A week can make a world of difference with just about anything and the cryptocurrency market is no exception. I've attempted to connect the dots with what I personally feel is crucial to understanding decentralized systems, regardless of whether it's a digital currency, smart contract or some other type of blockchain based application.
While "the coin, the coin" mentality is what often draws us into the crypto-sphere, and understandably so, we should also start to realize that the scope of all of this is much greater in magnitude. This is why, from my vantage point, that Ethereum has had a pretty successful run over the past several months because it was promoted as more than just a coin.....But in addition, it set out to bring a whole lot more to the "crypto table"!
I believe that Steem, in many respects, has set out with a similar mindset.
Now, please don't misunderstand me...I'm not here to say that Steem and Etheruem have the exact same goals, but they do share some similarities in the sense that their blockchain is built around more than just "the coin, the coin" philosophy.
When Ethereum comes to mind, you usually think of smart contracts and when you think of Steem, you generally think of the Steemit application.
I concede that it all runs much much deeper than that but I'm just trying to illustrate a point in all of this. At the end of the day, any blockchain based application will stand to have a good chance at success with its digital currency when it focuses on more than just the digital currency itself.... That will usually fall into place as a result of a larger vision for its blockchain and the applications that follow.
Finally, I would like to point this out.....
A certain amount of Ethereum's coins are designated for smart contracts and other token based projects such as Golem. Here again, in a similar way, a certain amount of Steem's coins are designated for specific projects such as Steemit, Steem Power and a whole lot more than we may not even be privy to knowing yet. So, it will surely be fascinating to observe how things go from here and I feel very privileged to be part of this journey together.
The views expressed are my own and not to be construed as investment advice in any way.
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