Steem 2.0 on EOS - The Death of Steemit?

in #steem2 years ago

EOS by Juliak Ponsfort

CC license by the wonderful @juliakponsford

Last week, my Steemit friend @tanishqyeverma published an interesting article that Daniel Larimer is going to publish Steem 2.0 based on EOS (Don’t forget to follow and upvote tanishqyeverma while you are reading the post there). He also shared it a little bit on MinnowSupport/PAL discord channel. The valid question would be: will this be the end of Steemit? Should we all move to the new EOS based Steem (I’ll shorten it to EOSSteem in this article)? This article would be my take on those questions.

It will have a different name

Legally speaking, in the non-crypto world, the name “Steem” would be the copyright and trademark of Steem Inc. Since Dan is out from Steem Inc, he doesn’t have the power to legally claim the name “Steem” anymore. However the crypto world is quite different, unrelated parties could create something with similar name. Furthermore, both Steem and the EOSSteem are created by the same person. Who knows, we could have “Steem Cash” like the famous Bitcoin Cash and Litecoin Cash. Let’s wait for further news.

What if all Steemit witnesses leave Steem blockchain?

Witnesses are the keeper of blockchain, without witnesses the current Steem blockchain would collapse. However, it would be highly unlikely for all witnesses to suddenly move to the EOSSteem and become EOS Block Producer. Even if they do move, the move will take years to complete, and in the process, whenever any top ranking witness is moving to EOSSteem, the lower ranking witness will gladly take the place in a heartbeat. So don’t worry about it.

Will whales move from the current Steem?

They won’t! Whales would be the last ones to move from Steem blockchain. Even without any minnows, dolphins, orcas around, whales could just give themselves self-upvote or cross upvotes, and cash in all the rewards to exchanges. What if all all minnows move to EOSSteem? The rude answer for that question would be, “Who cares?” Minnows have too small of power to make different on the blockchain and the reward pool.

What will make people move from Steem to EOSSteem?

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Since money is the bait of how Steemit is promoted, the majority of people on Steemit are also in it for profits. The only way people will move to EOSSteem would be if the new platform could give significantly better rewards for extended period of time. Of course early promoters will have better rewards, but if the rewards system could get extended to longer period, people will start to move to EOSSteem.

“Doing the same thing and get better rewards! Or do lesser things and get the same rewards!”
Those are the things that will make people look at and start to move to EOSSteem. I don’t know about you, but at least I will.

However, it doesn’t mean that Steem won’t grow better with time. With EOSSteem trying to be a better Steem, Steem could also try to be a better platform. It all comes back to how the Steem community, minnows to whales and witnesses, reacts to changes. Will Steem community care about the future growth of this platform or just focus on the short term rewards?

P.S. I would like to call @dan, the creator of both Steem and EOS. Could you explain what are the significant changes that you would like to have in the perfect Steem blockchain? Perhaps, the Steem 2.0 won’t be perfect enough yet, but maybe at Steem 3.0 or later version, but what are your view on the perfect Steem? What significant changes you would like to have? Thank you.

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In regard to the witnesses, keep in mind that there are 122 current active witnesses. If the top 20 suddenly left, there would be more than enough to make up the slack. In fact, there are plenty of witnesses who would be more than happy to assume the top positions, especially considering there are inactive witnesses in the top 50.

It's also worth considering that just because someone goes inactive, they don't lose their status as a witness unless other users remove the votes. They could theoretically step away and come back, which is an issue several other communities and witnesses are trying to address.

Witnesses like @sircork, @enginewitty, @jrswab, @krnel, @ura-soul, and @guiltyparties are doing great work, so I encourage you to check them out. They're all outside the top 20, but I think it would be great for the platform if we could elevate them that highly.

Thanks for your thoughts. It will be interesting moving forward to see what happens with EOS.

Thanks for the shout out mate, it means a lot to have support like yours. Please let me know if you ever need anything and I'll do my best to help out in any way I can.

You're right, I do want to comment that since I'm part of the @steemtradecards project and I had to do a few pieces about @lukestokes & @jesta I know that we have solid guys there who I put my trust in. They are committed to this platform and they keep on developping to make this platform innovative and fresh.

I also feel that we are still at the beginning of something fantastic, so those guys won't bail out soon as I know they share these thoughts. Especially once the SMT's are here.

Thank you @ethandsmith, you humble me.

In fact, there are plenty of witnesses who would be more than happy to assume the top positions

That whats exactly I mean. Couldn't agree more with you. :D

And oh, I know some of them. I made a review of ura-soul of her SteemOcean. Been in the same discord as JrSwab and You. I also followed SirCork. :) Lot's of good witnesses. I know the good works they have done.

