My Thoughts about the Future of STEEM

in OCD6 months ago (edited)

Regardless of what all happened last month, I do believe the outcome is actually good! Two chains with the same history; Now geared for independent growth; Both with a totally different approach. While HIVE is trying to solve everything in a full decentralised manner; STEEM has a great marketing machine and direct support of the company that founded a top 20 coin!

I'm mostly impressed by the deal TRON Foundation made with Samsung; This can be HUGE!

How cool would it be when the deal between TRON and Samsung will result in STEEM based apps to be shipped - by default - onboard of the Samsung smartphones? Having experience in the Telco market for more than two decades; I know for sure this will drive usage, no doubt about that!

I'm looking very much forward to things like that happening!

On the other side I published a post that is as relevant for the STEEM chain and STEEM based social networking (just replace HIVE with STEEM and HPS with SPS). Therefore I like to share this post with the STEEM community as well.

What is HIVE to you?

HIVE to me is a second chance to get it right. While our parent introduce blockchain based social networking about 4 years ago, the concept is not nearly close to a successful service. We have relatively low retention rates. Rewards distribution is far from what it should be. Most to all services are far from optimal. We have too many similar projects ongoing. We work too much in silo instead of together.

Due to circumstances the creation of a new home for ourselves was inevitable. Now have one, let us use all the experiences from the past to reflect and remove the 'bad' and introduce the 'good'. For anybody 'bad' and 'good' may mean different things. I'll give you my idea of 'good': RESPECT. That single word describes it all. When we have respect towards not only our fellow community members, but also to our chain and eco-system; We have the best cards to create a world leading blockchain based eco-system.

image published by Crypto News Flash (source)

What do you want to see HIVE evolve into?

This is not so easy question to answer, at least not for me. I have some thoughts, but those do not trend to a single conclusion. I think we need to 'force' each service to use its own token with its own reward pool. HIVE tokens shall not be used to reward service usage anymore. The budget available can - for instance - go to HIVE Proposal System (HPS). More about my ideas around HPS further down.

The beauty of our chain is that it can be used for many things, including instant payment systems and other financial services, marketplaces, games, social networks and many other service types.

Maybe the long term goal should be just that: The heart of a complete virtual society hosting all the service we need to live our digital lives. Maybe we shall focus on a specific service type as the goal. Both have its advantages, although optimal growth rates are usually achieved by focus. I lean to the later, focus!

Maybe we shall focus on creating the best social network on earth! Aiming to beat Patreon, Reddit, Quora and even Twitter, Instagram and Facebook (ok: am a bit dreaming now :)) I would welcome collaboration(s) with existing service also, when this support our own growth.

What do you think about having a large funded DAO for future HIVE development?

With the Hive Proposal System (HPS) I think we have quite a unique mechanism available to fund relevant developments for our HIVE ecosystem. I do support the choice to increase its holdings and budgets.

The question is: Will this system work as it should work?

The first question is to ask: How it should work? Thats an easy one: I believe this funding shall only be available for services that can or will have a considerable influence on the growth of our user and usage base. Added to that, this can only be given to those projects that hand in an extensive proposal; A post is not sufficient imho; I expect to see a business plan and plan of approach including everything that is standard in the fiat and investors world before I would consider to vote.

Talking about voting...

Recently we've seen how lazy most of community members are concerning voting witnesses. Many never really looked at witness voting. We needed a crisis and gazillion Twitter and chain based posts and comments to get the community mobilised. How will the community be mobilised to regularly research all proposals? How will the average user in our community be able to conclude the value of the proposal? I'm in the tech industry, working closely with developers - marketeers and sales people - but even I will have difficulties to determine the real value of a development proposal (feature or service). To let this system work as it should be: This shall included a substantial influence for the small accounts; We shall not end up in a situation a few large stake holders decide the funding. We may have to adapt the HPS, expand on its governance, maybe include several independent integrity and moderation teams (maybe holding veto rights?) to filter the honest proposals. I do know, the way its setup right now, seems far from optimal and may in practise not to work.

External funding stays prime source of development

Regardless of us having a well funded HPS, the chain eco-system development will require more, much more, money to get it developed into a state it can compete with services in the fiat world. I predict that all the high profile projects that still need to be proposed, will require such an amount of money, the HSP will not be able to fund it at all.

Maybe HPS shall be used only for kickstarting ideas? Alpha version? While turning ideas in quality services shall find it's funding somewhere else? When proposal owners are not able to find external investors for its initial version of the service, the service may not be interesting and good enough? So why funding it from HPS then?

What does HIVE mean to you?

HIVE became part of my life since I discovered our parent chain and blogging service more than three years ago. While I'm member of all well-known social media services, I was never a true active participant in any of them. This all changed early 2017. I was not only very interested in the blogging concept, I started to participate for the sole reason to figure out what a blockchain based social network is, how it works, and what it can do and will evolve into. One thing lead to another, and now I'm pretty much aquatinted with the entire crypto universe. I believe because I like to see a blockchain based social network to really succeed, I'm kinda stuck to the chain and blogging services; happily stuck if I may add :)

STEEM is still HERE

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