Why I think EOS will overtake steem?
I discovered steemit after knowing about EOS, in one of the interviews Dan Larimer was talking about his previous projects and one of them was steemit. I quickly visited the website, signed up myself and waited for approval. Since then my life completely changed.
For me, Steemit opened the doors to a different kind of world. Friends from different countries, a group of kind and loving people what else could you wish for. Plus people are earning money travelling, blogging and working on open source projects. It's simply unbelievable!
I started to learn more and more about this platform and continued tracking the EOS project as well.Like Steem, EOS is an amazing platform which will be going to attract many block-chain startups and as Dan has learned a lot through trial and error from his past ventures, Bitshare and Steem alike, we could expect great things from EOS as well.
I don't wanna get into the technical detail of EOS platform, why it's better? what is it offering?. For knowing that you may visit the @dan 's blog or could read EOS whitepaper in here.
Why I think EOS gonna overtake Steem?
Steem Platform
Steem has prepared a lot of people to create content and earn. It has attracted a large audience and people are ready to experiment with decentralized platforms. After knowing about Steemit, I further came to know about similar projects working on the somewhat similar concept of social network on the blockchain. Some have already started and some projects are in ICO stages.
Do you know about sphere or sapiens.network or akasha, well there are plenty of projects working on similar concepts?
So why only steemit worked?
I could say it's the technology, graphene and Dan Larimer vision to create something like steem. We don't need to pay something for all transactions happening in the blockchain and its fastest blockchain till now.
After been here for like 2 months, I got to know a lot of thing about steemit, and how it's not perfect for being adopted by mainstream and why any other project working on the same tech could overtake it.
We all love steemit because of visibility and reward it provides to the content creators, but I think slowly things are changing and minnows are struggling hard for the visibility.
The people who discovered steemit in the early days are in advantage because of the weak algorithm of steemit.
For gaining some reputation one needs to get upvotes from reputed people. And once people with high reputation and VP leases there SP to some bots for passive earning things dramatically changes.
They don't care about the platform anymore, all they care about is money. The high Steem Power gives a lot of power in their hands and that could be misused for themselves.
We have all come across the people who just comment and upvote their own comments 100%, why they do that? Just because they own SP which will give them 3/4 SBDs and some more SP so instead of upvoting others why shouldn't they upvote their own comments?
High Steem Power should not have been the deciding power of voting value, instead of that Reputation should be deciding factor. That wouldn't have given an advantage to people who joined in early days, instead of that to people who created some great content.
Secondly, the steem power could not have leased to bots for selling upvotes. It would have been a better system than the current steemit version.
Changes in Reputation Algorithm could change a lot of things for people, the newbies to steem won't have dared to spam the site and uploaded the better content instead.
Could we bring that change? Even if @ned and steem organisation changes the algo will the witness support the fork?
We all the answer to it, people who have invested a lot of energy collecting bit and bytes of steem won't allow that change to happen, and that is where Steem will lose everything to its future competitors.
Some people have already started working on the reputation as the deciding factor. You may learn about sapien.network in here or you could scroll my blog as well for more details.
New platforms are emerging on Ethereum blockchain which is not that a big issue because of low tps and gas Ethereum blockchain requires.
But we surely can't ignore the fact that EOS has a lot of potentials to create successful competitor of Steem and I am cent percent sure that it gonna do that.
The comment by @ned on @dan 's development post about steem gave all of us some indication, but our speculation or greed or over trust blinded us into not taking that seriously.
Why EOS?
EOS will be going to have very less bandwidth issue, they have very large capital in their hands right now to build something huge as steemit. They have a frustrated audience/content creators who are struggling hard on steemit and looking for some similar platform. Actually, the fast steemit is growing ignoring is the issues, the fast it is helping some EOS social networking project to grow.
Dan's vision of Steem was to create something for blogging and then creating marketplaces around it. Maybe he was thinking small at that time. But after looking at the bigger picture of what Ethereum has done for blockchain world, he envisioned of EOS.
People will be a lot more excited of investing in different projects on EOS blockchain and if some social network just gives them an option to earn some EOS coin, people will just start migrating towards that platform.
Need is there, the audience is there, problems are there to be solved - It will be a perfect opportunity for EOS to start something like Steemit if Steem Inc just overlooks the issues of this blockchain, we could be actually seeing some strong competitor of steemit.
