Steem Is Holding Up Absolutely Amazing! This Is Why..
I just gotta say Steem is staying incredibly strong. Imagine what the price would be if we had a bull run now instead of a bear market. Steem is actually UP 2% today as Bitcoin and basically ALL other cryptos are crashing hard.
Third best gainer in the top 100 as Steem is climbing to number 26 overall biggest crypto
STEEM Protocol
Now, alot of people using Steemit are not into cryptos, nor are they very interested in cryptos. They are photographers or food bloggers who took the chance of earning a little bit of money here as a hobby. But what you have in fact joined is a decentralized protocol blockchain. Protocols are basically languages or building structures or even better, a recipe made available for anyone to build on.
As you might know, there are many dapps all ready being built on the Steem Blockchain. We have different bot tools like @steembottracker, statistics tools and chats like steemchat.
Soon we will also have SMT's or smart media tokens that is a native digital asset on the Steem blockchain. You can compare it to Ethereum and ERC20 tokens. Steem is Ethereum, and SMT is an ERC20 token. Except anyone can create their own SMT tokens. Oh, and Steem Power holders will be given SMT's at a 1:1 ratio I believe.
So, STEEM is something totally different than Steemit. Well, not different, but Steemit is just a platform built on the STEEM blockchain.
What is so great about STEEM blockchain?
Well..ever noticed how you are able to transact for free? That's pretty unique. You are actually transacting every time you upvote, post a comment or a blog. You are transacting everytime you buy an upvote from a bot. It's even got it's own built in exchange where you can feelessly exchange your Steem to Steem backed dollars.
How many of these transactions are there every day? Over 1,8 million right now. That's more than ALL other blockchains combined. Steem is transacting more transactions that ALL other crypto projects combined every day. That is incredible.
And what is more incredible, the capacity is not reached. In fact it is not even running at 50%. Not even at 10%. It's running at 0,15% of full capacity. So Steem blockchain could theoretically transact more than 1 billion transactions per day without clogging the network.
To compare, Ethereum, the most popular protocol token has 831,000 transactions per 24h. Less than half that of Steem. And it is running on 100% of full capacity.
Prediction Fair Value
The market cap of Ethereum is $56 billion USD, and has been as high as $150 billion USD at its peak.
Steem is right now at $800 million USD. Would you think it's fair to value a Blockchain that outperforms Ethereum that much this low? Even if we decided to value Steem half that of Ethereum at $25 billion USD, this would give us a Steem price of $90 USD.
Once the SMT's come out, and we are seeing more dapps and projects being built on STEEM, I suspect the price will rally.
There are other projects as well on the doorsteps.
Check out Steemhunt
I think there is a good chance that those invested in Steem will be the ones that are going to laugh the most in the years to come. People talk about moving over to EOS if the drama here on Steemit goes out of control. But why? There is nothing wrong with the backend - Steem - the blockchain, the protocol. If anything is flawed, it is Steemit, the frontend content platform. Anyone can create a new and better (or worse) version of Steemit.
Steem is awesome! What are your opinions? Agree? Disagree?
Post a comment down below!
You have a minor grammatical mistake in the following sentence:
It should be its own instead of it's own.I love this bot. Facebook really needs it too!
Great article, if people want to move to EOS, they are free to do so! What I learned in the crypto world, people love a lot to speculate, feel to always be right on the latest technology.
Steemit will succeed, people like you and me, are moving forward on this platform, and nothing can stop that!
Exactly.. I will also checkout EOS dapps when they are releases just to test it out and try my luck if I can succeed their as well. If it is a wonderful platform then we are free to use it right? With regards to steem I think it is still the number no. 1 decentralized dapp social network platform. Excellent technology, many use cases and most important of all a very strong and active community.
Absolutely. I too have my problems with the frontend, but Steemit isn't the only frontend of Steem and the blockchain is working well. Sure, transaction speed and volume is not everything, but Steem is well proven and operating. This is a far cry from the over-hyped projects like EOS and Cardano that are more theoretical than anything else. Steem may not make the top ten, but I don't see it dropping in value (relative to BTC) any time soon.
What is even more interesting as the up and down today, is the immensely increased volume! Steem has a ten times higher volumes as usual. Normally we are at 3-5 Mio and now nearly 60 Mio! Maybe people try to minimize their losses in putting their money into Steem - I see no other reason for this massive increase in volume.
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STOPI agree with all your points. Competition is good and I will also be checking out EOS myself but it does not mean that I will leave steemit. Besides EOS from what I gather is more of like a OS I won't surprised if some developers will create apps that will make use of both platforms.