Why #Steemit prevails where Ethereum fails
Several months ago, an avid cryptography student Bedeho Mender outlining the problem that the Ethereum network faces.
https://medium.com/@bedeho/why-your-ethereum-project-will-most-likely-fail-d14b6d8f1c7c#.twwpy0tuv
Namely: Who on Earth needs to use its platform?
I quote:
"Most proposed projects on Ethereum cannot point to a plausible end user benefit which is primarily enabled by being on the platform.
Things like “no middlemen” and “decentralization” are not actual end user benefits, they only potentially generate benefits indirectly.
Perhaps even more so than in the Bitcoin space, using the Ethereum platform seems to be a decisive end-goal for people in Ethereum projects, rather than providing a better solution to a real world problem."
The problem that has plagued the crypto space is really one of use cases. The appeal to "decentralization" and "financial freedom" are mere abstractions to average joe, and not significant enough to entice them to use cryptos.
Bitcoin arguably has a use case, Silk Road, and so naturally, bitcoin price exploded once the site was launched.
How is Steem different?
Isn't it obvious?
It's a crypto-coin with a use case built in!
So now years of wandering around trying to find adoption like a sad puppy searching for a master
Steem was designed WITH a master. It's designed with adoption BUILT-IN.
So hang tight and enjoy the ride, my fellow early adopters, I guarantee it'll be unforgettable!
;)
Check out my other exciting posts:
https://steemit.com/money/@positive/my-next-door-neighbour-who-is-a-single-mother-is-now-on-steem-steemyourneighbour
https://steemit.com/money/@positive/how-steem-will-solve-global-inequality
#steemit #steem #new #hot #money #anarchism #crypto #internet #future #life #steemwatch #investment #world #blockchain #positive #writing # introduceyourself #bitcoin #economics #ethereum
The thing is, Ethereum's target market is not end users. Their target market is entrepreneurs who want to build awesome stuff on top of a secure, decentralized platform. Those entrepreneurs' target market is the end users.
Steem's target market is the end users.
Thanks for your response.
I would agree, but I have found that several of these businesses being built on ETH's decentralized network don't really need to be decentralized .
Trust isn't really an issue in many of these cases (generally because regulation acts as a crutch to insulate them from this security hole), and so the scaling trade-off is worse.
Decentralization appeals to a general minority of people who are either concerned with general data security and privacy, or live in intrusive countries (generally defined).
The only cases where it is truly required as far as I can see are in cases where the degree of intrusiveness by the state is high. So for online gambling in some parts of the US or in Singapore. And in most countries for the purchase of drugs.
But then ETH wouldn't be decentralized enough to protect the privacy of the users.
agree, targets are not the same, in fact ethereum is public decentralized blockchain-based financial computing platform and Steem is a blockchain-based social media platform., they dont push each other
I believe Ethereum was designed for those-initially, that have a greater level of computer savvy. Also, I believe the public has failed to distinguish between a crypto-token and a cryptocurrency. For this reason, the token has been purchased by many who have no affiliation with FinTech- to include myself.
A few minutes in the past, I read a post which predicted Ethereum will correct to $2-5.
Although a correction is imminent, I perceive Ethereum as an excellent investment for the future. Although, I will never over purchase it, I will preserve a few at all times.
I agree with you 100%. Check out my post Positive
Steem is the first fully integrated crypto-service that is easy, fun and addictive. But more importantly it is instantly accessible to the average internet user because the front end is social media - which the majority of internet users are comfortable and familiar with. If the dev team plays this right Steem could overtake Facebook and Reddit very, very quickly. Facebook and Reddit are obsolete dinosaurs compared to Steem. Going to be a fun ride!
Yeah I was geeking out on Ethereum. I basically did the "If anything stands a chance at doing even close to bitcoin it has to offer something new that people want that bitcoin doesn't. Ehereum has this cool distributed computing potential" That did make me think it had/has potential. You are correct though. It needs use cases. It needs to be more than a Tim The Tool Man GRUNT that us geeks/techs/nerds get excited about for it to do well. I was actually at bittrex.com planning on mining some ethereum, I happened to sort the % growth column and saw STEEM at the top of the list at 120% and said "What is that?" The rest is history. I can't seem to stop posting, replying, and voting... "My god they are onto something!!! I can't stop!"