Convergence: The Key To STEEM's Massive Explosion In The Near Future: Part 4
This is the 4th part of a series as to why I believe we are going to see an explosion in STEEM due to a convergence of many variables all aligning up properly.
Major technological innovations do not happen in a vacuum. Instead, they are the result of years of research in many different fields which all came together at one time. It is almost as if everything magically lined up at that moment in history. Often, some will attribute it to luck but it is far from it. This convergence of breakthroughs is what makes revolutionary ideas happen in technology.
After discussing some of the more macro reasons why STEEM is set to explode, we are now going to turn our attention to the blockchain itself. Underlying the cryptocurrency (which is really an app) is the powerhouse. The steem blockchain is one of the best ones out there. This under-realized gem is going to start to garner a bit of attention as more activity takes place on blockchains in general.
I will start by telling you that the steem blockchain is specialized. This is not a general blockchain although it is very versatile in what it can do (as we will see in the next post). Steem was designed to target the content creation system. This market is huge since it includes all social media, news, sports, music, and video. Almost everything that is on the Internet falls under this realm. Therefore, even though it is specialized, it is an enormous marketplace.
Built right into the blockchain is the curation/reward system. This is crucial. Any content creator can come to the steem blockchain and provide this feature to all authors and commenters. It is a turn key system eliminating the need to invest in extra programming.
Also, steem is one of the most secure blockchain in terms of its currency since all STEEM Power and SBD is locked up for a certain period of time. Having the transitioning out of these currencies occur after a time window passes increases the chances that a hack will be found. Unlike bitcoin which is gone in a matter of seconds, it takes between 3 days and 13 weeks to do this with SBD and STEEM Power. For content creators who are not cryptocurrency experts, not having to worry about security of the tokens is a major advantage.
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Finally, and this is something I am not sure many are aware of, steem is a de-centralized exchange. There is much talk about the possibility of governments shutting down exchanges. We saw this in China. In the US, Coinbase was in battle with the IRS over revealing the name of people who bought tokens through them (the IRS wants the capital gains tax). Certainly, we will see more activity of this nature going forward as the bankers are threatened and send their government hacks out to fix the situation. De-centralized exchanges will become more popular and steem already has one on the blockchain.
At the moment, the only two currencies on there are STEEM and SBD. Located in the steemit.com/market, this can be amended to add more currencies down the road. @jerrybanfield already put up a post asking for us to add the ability to convert dollars to steem and vice versa. Also, @ned mentioned in one of his videos that there are going to be more financial products announced in the future. The fact that it is an exchange means the product line can be expanded to handle a multitude of things.
A lot is made of late about the CryptoKitties on the etherium network. It is amazing what can take off in this day and age. That said, I am sure nobody saw something like this overloading the entire ethereum network. Yet, this is exactly what happened. This network is averaging almost 900K transactions per day and it is killing it. The ETH network is bogged down. This also happened to Bitcoin. At the moment, they both have major scaling issues to address. While they both might end up solving the problem, or at least minimizing it, who knows how long it will take.
By the way, do you know what blockchain holds the record for most transactions done in one day is?
The answer: Steem at 1,044,574.
And at that number, steem is not even breathing hard.
Steem is one of the fastest blockchain out there. In the white paper, the speed of the network was listed as being able to handle 10,000 transactions per SECOND. That means that the record is what steem can do in under two minutes. While this is what is published, I read that steem actually can handle upwards to 100K transmissions per second. In other words, compared to BTC and ETC, steem is a Ferrari and the others are glaciers.
(Point of reference BTC 8 transactions per second; ETH 25)
Here is a chart from block'tivity.info which monitors and rates the different blockchains.
It is important to notice the column under "CUI".
This is a proprietary formula they developed which basically tells how hard a network is working with certain levels of traffic. Steem, at these levels, did not even move the needle. That makes sense since the network basically had 90 second worth of traffic traveling through it. Notice BTC and ETH are smashed. Their gauge busted out completely. In short, they both hit overload.
Steemit could not exist on either of those two networks. Can you imagine writing a post and waiting an hour or two for it to go through? The same would be true for upvotes. How would you like to hit the upvote button and wait for a while? The entire system would not be feasible. Lucky for them they are not targeting the social media world because they would fail at it.
Which brings up another point: Have you noticed that when you send money to another, in the form of an upvote, it costs you nothing? This is another marvel of the steem blockchain. When you do anything with money, power up, use the market, delegate it, or upvote someone, there are no transaction fees. Bitcoin is being slammed for their fees escalating of late. This is something you never have to worry about with steem. There are no fees to escalate. Instead, each account is allocated a certain amount of bandwidth based upon their contribution to the network, a system that was fine-tuned over the past year.
