Is Steemit in Trouble? (new ICO)
Innovation is an ascent that builds upon achievements of others.
Companies, teams, and entrepreneurs have always looked at existing innovative products and considered means to develop something better. Many of the electronics companies today reverse engineer their competitors' products to learn how the products work; then they research ways to advance the product's abilities. Software developers are no different.
The blockchain industry, in particular, is grounds for rapid advancements built upon concepts borrowed from existing products. In this market, new projects stand on the shoulders of existing products, that may have been developed just a few months ago, and grasp a greater level of value offering.
Steemit is one of the most successful products utilizing blockchain technology, but could a new project, MEDIA Protocol, provide something better?
The Function
MEDIA Protocol intends to remove the existence of centralized entities in the content market. It provides the means for other platforms to build an open market where content creators are able to deliver content directly to consumers.
These features seem similar to what Steemit offers because both products aim to decentralize the content industry, but there are many important differences.
One major difference is that Steemit is just one platform. MEDIA Protocol provides the means to other platforms to achieve the features Steemit has.
Moreover, MEDIA Protocol has a key focus on developing engagement without having content creators rely on centralized entities; that’s why the economics of the rewards a consumer can get by engaging with a particular creator are decided by the content creator as he/she is offering the incentive. Steemit’s engagement rewards are limited by the daily rewards pool.
MEDIA Protocol opens up the door for creators to earn in many ways as they can receive tips or set-up pay walls for premium content.
Steemit has always had an intent to become a new form of social media and it’s cored on individuals making their own profiles (including their own blogs). MEDIA Protocol is a means to develop an open market for content all across the web.
Is Steemit Over?
Steemit and MEDIA Protocol are not direct competitors, however, MEDIA Protocol has the ability to build platforms that could be competitors to Steemit.
In a direct comparison, these two products could actually function to strengthen one another. As MEDIA Protocol has the ability to bring an open content market across the web, it can penetrate new circles that hadn’t been very crypto-oriented through the incentive of allowing them to handle their own content market. This way, MEDIA Protocol hones the interest of a new user base that would eventually become accustomed to an open content market; some of these users would eventually go on to adopt Steemit.
Steemit’s made efforts, over the past 2 years, to gather an audience interested in an open market for content. Now, many of these users have become accustomed to content in this form and these users will fuel MEDIA Protocol’s beginning. With time MEDIA Platform will bring in more people into this form of a content market and some of them would spill over and adopt Steemit as-well.
Essential MEDIA Protocol ICO Links
🌐 Website: https://www.mediaprotocol.org/
💡 Whitepaper: https://www.mediaprotocol.org/papers/whitepaper.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=3396313
💻 Telegram: https://t.me/Media_Protocol_Community
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i think steemit is safe
As I said, the two products could actually strengthen one another.
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Great find @hatu, this is very pertinent information to the steemit user base. I flew through the whitepaper, will take more time to read it again. This brings up a few immediate questions for me. #1 Why not use steem token in the user base for this due to the slower transaction rate with ERC-20, if I understand it correctly 5-10 transactions per second? That is barely enough to support a single city newspaper network. Also, not to be in denial, because I do think this is next level thinking and to a degree where steemit needs to aim, but this seems much more so for professional writers with bigger audiences. Many more people are better to be able to "press the flesh" so to speak here on steemit and post with less formality and less stress on being more professional given the competition that will be on that website. Do I want to pay Jimmy Public Blogger 0.04 to read his/her hot sports take of the day, or do I want to pay William CorporateConglomerateAuthorPublisher $2 sbd for a 6 month subscription? SBDs used to demonstrate the point, they work their own token of course but I think you get the point.
Oh and you raise an interesting point!
You might be on to something when you say that this might be better suited for professional content creators. It better alligns with their needs too since there is a heavy focus on building creator-sponsored engagement.
But I feel at the end of the day, it will offer opportunities to content creators of any calibre.
Hi cryptkeeper, first off, I hope you becone a regular commenter since this is the type of active engagement I hope to receive :)
Now the response:
You actually raise similar points as I did when I had a talk with MEDIA Protocols team yesterday. I can see why they won't use SBD; there's some speculation that SBD is backed by $1 fiat of STEEM so it could eventually be pegged at that price. Even if the chance is low, a 3rd party project won't take that risk. I actually asked them why don't they use STEEM blockchain.
I learned that the main reason is that any URL (and later IPFS address or other distributed protocol for sharing content based on blockchain technology) can be registered against an Ethereum account and form part of a transaction between content publishers, promoters, distributors and consumers.
And if the team feels they eventually need more scalability, they stated, "We have the option of migrating the token to a different blockchain, which could be our own, or another third-party alternative to Ethereum."
It's good that they have considered all possibilities and are prepared to migrate to alternate blockchains (or maybe even build their own) if the need arises.
Yes certainly, I love to see what the ICOs are coming up daily, really a lot of it is over my head, I am newer to crypto, hadn't really given it any thought until I joined steemit back in december of 2017. I like the multiple dynamics they bring in payment structures, that is very fascinating. Thanks for the legwork in bringing this out and I will be checking out your posts as often as I can!
Good to have you aboard; I look forward to future engagement with you.
As for ICOs, you are right, there are many coming up every day, but I try to write posts on those that stand out. ;) Lots of projects are pursuing so many different innovations and you'll be hooked to getting updates in no time.
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Good article. Thanks for sharing this valuable informations
Thank you!
I appreciate your support.
Thanks for the info. I'm a newbie to the blockchain. (It's the Wild West!) But I'll do some digging to understand more.
Hey Mark, welcome to the blockchain community :)
I write about new projects daily so you're welcome to follow me to stay updated.
I think steemit has the first mover on the matket advantage. Combined community, working beta, even Dtube quality network. Steemit really beats out other project hands down tronix- media protocol etc.. are necessary competitors as the market grows or narrows....
You're making a great point that Steemit has the first mover advantage against other platforms. But MEDIA Protocol itself isn't a competitor; it will be turning other platforms into competitors of Steemit. So as far as individual platforms go, the market is about to become cut-throat once this project lifts off.
So your saying media protocol is more open sourced and Steem is seen as more legacy based software.
I do want to see Steemit 1.0 if it has any major changes when launched.
Thanks again hatu!
MEDIA Protocol can be seen as a Steemit-builder. Turning anything else with a URL into a content hub similar to Steemit. So, I guess you can saying it is spreading the legacy of Steemit's finctionality across the web.
thanks for following.Floowed u back and upvoted
You're welcome.
I like to keep up with updates on exchanges so I really liked your post on BitEsprit.
i've been vote you please upvote me thx @hatu
Thanks @registering :)
I'll have a look at your work.
this is an amazing project @hatu, I never really thought of it from this angle. I'm pouncing on the whitepaper right-away!
Glad you enjoyed It :)
I look to analyze projects from several value points.
tôi đang theo dõi những bài đăng mới nhất về bạn . hãy thei dõi lại tôi
Welcome aboard! :)