Good question. Steem will have its life-cycle just like any other coin. Steem is by far the most prominent social media coin, so that puts us way ahead of the curve for now. Be on the lookout for "competing" technologies.
I believe Steem will have a much longer life cycle than Bitcoin. We can adapt much faster, but still we have many limitations. A technology can't compete with us if we can incorporate it into the blockchain ourselves, but in the end, three second blocks and our lack of ability to multi-thread may be an eventual downfall. This isn't something I would worry about for another 5-10 years.
We can already see that 3 second blocks and zero transaction fees can create apps that Ethereum could never dream of producing. Steem is still new and unknown; a child trying to figure out the world.
Remember, the mob holds all the power. Not as in organized crime, but just people in mass. The elite needs to keep the bottom of the pyramid enslaved to consolidate their power, which means they have to control the economy that the mob embraces. Once cryptocurrency and decentralized economy takes root, it will be near impossible to accomplish this task. Very crazy things are going to happen within the next 10 years; both good and horrific I'm sure.
I believe Steem will have a much longer life cycle than Bitcoin. We can adapt much faster, but still we have many limitations. A technology can't compete with us if we can incorporate it into the blockchain ourselves, but in the end, three second blocks and our lack of ability to multi-thread may be an eventual downfall. This isn't something I would worry about for another 5-10 years.
Why would three-second blocks be a problem?
What do you mean by multi-threading? The blockchain is linear. Are you talking about sidechains?
I want to put games and applications directly on the blockchain. This means that the smallest tick of time on Steem is three seconds. 3000 millisecond lag will not be acceptable for some applications. Also, right now each account can only comment (put text info on the blockchain) once every 20 seconds... another (self-imposed) limitation.
EOS is already ahead of the game with 0.5 second blocks and multi-threaded applications. This obvious upgrade makes sense considering @dan was the mastermind behind both projects.
I suppose a side-chain is kind of like a thread. To be honest I'm not quite sure how EOS implements multi-threading... only that it does. If we consider smart contract platforms to be the operating systems of the Internet, multi-threading will be a requirement of the future. Imagine having a computer that could only run one app at a time. It would be near worthless.
Good question. Steem will have its life-cycle just like any other coin. Steem is by far the most prominent social media coin, so that puts us way ahead of the curve for now. Be on the lookout for "competing" technologies.
I believe Steem will have a much longer life cycle than Bitcoin. We can adapt much faster, but still we have many limitations. A technology can't compete with us if we can incorporate it into the blockchain ourselves, but in the end, three second blocks and our lack of ability to multi-thread may be an eventual downfall. This isn't something I would worry about for another 5-10 years.
We can already see that 3 second blocks and zero transaction fees can create apps that Ethereum could never dream of producing. Steem is still new and unknown; a child trying to figure out the world.
Remember, the mob holds all the power. Not as in organized crime, but just people in mass. The elite needs to keep the bottom of the pyramid enslaved to consolidate their power, which means they have to control the economy that the mob embraces. Once cryptocurrency and decentralized economy takes root, it will be near impossible to accomplish this task. Very crazy things are going to happen within the next 10 years; both good and horrific I'm sure.
Why would three-second blocks be a problem?
What do you mean by multi-threading? The blockchain is linear. Are you talking about sidechains?
I want to put games and applications directly on the blockchain. This means that the smallest tick of time on Steem is three seconds. 3000 millisecond lag will not be acceptable for some applications. Also, right now each account can only comment (put text info on the blockchain) once every 20 seconds... another (self-imposed) limitation.
EOS is already ahead of the game with 0.5 second blocks and multi-threaded applications. This obvious upgrade makes sense considering @dan was the mastermind behind both projects.
I suppose a side-chain is kind of like a thread. To be honest I'm not quite sure how EOS implements multi-threading... only that it does. If we consider smart contract platforms to be the operating systems of the Internet, multi-threading will be a requirement of the future. Imagine having a computer that could only run one app at a time. It would be near worthless.
Interesting, I didn't think of that aspect of the technical challenges of gaming here on the Steemit blockchain. It does present challenges for sure.