STEEM: The Apps Point To Enormous Success
Perhaps you remember a report that some heads a few weeks ago from Kevin Rooke. He is a crypto researcher and he noticed that there were a total of 8 applications on the EOS AND Ethereum blockchains that had 300 or more daily users on them.
But, the lack of activity in dApps on both Ethereum and EOS do not solely pertain to the difficulty in scaling public blockchain networks. The 0x protocol, as an example, which facilitates peer-to-peer cryptocurrency trades through a unique hybrid on and off-chain mechanism, is able to process many transactions on its network for decentralized digital asset exchanges.
Rather, the lack of dApp activity can be assigned to the user interface of most dApps and the concept of decentralized systems that is still relatively new to the vast majority of consumers.
https://247cryptonews.com/ethereum-eos-have-8-dapps-combined-with-300-active-users/
Certainly it could be justified to cut EOS some slack since it is a little over 3 months old. But Ethereum, in addition to ICOs, has a reputation as the leading blockchain for DApp creation. While it might create the most, it appears that few are using what is on there.
Do you know one area where this is not true? STEEM.
There was a post put up by @fknmayhem that listed the different applications on the STEEM blockchain. Compared to what was published just a few weeks back about EOS and Ethererum, this blows those numbers away.
The first thing you will notice about the chart that is to follow is that Steemit dropped below 50% for all posting on the STEEM blockchain. This is wonderful news. Most of us are well aware that the development team is hard at work on other issues instead of focusing upon improving the Steemit user interface (thankfully they were on the ball a couple days ago with the blockchain). This caused Steemit to be out-dated, confusing, and basically a terrible interface.
We are seeing Steemians transition to other interfaces as more people come online and word spreads about the benefits of busy, steempeak, and partiko. I long felt that the Steemit interface would lose the flagship status in a short period of time. It appears the clock is running on that.
The other thing that jumps out from this list is that there are 12 (not including the bot category) applications that are over 300 users. Now, this time period if for two weeks but I do know that @actifit, which is #10 on the list, eclipsed 300 posts on a few occasions and is very close to doing it daily.
Essentially, we are looking at more DApps on the STEEM blockchain having over 300 users than on both EOS and Ethereum combined. Yet, you never hear STEEM mentioned in any of the conversations about DApps or usage on the blockchain.
Of course, we know there is this little tidbit that is well publicized on here.
Why is all this important?
Quite simply, it tells me that STEEM is a hidden gem. STEEM has applications that people are using. This is the next wave. The talk the last few years is about blockchain. That is going to stop being the case. In the not-too-distant future, the discussion will shift away from blockchain to the individual applications. They will be what gets the publicity.
I equate it to SMTP. Nobody discusses that or sets out to learn how to use SMTP. Instead, people get familiar with Gmail, Yahoo mail, or whatever email system they are using. Blockchain, and even the main token on it, will tend to fade into the background in my opinion. It is going to be the applications that start to garner the attention.
With Hard Fork 20 coming up (I presume it is not delayed) in a week, we will see the ability for the applications get people STEEM accounts. This will expand their range substantially. Now these apps can draw from people outside the STEEM ecosystem, thus increasing the usage of this blockchain even more.
In my first post yesterday, I discussed how social media is not going away and, with 3B more people coming online in the next 7 or so years, it will only get bigger. STEEM is going to reap the benefits of that to a large degree. With an online community of 7B people, is it unrealistic to see a few hundred million? I do not believe so.
Thus far, in spite of the pricing action, 2018 has been an incredible year on the STEEM blockchain. All this development is only going to set STEEM up very well going forward. The fact that the applications on here are already outpacing those on the more hyped chains shows the incredible potential that is on here.
Once the applications start their promotional campaigns, there is a good chance we see STEEM really start to grow.
It is a great time to be involved with STEEM.
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I'm going to wonder what App is going to take the lead. My only question would be if holding the smt of the app be better than holding steem itself.
My bet is on Steem itself, lots will be locked up to power the SMTs so prices should rise!
I think it very possible that an app token outpaces STEEM. I think at this point, they are linked because when you use an app, you earn STEEM also. But there could come a time when an app goes viral pushing it to obscene heights.
As for which one, that will be a battle back and forth I think. I like @actitfit because of the mass appeal since most everyone moves. Some of the U/Is like Busy, if they evolve into a FB type model, could do it.
The most exciting part @stackin, we holding STEEM benefit from all of them.
Interesting take. SMT rising should help raise the price of steem. However, SMT should in theory have more legroom (ico prices etc) - so I would think hodling the right SMT at the right time is the play, will.be like ICO hunting all over again.
Posted using Partiko iOS
Why not both? Actifit is giving out their tokens for SP delegation so there are ways to passively earn SMTs through Steem.
While it can be frustrating at times, the lack of hype surrounding STEEM has always been a plus for me as an investor. I also speculate on it as a hidden gem, but it's really more like the elephant in the room with by far the largest amount of practical activity happening on a daily basis. Steemit dropping below 50% of overall activity is very encouraging indeed. It shows that the real value of this community is in the open-source forward motion of these excellent third-party tools.
Like you mentioned, social media will continue to grow in importance as time goes by, especially in developing nations. The internet penetration in many of those countries with massive populations is still relatively low (India, Africa, etc.) so we will see explosions of growth occurring as the access to cheaper smartphones, computers, etc. increases. The next 5 years will be interesting indeed!
Until something drastic proves me wrong, I am a STEEM permabull.
Steem is the true Ethereum killer!
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Very good observation and look into the future. A lot of people will miss the great opportunity to buy dirt cheap steem.
I would that in addition to the numbers of transactions being processed, STEEM as per Blocktivity also continues to demonstrate its ability to scale if adoption is to increase. Unlike ETH and others that almost crumbled with the success of one DApp like Cryptokitties, STEEM keeps going with no impact to fees. It is truly proving to be a dominant ecosystem for transactions!
Yes, that is the big difference. Steem has Dapps that people are actually using. And more people will come onto the platform as the interfaces and implementations are maturing. And we, all of us, are part of that, and are in a way also responsible for its growth. All this by writing great articles, like yours, and writing great comments (like mine ;-) ).