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RE: Steem Thoughts - Is Steem a Fat Protocol or a Thin Protocol?
Good points! And you actually rightfully pointed out why Steem is unable to entirely replace a typical shared economy app like Uber or AirBnB. At least not in a decentralized way. The reason is simple. Steem do not have a smart contract system.
Don't get me wrong, Any projects can integrate with Steem and use it for a fair and transparent rewards system. However, Steem cannot be used to match drivers to riders (for the case of Uber) without building centralized layers on top of Steem.
The value that Steem can capture is huge but compared to "fatter" protocols like Ethereum, the potential is lesser.
Posted using Steeve, an AI-powered Steem interface
Thanks for clarifying @culgin this would lead us to the question of whether or not smart contracts have merit or if smart contracts are excess baggage that slow down blockchains.
@ned seems to think that smarts contracts are excess baggage but he might be biased. Some of the things he was saying though about keeping the protocol thinner while adding on centralized systems seemed to make sense.
I might have worded some of it wrong but my understanding is that etherum has problems with scaling due to the 'fatness' of their protocol.
I would love to learn more from you @culgin as it would help me determine if my assumptions are correct or false.
Thank you!!
Posted using Steeve, an AI-powered Steem interface
Smart contract platforms have their own issues. It is going to be tough for them to be addressed. You are right in saying that smart contracts are excess baggages. But that's the market which the project teams want to target and they will have to stick to it. I hope that as the tech progresses, we can eventually see a smart contract system fit for mass adoption
There's nothing wrong with Steem not having smart contracts. In fact, I think it is a wise go-to-market startegy to target a specific niches. Again back to my Swiss army knife vs fruit knife argument :)
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Thanks for another reply @culgin.
I think it's possible that ethereum will eventually ride their smart contracts into the ground, or they'll have to scale back some of the smart contracting if that is possible.
I've only read about ethereum and other cryptocurrencies lightly so I might be wrong but that is my general consensus based on some of the things I have read.
But either way, if ethereum sinks or swims I think you are right about Steem's approach being a good go-to-market strategy. Thanks again!!