The name is still secret, it won't be Steem 2.0. A better distribution will attract more investors = more rewards so that would be a worthy difference. Don't underestimate the 800K people already on Steem, that is a big step ahead. My last post talked a bit about this with accent on SMT's because that is the absolute future of Steem, it will all depend on whether this will be pulled off on time.

I still feel SMTs could do well attracting the mainstream to Blockchain and Cryptocurrency, but the way they are handling things makes me sad. Leaving even the technical aspects aside (which are important as fuck) we still don't have communities established around SMTs project. Projects/dApp/Entrepreneurs need some kind of idea about SMTs, how they will work and how could they implement but things are still not clear. We don't know a shit about SMTs I researched a hell lot out of it and still, implementation is not clear to me. To push SMTs (other than working on the technical front) they need to atleast have a reddit/telegram based community forum where people could go and learn about them. Then they should start delegating to projects from now itself. @ned right now have a stake of 51% and that stake is sitting ideal, if he got some brain(which I doubt), he should use it for better of projects/communities and future right away.

Secondly, the structure is so rigid, SMTs won't be able to do many things except working very similar to Steemit. No good project will want that, instead, they will raise money and try introducing their own blockchain like Vice Porn whatever token did.
(my personal opinion)

Reading your comment, there could be another thing to consider, imo. If Dan's EOS based Steem would be a copy of Steemit, then he could just release it as open sourced project. Which then means, everybody could own a clone of Steemit. Which is kindda similar to SMT.

Yes, I mean even Steemit is open source that's why I believe we have something like "whatever the fuck russian" counterpart. But libre look at the content based platforms emerging on EOS already, we have everipedia and steem2.0. People will be attracted towards both the platform and will be ready to experiment more. :)

Harsh comment but then again, the truth can be harsh :-)

I didn't know vice is trying to launch their own blockchain now, it definitely illustrates what you are suggesting, raising money and start own blockchain. Will not happen for every smt candidate but good option for the bigger projects. Too bad evolution :-(
Thanks for good comment, appreciated.

Agree, This "Steem 2.0" by Dan is going to compete head to head with SMT. I've read your last post and find a jewel inside. Like this statement of yours. :D

Let's take it with a grain of salt. There would be another problem as (if I remember well from the white paper) +/-5K Steem has to be vested to have the necessary bandwidth for running an SMT. That would mean there would be a demand for 500 000 000 Steem. Wait a minute, we don’t have so many tokens :-) Did anybody say Moon? :-)

haha, I am working on a new post liber :) ."How will SMTs help EOS?"

Will be waiting for it. :D

whales could just give themselves self-upvote or cross upvotes, and cash in all the rewards to exchanges.

They are already doing it. There are a lot of abuses on this platform.
And there is not much of rewarding good content.
But if you are one of the 'club' members, you get whale upvotes no matter what you write.
There are cases, where someone gets LOTS of delegated steem power just to use it mainly for self voting.

Because of this kind of things, I think Dan's version 2.0 will be better and fairer.
Yes, I hope that Steemit whales, the bad ones, the exploiters do stay here.
And they will probably not have incentive to move on EOS 2.0 version since Dan will put some checks and balances in place to prevent some of the mess up stuff that it is going on here.

Yes, agree with you. I know and have seen things I don't like in this platform. However, Steem and Steemit was also created by Dan. Some people blamed Dan for "running away" to EOS and not "fix" this Steemit platform before moving to another project. But, I think it may not be fair to just blame Dan, because we don't clearly know the situation or things that he had. That is why I'm calling @dan to elaborate more about the "fixes" that he would like to implement. That way, we will know, instead of guess. Cheers. :)

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Great post.

Im trying slowly to build my reach on social media and I believe that if new platform will exist then most influencers and content creators will be still active on both platforms. I dont think steemit would die for that reason. Steemit has many other issues that need to be addressed.

Things are getting interesting with the recent updates though... I'll keep an eye into this Steemit 2.0

Great post bud, I don't think it's a real concern at the moment, but it's a scary thought.

Do both. Crosspost on Steem and future EOS platform.

I heard the rumor there will certainly be like steemit platform on EOS. And there are already whales, dolphins or minnows on EOS too, so why would we expect steem whales to move on EOS, some may have already invested there too to become whale.

Without bad actor whales like BernieSanders EOS will have a big advantage. Since Dan has already had run ins with Bernie, hopefully he will redesign the system to disallow toxic behavior by whales.

The main difference won't be financial, but a different mentality among the whales and witnesses - hopefully.