Steemit Is Getting New Competition - WhaleCoin. Am I Worried?
A new social media platform that used Steemit as it's case study is saying it will be bigger and better. Almost all of their ideas are similar to Steemit except the rewards and how the distribution and voting power works.
Relax... don't freak out. Competition is inevitable... our communities response is what is important.
What is WhaleCoin?
Here is a description of WhaleCoin.
We describe a simple mined cryptographic blockchain which
is designed to power a unique decentralized social network. The social
network supports several types of roles and notably the “Whale” role
which is given to any user who holds at least 1,000 tokens. The total
number of Whales on this network will always be limited and Whales
will have the power to influence how blockchain rewards are distributed.
An incentive structure will be designed so that “Followers” will attempt
to gain approval from Whales who will then influence the blockchain to
send them rewards.
It sounds like they are making a very similar product... to the point it almost lacks any creativity.
Will It Work?
First of all, these are clearly people that have some interaction on Steemit. It also sounds like they didn't have a very good experience. For me, I love that we can create things when we don't like aspects of things that already exist. I wish these guys the best of luck, but I caution them.
Their ideas seems like it is very close to the idea of Steemit. Even Steemit had mining originally. Also having whales and another ocean theme just seems like a bad idea. Why confuse the brand with Steemit? Why not come up with a different concept that can expand? I think they would have more success if they come up with something different as their theme.
It is a good time and still early in the crypto space, but if they can't address more issues than just the reward system, then people won't switch and it may or may not catch on. This is a very competitive world and things are just starting so I would never count them out, but I think they have a long road to go.
(all gifs from giphy.com)
What Will This Do To STEEM and Steemit?
I hope this will help Steemit. All the issues that Whalecoin bring up, we could fix in some kind of a fork. If that is done early in the development of WhaleCoin, then it could cripple it's growth. It would be wise for the Steemit powers that be start discussing on how to improve and cut Whalecoin off at the knees.
STEEM is still one of the only coins that has a product that is used daily and with a community as large as this one. When speculation dies down a little in the market, STEEM should rise. If Steemit can figure out how to ethically torpedo WhaleCoin, then the price of STEEM should go up to. It will show the market we have a proactive community.
What Now?
WhaleCoin should do everything they can to grow and be all they can be. I also think that the Steemit community should use this competition to come up with a new fork that improves the site, reward system and voting weight. If we can do that, it doesn't matter what WhaleCoin does.
Let me know your thoughts on the crypto social media competition heating up in the comments below.
To my followers, your are the strategy behind my Steemit conquest.
I ain't scuurrred. Steemit is numero uno!
steemit must improve the interface very quick, this beta version doesn't give a feeling of a social media .
Have you ever tried using Chain.BB?
"An incentive structure will be designed so that “Followers” will attempt to gain approval from Whales who will then influence the blockchain to send them rewards." This language always bothers me. I kind of liken it to trying to get my Representative to listen to me when I don't have a million dollar donation to make. The language is a little disheartening and almost stopped me from joining Steemit, but I jumped that hurdle and here I am, and I am so glad that I am. Steemit offers many different projects and support systems and maybe that could be what we use to put Steemit ahead of the pack. Thanks again for a great post, @walkingkeys and for your support on my posts as well ;)
x x
Mo
I'm glad you joined too. I'm happy to support. I appreciate the feedback and the reply.
Thank you for your post, I did not see it when I was writing mine, (slap forehead stupid me could have saved a lot of time if I read this). I just finished re watching the Stargate series, I need no false GOD to follow, and I need no one's approval of my blog/thought process.
I LOVE Stargate! (a little nerdery goes a long way!)
To me, it seems when an idea is first created and starts to get its legs stable, so to speak, as steemit is and has done, someone comes along with a "knock off" or competition.
With competition comes advancement.
I've only been on steemit for about 7 weeks but I see longevity and positive progress.
Let copycats come. Steemit has a strong base I believe to handle rivals.
I agree, it is time for advancement. Anyone that does something that works, people will follow. We'll see what happens. I welcome competition, but my loyalty will stay with Steemit.
Thanks for the reply and you picked up a new follower.
thanks for the follow. Been following you for a little while.
Friendly competition is always a welcome thing. As like you, I am loyal to steemit
It sounds a lot like 100 people will decide if you're worth fuck all and if you're not, well then your content doesn't matter one bit no matter how good it is...
Great works, I wish you success
Thank you!
Is that how it is on steemit, a limited number telling the masses how the rewards are going to be handed out? I don't know, but if that is the case then there really seems to be nothing different for the copy cat WhaleCoin.
As they WhaleCoin noted above steemit is doing very good since the launch. And as you can see below, steemit is responding to users needs and desires.
Will their "Limited Number of Whales" be as quick to respond to their followers, and "FOLLOWERS" is what they refer their user base as,(not my choice of words). I do not feel like I have to Follow Anyone on Steemit, I follow who I please, and am certainly not going to slave myself out to a group of people that see themselves as slave masters.
Interesting, thanks for sharing.
no problem. Thanks for reading.
they are even stealing the whale gimmick? don't we have that copyrighted by now ! (-:
hahahahha, that's what I am saying. It lacks creativity. Lol
yeah thats lame sauce.
They could have at least used talking monkeys!