of transacting. Any one with enough Steem Power now has the ability to create free accounts and give those accounts to those who want to join our community, helping to cement Steem’s position as the #1 onramp to cryptocurrency. At the same time, the Resource Credit system functions seamlessly in the background to ensure that these new accounts cannot bloat the blockchain.

MIRA

Soon, Steem developers will be releasing yet another major scaling solution called MIRA that will enable the blockchain to be run on commodity-hardware and not in RAM. As the only blockchain servicing web applications that provide real-time feedback with thousands of daily active users, the Steem developers have had to solve the real scaling challenges that application developers actually face. Most high performance blockchains run entirely in RAM which works great … until people actually use them. Once they do, running a node that stores an entire blockchain in RAM becomes prohibitively expensive.

Node Cost Reductions

Steem is nowhere close to hitting its limits in terms of transaction throughput, instead the cost of running nodes was the true scaling bottleneck. If no one can afford to use your blockchain, it doesn’t really matter how many transactions it can perform a second. By moving the blockchain to commodity-hardware we can ensure that the costs of maintaining nodes increases at a far more sustainable pace so that we can scale to the next level. There is no silver bullet to scaling. It’s about many lead bullets, fired in the proper sequence.

MIRA essentially resolves the scaling challenge of sustainable node-cost. With that out of the way, when transaction throughput becomes a true bottleneck, focus can shift entirely to integrating the necessary solutions. Such solutions could even be come from general-purpose protocol developers who will be forced to tackle those challenges long before Steem will thanks to its application-specificity.

Smart Media Tokens

Unfortunately, one important deadline was missed, and that was the release of the Smart Media Tokens protocol. Much of the work on this protocol is complete and once MIRA is released, the Steemit Blockchain Team will refocus on that project. We know that there are a great many people who can’t wait to launch their very own cryptocurrency that leverages Steem’s lightning fast block times, fee-less transfers, and revolutionary Proof-of-Brain algorithm. That's precisely why it was so important to shift focus to MIRA and ensure that Steem would be able to support all of the transactions that will come from the release of SMTs.

Every year of Steem’s life has been full of new developments and progress to an entirely new plateau of usage. While things never go completely according to plan, Steem’s ability to outpace the competition where it matters has been astounding. While we, the Steem community, have certainly seen our share of trials and tribulations, Steem has always continued to chug along every 3 seconds, allowing us to emerge stronger from all the challenges.

Year 4

The blockchain world is far too challenging and volatile to make accurate predictions. Year after year, Steem continues to surprise even us, the team that launched it. What we do know is that no other blockchain has undergone such heavy usage, for such a long period of time, and managed to keep up with the demand without skipping a beat. Not only that, but improve. Steem has 20 Hardforks under its belt, and another on the horizon that will introduce a worker proposal system into Steem (the SteemDAO) and the first Hardfork built by a community developer: @blocktrades.

We can’t say what year four will have in store for Steem, but we can say that thanks to MIRA, our amazing community of developers, and our vibrant community of users, the Blockchain of Opportunity is positioned to thrive.

The Steemit Team

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Let's see...

Since Steem launched 3 years ago, it has gone from a Top-5 coin on coinmarketcap and fallen all the way down to around 40th-50th place, depending on the day.

Steem was #1 on Block'tivity in terms of operations, now it is 5th or 6th (depending on the day) with 1.2 million operations avg, while EOS is #1 with over 19 million operations.

https://blocktivity.info/

And then, if we look at some recent independent rankings of the Steem blockchain...

We can see that the CCID rates it #10 currently (it was #2 a year ago).

https://www.ccn.com/why-bitcoin-plunged-to-15th-in-chinas-bizarre-crypto-rankings

The recent letter ratings that appear on coinmarketcap give steem a "C" rating, which is only one grade above an "F" (there are no "D" ratings) and currently puts roughly 73 other projects ahead of steem with higher ratings.

https://app.flipsidecrypto.com/fcas-scores

Taking all of this in (and much more), and the last few years don't really seem like we are improving all that much...

With the current mindset, it will only going down to oblivion.

Not a single "big player" can't figure out simple math:
There is X coins pumped into the system every day, worth about 10-15k $ at the current rate.

Those 10-15k could be easily given to some influencers (take some from Patreon) or already successful websites (GuruShots, eRepublik, whatever...), or real marketing experts or any reasonable expert.

How many of those could be hired per day? The math is simple, about 50.

Instead of taking some experts, we are recapitulating fallen East-European economies from the 1980's.

If you want to turn your 1.000.000 Steem into 3 Million $ instead of 0.3 Million, go there and:

  • bribe some exchange to put STEEM on ATMs
  • make a contract with RT, they are already here, and publish it. Lough!!!!
  • find a popular website and give them a contract to upvote them with 1.000.000 power/day (500$)
  • find several influential people on Patreon and - be their Patreon (if they mention Steem)

Be professional, stop living in that echo chamber and wake up

According to Alexa:

Well said!

Have you tried getting any of these ideas in front of the steem team?

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oh my, such trickery,
you can't do that
BECAUSE ITS WRONG (thats what im guessing why they don't ....)

gods damn where do i find a steemit logo bare and blank here ...

There are loads more coins around now too so it's unreasonable to expect it to stay in the top 3

Is it unreasonable to expect it to be in the Top 20? At this pace steem will be outside the Top 100 by this time next year. Currently 54th.

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Great post, @andrachy! This year will be very exciting and super productive.

Happy Birthday Steem and Steemit inc. We started the distribution of commemorative badges to our oldies Steemians.

We wish a long live to our favorite blockchain and, for sure, all the projects and developments you mention will contribute. Thanks for what you are doing at Steemit inc.

Happy Birthday! 🎉🎈🎂🎉🎈

Steemit its your birthday, Godbless you this day, you gave me the gift of a brand new blockchain
Happy Birthday Steemit, Steemit its your Birthday
Happy Birthday Steemit, Steemit its your Birthday
I wish you luck with ads
i wish you luck getting SMTs on their feet
I wish you luck with Mass Adoption
and your first investment from wallstreet
Happy Birthday Steemit, Steemit its your Birthday
Happy Birthday Steemit, Steemit its your Birthday

Steem has such a cool story, it's a blockchain underdog that keeps on pushing along minding it's own business, soon enough though, people will have to turn their heads towards Steem and plug in or they could be left behind.

Thank you so much for all that you have done for the world opening up this amazing site, it has literally changed my life and the lives of others on the platform. I love all of you!

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Happy Birthday Steem! <333 Changed all our lives with so many unforgettable moments

@steemitblog,
First Happy B'dy STEEM! Then I am quoting this phase and I understood why MIRA first!
That's precisely why it was so important to shift focus to MIRA and ensure that Steem would be able to support all of the transactions that will come from the release of SMTs.
Let's focus on year 4, hope we could see huge improvements and more DAPPs + SMT here!

Cheers~

Wow, so much has been achieved and created. One gets the feeling that steem is loved by those who steer the ship. Thanks so much to all of you who work so hard and share creativity and skill for the good of all of us. Happy Birthday:):):)

Happy birthday Steem ;)

Sorry but you forget to mention @steemhunt ;) which is one of the fastest grown dapp built on steeemit ;)

The Resource Credit system was added to Steem in Hardfork 20 and that system has been functioning so well … nobody even talks about it.

Right, and Brooklyn has a bridge for sale so I hear.

Happy to be able to say that I've been with Steem for most of its journey so far! But even more exciting times ahead!

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