I know SMT is going to be introduced soon, a lot of people are positive and excited about that. They are liking the idea of token on this blockchain. But the development team is overlooking the foundation of steem i.e Steemit. I have gone through some of the comments by @ned that no one could introduce something like SMTs, I don't know why he is saying such things we are open source and things could just be replicated. Maybe I am naive if you guys have any different opinion please tell me about that in comments.
Conclusion
We are living in nice times right now. The people who have find out about the steem are in luck because a lot more people going to be on-boarded. Steemit is better than any blockchain project till now with sign up ranging to 0.8 Million. But are they all happy, are the true content creators getting the fair share of profits. Or are they still struggling and wished that they would have joined this platform earlier.
If there is the slightest amount of feeling in newbies of regretting not joining steemit early, there are fair chances of them looking for better and similar projects. We all are comparatively early members of steemit, think about the people who gonna arrive later on this platform, it going to be hard for them to collect high valued SP.If things are not changed fast we gonna lose to Behemoth in the blockchain industry.
It going to be difficult changing things right now as people greed won't let them agree to changes. But their ignorance to changes/ forks will take steem down. Short term gains may result in loss of hard work of two years.
EOS will be going to attract a lot more people thinking of venturing into blockchain model. Because of no initial requirement for creating DAPPs and projects on EOS (you need to pay 1 Ether and Gas in Ethereum blockchain), people will divert towards EOS. In future, we could see people trying to earn some EOS just to invest in some great projects like Wikipedia's blockchain project and nothing could be better than a project like steemit to let the people earn!
In the end, I just want to say that please please don't flag me for aggrandizement, it was simply my opinion. @ned if by chance you come across this post, you need to act fast. Steemit needs some changes, we don't want the bots or unnecessary power in the hands of early birds. Algos needs to be changed, or we could end up just being the "Orkut" of blockchain world and some else will take away the "Facebook" title.
You once commented "Competition is a good thing. Embrace it. Flaunt it. Savor it. Build a better product.
When you have competitors—make them known to you—find them—analyze them—pick them apart—find good things—see weaknesses—take ideas—beat them. Enjoy it."
I guess time is coming to see some tough competition and that too from the person who gave birth to this technology.
Image Source- Pixabay.com
Gif source- giphy.com
Steem is good but the rewarding system can not satisfy everybody. The profit is obviously not proportional to the quality of article. I notice that the number of bots are increasing, the self voting are increasing too.The current rule encourage people to do that. I hope other platforms can improve it.
Hey @jademont
Thanks for visiting my blog, yeah steem got some great features and we have a window to improve things before any other platform could start taking the advantage of negligence, tech come and go if they are not updating themselves and they are headed towards losing everything. I don't want steem blockchain to face something like that because it is fulfiling dreams of many people, many creative people have found the way to represent their creativity and earn. I hope things go well in future.
btw I loved the way you upvoted yourself 100% after commenting "self-voting are increasing too". Haha...
Thank you for caring about commenting on minnow's post, you made me so happy :)
Cheers!
Very well written post Tanish! While I do agree there are some individuals on this platform that do nothing but cause terror and line their own pockets, there are also others that have been here since the begininng that put a lot back into the platform. Those who were lucky enough to get here in the beginning shouldn't be punished for making a good investment. I believe the bots are going to sink the platform...especially the ones that are upvoting crap comments. I think curation groups that come together to combine their SP and help support each other are great...but human curators are always better than bots in my opinion. Thats why I really love the idea of the Make a Minnow contest my msp...give someone that is a great curator the power to go out and make a difference. I also believe the spammers need to be nuked...but with all of that being said, it is an open platform. When you start deciding who who can be active and who can not, things can get complicated. Who would decide? I think the only answer to that is the majority...and in some cases that might not even be enough to get rid of some of these problems.
Great post 😉
haha, are there bot upvoting comments as well?
See I'm not against the bots, but how they work is a problem. I have a problem with whales delegating much of their steem power in process of earning free money. There could have been a limit on delegation of SP to bot or VP of bots. They could have fixed the damm "featured posts" thing to work similarly like fb but they didn't. People are into bot business right now. Top witnesses are involved in that too so I think its very late now to change the things.
They could all have delegated some SP to organisations working on curation like MAM, if they didn't wanted to do the thing themselves. I know there are lot of people who are willing to take the job of curation, but they wouldn't care cause it won't give them profits and add something to their passive incomes.