Simply put, the steem blockchain is superior to most in existence. The capabilities completely blow away the big ones. While I am sure they have their place, when it comes to content creation, they are not feasible solutions for that market. Steem, on the other hand, is the ideal solution. The network is able to handle all the traffic that will come on it for the foreseeable future. Scaling issues will not need addressing for a number of years (if not decades).
In other words, with steem, you have a better mousetrap.
If you found this article informative, please give it an upvote and resteem.
For previous posts in this series:
Pictures by google images.
What I really appreciate about Steemit is the content creator aspect... it sets it apart from all other exchanges where it's a $ for crypto exchange. On Steemit it's $ for ideas as well an added versatility that others don't share.
Very true @richq11. I mentioned that in the last post in this series.
Not only do people have the opportunity to earn STEEM, for many, it is the only way into crypto. They do not have the fiat to buy BTC or ETH. It is a market they are locked out of just like the stock market. No money = no play.
Not with STEEM, hell they even give you a bit of STEEM when you sign up for steemit.
It was for me... I started out on here broke and now I earn a living (enough to pay my rent and other bills). I've written and published a book, all because of Steemit.
Congratulations. You are a steem success story. That is wonderful to hear.
It is amazing to read how steemit has changed people's lives. It really makes me excited to be a part of a community that can do so much.
Wow...very encouraging report!
Peace.
Congrats. Now I have something to look forward too.
I guess that makes me a wonderwop too lol!
Congrats, richq11. Always great to hear a Steemit success story!
Thanks... There are a lot more! It takes patience and hard work. I looked at a post I did over a year ago that I worked really hard on- it made $0.08. It takes a while to see results but if you stay with it, you can succeed.
Hey ciao...
As always you continue to enlighten us more and more. Thank you for your continued posting. It is greatly appreciated
All these points are awesome. You truly are an asset to steemit. I have nominated you for @steembasicincome good luck sir.
Thank you @tt-dogg.
I appreciate all your support. I know you stop by regularly to read and comment on my stuff and I greatly appreciate it.
You are always brief and to the point lol.
Do not thank me. You truly are to me the steemit evangelist. As @docmastery is my evangelist for bitshares. If you need any help on any projects let me know. I don’t have much but I’m willing to help your cause. Steem on!!
nailed it!
The Steem blockchain employs the graphene DPoS of Dan Larimer. For this reason, if you like Steem, you will also like EOS and Bitshares that are built on the same.
My only concern for Steemit (the website) at the moment is that if it resides in a governmental district that happens to eventually oppose this blockchain, they might try to close that node down. Of course, there's also Busy, eSteem that access the same blockchain. And whoever owns the domain steemit.com can simply move to another location.
In the future, blockstack.org will decentralize the internet itself.
I have bitshares bot no EOS as of yet.
You answered your own question...steem need about 10 interfaces from all over the world so that it is outside any one governmental hand.
Unfortunately I haven't been able to get eSteem to work after the update. It worked initially, then I changed the passwords on Steemit, then I could see my work, but not upvote or do financials. When I took screen shots of my active and posting keys with my Android, it just runs in circles now.
I havent used esteem much so I cant comment on it.
But I forgot about that, another interface (hopefully without the glitches).
Great post!
I just stumbled across Steem and it seams like a no brainer. There is absolutely ZERO reasons for not joining and adding content. The many thousands of bloggers and content producers are going to flock here once they catch word. Before I found this I was on medium and it doesn't even compare. I'm excited to become an active contributor.
Welcome to the site....glad you are here.
I like your attitude. It is a great place just to jump in and start commenting like you are. That is how I found you can gain a following and get to know some people.
Thanks, I'll get my introduction out soon, thanks for the content, keep it up.
Today, I was meeting with strong businessmen in my country. They are willing to help Steem and SBD legalize themselves as currencies, so that they can buy with them. I do not know who to contact, because this is the highest level of communication. Steem has a great power in all respects, it needs to be invested in it.
I am not sure what you mean "legalize themselves as currencies".
Are cryptos banned in your country?
That the state accepts Bitcoin, Steem, SBD as a means of payment - we can buy everything with Steem.
In my country, Bitcoin is illegal, everyone is buying it in other countries. But now we have the other government, I have strong friends, etc.
Thank you so much for your fourth episode I've read the previous posts I have read well. I understand that we welcome your work for those new people, for you we can work well in steemit for you.
How about a post on steemauto? I'm seeing creators wanting all their followers to sign up.
I am not real familiar with that as of yet, I will check it out.
With each next issue, I understand how much, you're right. For 4 parts read, my faith in Steemit multiplied. I feel happy that I can buy steem for less than $ 2.
Good luck to you and good. resteem