40% of Top 10 dApps!: Steem smashes Ethereum & EOS for legal dApps & why EOS is in big trouble!
View this post on Hive: 40% of Top 10 dApps!: Steem smashes Ethereum & EOS for legal dApps & why EOS is in big trouble!
In mid-February 2020 Justin Sun acquired the shares in Steemit Inc and proceeded centralise the blockchain under his control, improperly using Steemit's founders stake (intended for development and decentralisation of the blockchain) and tricking exchanges into initially supporting his power grab.
After extensive efforts to resolve the dispute failed, the community revolted and formed a new, fully decentralised blockchain - Hive - without the pernicious influence of Justin Sun and his minions.
Because of Open Source licensing, Hive was legally able to duplicate all the code and content on Steem.
The vast majority of the community and decentralised applications and projects moved to Hive and Hive was listed on many cryptocurrency exchanges without having to pay the normal listing fees.
On 19 May 2020, a Steem hard fork (0.23) designed to steal the Steem from 65 accounts associated with creating Hive became public.
My position on this hard fork can be found here: https://peakd.com/hf23/@brianoflondon/letter-to-exchanges-do-not-run-steem-hard-fork-23-hf-0-23-0
This was the final straw for my involvement with Steem.
I will now post exclusively on Hive at https://peakd.com/@apshamilton/posts
All my old Steem content can also be found on Hive.
So if you haven't heard already, the popular dApp tracking website State of the DApps has just added Steem dApps thanks to the efforts of @soyrosa & @therealwolf.
I've done a bit of analysis of the preliminary figures and determined that Steem holds 40% of the Top 10 positions by User Numbers (excluding illegal gambling).
Steem dApps hold positions:
- 1: Steemit
- 5: Steem Monsters
- 6: Busy
- 8: Partiko
This is a fantastic result and demonstrates why Steem is such an under-valued coin.
Ultimately the value of any currency (crypto or fiat) is determined by the number of people using it for real uses (not just speculation). Price is determined by the velocity of money, which is ultimately about the size and value of the community that uses that money.
On this basis EOS is seriously over-valued and Steem seriously under-valued.
Indeed, after Bitcoin itself, Steem is the coin with the biggest, most active community of people actually using it for real world uses, rather than just trading.
I've excluded gambling dApps because online gambling is generally illegal unless licensed and has such negative effects on society and those addicted to it.
Enabling unregulated online gambling is hardly something that is likely to be seen by the broader public as a positive impact of cryptocurrencies.
A blockchain, like EOS, whose usage is completely dominated by gambling dApps (7 of their top 10 by usage) is likely to classified as a gambling platform itself and subject to harsh sanctions once regulators work out what is going on. They need to clean up their act or face serious legal issues.
Fully agree. Eos needs urgently serious dapps there
Posted using Partiko iOS
Wow. EOS is basically GambleCoin now eh.
Yep!
And it's a real issue for the EOS blockchain itself because if regulators and Courts will find that its main purpose is facilitating illegal, unlicensed online gambling and take action against the blockchain itself.
Especially in the US where "online gambling" is highly frowned upon to say the least. I hope those dApps don't all end up on Steem and pull us down with them. For now there's MagicDice.. but that's pretty much it.
A blockchain casino that can rescind your transactions should the floor bosses (witnesses) feel you have been counting cards.
It's clear that steem's governance needs more tweeking to limit potential corruption, yet Dan seems to have gone way overboard with EOS, in my opinion.
Great analysis! It will be interesting to see if having this data and information more publicly available will impact the view that potential developers may have towards Steem. Given the price, it could be the best way to build on a blockchain in the short term and could lead to more interest for investment!
Posted using Partiko iOS
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