We will be having spammers in every social network, we cannot restrict there entry but what we could do is empowering people who are creating great content and helping to empower this blockchain.
Sadly even that not happening.
I enjoyed your detailed post! I am rooting for EOS myself. Steemit is a good platform, but since I missed the train on Steemit, it hasn't been very profitable, but I am more than prepared for EOS, and I would like to see EOS take off!!!
Hey Cryptjenn,
Yes, I think most of the people are waiting for the platform and it surely gonna be the fastest growing platform because we all are ready for something like that.
Thank you for reading the post Jenn :)
Cheers!
Very good post. I hope steemit sticks around but yes the competition will be fierce.
hey @soundwavesphoton,
We all wish the same because of the love we share in here. The communities and people looks like families. Steemit makes us complete.
Yeah, competition will be going to fierce and I'm afraid steem won't lose the battle.
What do you mean by "Why I think EOS will overtake steem?" If you consider marketcap, EOS has $6.79 B and STEEM has $1.15B, by marketcap EOS has already overtaken STEEM.
You probably mean that a DApp based on EOS will overtake Steemit (not STEEM as a coin). STEEM and EOS are the blockchains, Steemit and EOS based Social Media are DApps.
Steemit has lots of problems, solutions are not easy. It is evolution and adaptations with adjustment through hardforks. Therefore, any new blockchain based Social Media will struggle with similar or different problems. Can you argue that you cannot mine 10K BTC or LTC with your GPU or even CPU? This is called early mover advantages.
What is the difference between Facebook and Google+ (well funded and probably better engineers)? Facebook had the network effect and already captured the brand.
People using the bots are not earning more. Look at the bots ROI in https://steembottracker.com/. It is supposedly used for promotion. Its creation is based on "delegation algorithm", you can't ban all the bots. It is necessary for the posts to be promoted.
You have to remember 90/10 rule too. 10% are real useful contents and 90% are junks. STEEM inspire content creation, 90% of them will be junk like any other field and 10% will have some worth (reading).
Steemit has problems, solutions are not easy. It will take some trials and errors, adaptation. However, it has early mover advantage like Facebook over Google-plus, it will be hard to dislodge it. BTC is not technically better than lots of Altcoins (even LTC is faster and has 56 TPS while BTC is slower and has 7 TPS). Do you think LTC will overtake BTC soon?
Selfvoted for visibility.
Yes I mean DApp built on EOS will overtake DApps built on Steem, hence EOS overtaking the Steem Blockchain.
I think whats more important are the DApps created on the blockchain, not the blockchain itself.. and I was surely not talking about the market cap which is huge for EOS.
About the early mover advantage - yes you are right people gonna have some advantage, but thats silly to say that new people will keep on struggling and early birds will keep on growing cause they have advantage, real world don't work like that and if we are talking about the social media (not the technology,miners , crypto) where all should be equal and important to the community, it is strictly a no-no.
I am not against this platform, what I tried mentioning is we need changes fast, to stay alive in the game. Like bitcoin needed to change things, litepay high tps to keep itself up in the game. First of all, it's wrong comparing social network to crypto-currency, and if you still wanna consider we need to know why BTC is still important. It's because most of the entry level exchanges took bitcoin as the base, like in India we have zebpay which was the first exchange and till jan 2018 it was just focusing on trading in Bitcoin, but then the things started changing, they know people what something else and exchange competitors were growing so they introduced LTC, Ripple. Is LTC overtaking BTC now? yes I see that happening. If BTC doesn't work constantly on changing and upgrading its tech it will blow. Has BTC tried changing the tech initially? yes of course but some greedy miners didn't let that happen. If they would have let something like that to happen we wouldn't have seen Ethereum as a completely different platform.
When I say overtake I literally meant if we don't focus on changing the tech and algo of this platform EOS "DApp" will overtake foundation "DApp" of steemit. Everything comes with an expiry date, nothing is here to stay and we need to work hard every day to keep ourselves up in the battle.
As I said steem organisation knows the fact that we are not perfect and we need some good hard fork to change things but similar to BTC greedy people won't let that happen and which will surely give birth to something like LTC.
Remeber one thing people are not buying anything on social networks, they are earning right now. Tell me truly that you didn't shift to mining Ethereum when you were getting more profits mining BTC?. See that's what every content creator who is not getting the value out of steemit gonna do!
Before starting talking of facebook we should remember "Orkut" by google. It failed tremendously, people migrated towards facebook just because of more features and privacy. Network effect or anything won't help if you are not working on the tech. People don't give a fuck about early adopters, they want the best for themselves.
