Is Steem Undervalued or a Failed Project? Could EOS Be The Steem Killer?
I know Steemians have a strong faith in Steem and are very optimistic about it. To be honest, for a long time, I too was very optimistic of Steem blockchain. But now I’m starting to lose my patience. Would you like to motivate me once more by telling the strength of Steem and convincing me on this project?
What I don’t like about Steem
Endless waiting for features! We’ve been waiting for a long time now for several features like Communities (Hives), SMT, official iOS & Android mobile apps, notification alerts and on and on. But nothing is being delivered. Check the Roadmap 2017 and see if all that has been delivered even today!
What about the scalability and bandwidth issues?
In November 2017, community input was invited for finalizing the Roadmap for 2018. I never heard of the Roadmap for 2018 after that. There were talks of addressing the issue of mass on-boarding of accounts, but nothing materialized so far. It’s about a year when the proposal for HF-20 Velocity was mooted but there hardly seems to be any progress on that front too.
I see that Steem always misses its own targets. However, we have reached over 1 million accounts by now but Steemit doesn’t show any signs for coming out of beta soon. It's not ready yet.
I also see the much talked “Proof of Brain” concept isn’t working as desired. We all know about the debacle in “Hot” & “Trending” sections.
In spite of all these, I still loved Steem as a blockchain. I could see something very valuable and unique in it.
What gives Steem its most value?
No, not the quality of the content being posted on it, not even the number of users or the so-called network effect. In my humble opinion, the best things which provide value to Steem are:
- Free Transactions
- High speed of transactions with only 3 second block interval.
- The huge number of transactions it can support. Steem is the leader among all blockchains with about 2 million transactions per day. Check for yourself here.
- Username Wallets (All other crypto wallet addresses, excluding BTS, are a long alpha-numeric chain of characters, which cannot even be pronounced, forget memorizing it).
- The promise of SMTs, multi-chains; and interoperability of all SMTs issued on Steem blockchain.
Compared to EOS, do Steem has anything better than EOS?
EOS Mainnet is going to be launched in about a week from now. The minimum transaction per second (TPS) at the time of its launch will be 1000 TPS which is same as Steem blockchain. But it is stated that EOS can be easily scaled to 10,000 TPS and beyond. Considering that any number of chains can be launched in parallel, it can make infinite transactions per second.
Transactions on EOS are free too. The speed of transaction on EOS will be only 500ms. And EOS will also have the feature of “Username” wallet addresses.
EOS blockchain hopes to add 1000 dapps in just one year. Several of these dapps will be social media apps. E.g. Recently launched ONO social media mobile app has already gained over 200,000 genuine users (registered with their mobile numbers). And this is when the app is launched only for mainland China. It's very likely that this one app which is going to launch internationally in the coming month will get more users than Steem. And there are about half a dozen social media apps waiting to be launched over EOS blockchain.
So what does Steem has got that EOS doesn’t?
Aside social media, EOS has got many more use cases. I don’t think Steem has any advantage over it but one.
Steem has proven itself with a successful functional model. EOS is yet to launch and who knows how successful its launching will be. But in case if EOS does what all it has committed, it’s going to give a tough fight to all other cryptocurrencies.
If Steem really wants to keep up, it should catch up fast. Not only, all the pending tasks need to be completed soon, Steem needs to re-invent itself to keep with the times. It shouldn’t be fighting a lost battle.
Only a couple of days back, I found a very uplifting update from Steemit blog. when I saw a sudden spike in Steem prices on Binance but that price hike was very short lived. Now is not the time to give some half-baked updates but now is the time to deliver and maintain Steem's leadership in social blockchain space.
- Will Steem continue to keep our dreams alive?
- How much more patience have you got?
- If Dan Larimer announces Steem 2.0 on EOS, would you stick to this platform or move to the new one?
Undervalued! I think it is starting to become more valuable though. It seems like people may be trading in their SBD's for Steem.
Hmm, may be. BTW, I was not talking about the internal conversion between its native currencies!
I think it is bullish when people on here want Steem. There was a time when SBD was more valuable than Steem which does not seem like it should ever happen unless Steem is below $1.
I don't think we could ever see $100 Steem and $50 SBD. I think SBD would have to be down near $1 for that to happen.