Take the example of NOKIA, BB where are they now? Did you ever think that they would go down so fast? But they actually did!
People don't stick to brands they stick to the comforts they provide.
About 10% rule, yes I know 90% of the creators are just spamming but they are not the ones who are complaining. Those 10% people are more important in this blockchain cause their content could do wonder for steem. If they start leaving the 90% will leave along with them.
@riseofth you do great work resteeming people content, commenting on them, paying a dime for what minnows write. We want more people like you. Thank you for the comment and opinion, I tried my best to answer your questions.
Not upvoted myself as I just have 5 comments in here and I think they all are visible. :)
Cheers!
Thanks for detailed answer. These problems are hard. Yes, it is hard for any newbie without significant SP to have a say in Steemit, even if they are prolific bloggers. Problem with DPoS like STEEM even EOS is that people who have the stakes (i.e. large holding) have the most say (i.e. capable of large upvote). But not necessarily, they are the rational beings and benevolent (e.g. @ranchorelaxo with 1.1M SP voting 10s of @haejen's posts daily instead of voting thousands of minnows). Therefore, STINC has to step up with better algorithms or actions (HFs). I agree that if somebody makes better platform, Steemit will feel the competition and force to change the status-quo fast. Even Steemit can go down the path or orkut or myspace, and any blockchain based Social Media platform can take the place not necessarily it will be EOS but any platform/blockchain since it is open market (i.e. open source) and competitive.
The pleasure was all mine @riseofth.
Problems are hard but are solvable, the least they could do now is instead of delegating much SP to dmania like projects they could delegate that amount of SP to some curation projects like OCD and Qurator. And help to introduce more projects like them, there are people who believe a lot in this technology, they could work every day to support some good content creators in exchange of some SP delegation and SBDs in the same way steemcleaners is working.
yeah, I just visited @ranchorelaxo profile, that so wrong on his part but we can't do anything about it.
I see that EOS have fair chances of making something like steemit with more perks and precaution than any other blockchain but who knows about the future :)
One of these days you're going to have me convinced! Haha. For today, steemit is the best option. It certainly does not seem sustainable how steemit is structured. Now. I like the optimism from some of the witnesses, but at the same time, they are not struggling to earn $20 dollars a month for medicine. Nor are they being pressured to power up every bit they earn. as soon as a plankton or minnow admits they're here in part to earn money, they get scolded how that's the last expectation they should have. But the truth is, people are not flocking here because it's a perfect internet utopia. They are flocking here to earn money to do what they could do somewhere else for free. The flip side of that is so many of those people are desperate for income, and not greedy, as they're being talked to like they are. Steemit won't be successful long term, imo, if it doesn't find a way to address this. People who are earning 2-400$ a month less than living expenses are told to just stick it spending hours a day blogging, commenting, chatting and powering up, only getting maybe $100/month, meanwhile they could go work for $10/hr one day a week to make that money they need. It's a complicated issue. If EOS will address those concerns, steemit will be in trouble, indeed.
Its not only minnow/plankton who are here to earn money but its everyone in here who are looking to earn money even witnesses/ whales .... the problem is not why people are flocking to steemit or how much they are making in here .. but the problem is steemit going centralised again giving just few people all the benefits and if they becomes greedy the sink the whole steemit ship ... no one gonna benefit anything out of it and that's when some other platform gonna take advantage of the opportunity. Steemit is a great platform no doubt, but will it remain the best platform around that is questionable!
What a brave post and even @dan upvoted it! Really comprehensive, I'm not technical so thank you for making a topic like this easy for someone like me to understand.
I do give credit to those who were here early. They deserve the value they have now because that's how investment works and pays. But yes, I feel that I'm here late. It's just difficult to get noticed now. They say "content is king" but what I see is "bid bots are king". It's sad. :( I still hope the powerful people here do something to improve it.
thank you @wanderlass, sorry for the late reply ..
He did !! I never expected something like that haha ..
I give credit to people like sykochica, crimsonclad, stella and aggroed just few more but not many ... cause they know what they are doing and are not abusing the platform :)
Yes I love all of them that you mentioned especially sykochica! They indeed are doing something good. And I wish more big people will be like them who are genuinely concerned for the platform and people.
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STOPi still think we should just all go back to facebook
lol t3 :D
Great post you make some good points.