Steem actually cannot be compared to EOS in any bit as they both serve different purposes. I was so found of steemit that i neglected all the set backs. It marvels me why registration is still so hectic to go through. I am a promoter but currently fed up of promotion since many people sign up with a burning spirit to accomplish something on the blockchain just to wait for 2 to 3 weeks which eventually burns desire left in newbies. Ono for example will grow faster than steem if this is not sought to. The growth of a nation always rests in the hands of its youth
Well, no two blockchains are alike, so it's understandable that they can't be compared in every respect. But I get your frustration when you make so much effort to convince some one to sign up and then this account opening issues kill all your efforts. I don't think it's gonna change before the Velocity Hardfork. Let's hope for it sooner than later. I hope you will save your energies of promoting steem until then.
Thanks for all you do for promoting Steem!
Steem should seek to become an EOS chain. It has the first mover advantage, and is based on the exact same technology. Moving to EOS would allow the Steem devs to focus on high level features and let the low level stuff to Dan and his new team.
IMHO, Steem can very well compete with social networking projects on EOS blockchain if it comes up with SMTs, Communities, Velocity HF, mobile apps and AppBase sooner and improve its UI to make it more user-friendly and feature rich. Moving to EOS is like launching another project altogether. Let's make Steem blockchain better and more competitive.
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Nice post
Thank you!
All projects look great on paper. You see real issues when they are launched. Steem can be used as a currency because it is faster plus steemit has first to market advantage. One other thing about content, facebook has lot of crap content, but it doesn't get highlighted because there trending pages are not sorted based on influence tokens. They are on real upvotes.
Agreed that EOS has yet to prove itself. But going by the success of their testnet and work initiated by several app developers on its testnet platform indicates a lot of things to come around in near future. And as regard to speed of transfer, EOS would be 6 times faster than Steem. But I agree with you that its launch won't be without any issue. It all depends on how quickly they are fixed. Fingers crossed.
I was starting to get discouraged and thinking they were never going to deliver but the update you mentioned renewed my hope (and patience as well). I think we will eventually get the updates we have been promised. I hope they are able to time this competitively with developmemts on EOS. I invested in EOS as well but I plan to maintain a presence and a wallet balance here on Steemit for a long time.
Nothing to be so discouraged about. Steem is going to survive EOS competition. Sometimes monopoly needs to be broken for bringing out the best in a project. I feel the competition from EOS will be healthy for Steem ecosystem in the long run. Let's see what the future holds for us.
To the contrary, EOS will be the STEEM enabler. Dan has already hinted that "STEEM 2.0" will be coming to EOS. I would imagine (hope) that a snaphot of the STEEM blockchain will be taken and import to the new platform.
EOS will massively improve the usability, features and speed of Steem, I am really looking forward to it,
I think that's an illusion. The Steem 2.0, Dan is referring to, would be in direct competition with Steem. Steem blockchain is not going to be abandoned by taking a snapshot and moving it on to EOS. Steem blockchain has its own value and a lot of work is needed for its betterment.
Fair point but steem has serious limitations. For a true blockchain replacement for the centralized social media sites out there, a lot more functionally would be needed in my opinion. I am certainly not saying steem should or will be abandoned for sure.
You are right it would be a direct competitor and that is a good thing for progress . The reason I say that a snapshot “could” be taken would be to stop the outcry of all the people who have put a lot of effort into this platform already.
Just my thoughts, not trying to cause FUD or spread rumor, I love this platform and the freedom behind it.
You're right in every respect. But I don't think Ned & Dan are on good terms now. They are now in direct competition with each other 😊.
Even if they were on good terms, I'd have preferred to keep the both projects separate. Let there be many ideas. The one which turns out the best will lead in long run. Nothing can be said with certainty as of now as what will work and what not.
I guess Steem has the 'first mover advantage' and EOS might find it hard to make early inroads, and in the meantime Steem will continue to grow and change.
Changes tke time on here but I agree they are taking more than alot of us would like.
I think the biggest thing that could be the downfall of Steem is the overuse and abuse of bots, and how many more are being created - it undermines the 'proof of brain'
"First mover advantage" has its own challenges and it doesn't give you any privilege to take infinite amount of time for development. To me, the one who comes out of the beta first will have the first mover advantage.
I agree with you that Steem will continue to grow and change. But the one who grows faster will lead the market.
BTW, introduction of GPTs will improve the relevance of "Proof of Brain" a lot. Let's see.
Yeah thats true. Steem still has many problems and the longer it takes to fix these the more it gives others a chance to catch up and become the industry leader.
Steem is fine, all other tokens are overvalued.
WOW, that's a good way to look at it! Let's hope for a huuuuge correction in BTC, ETH, EOS etc. 😉.