Addressing the impact of delay SMT release
STEEM blockchain is right now the fastest public blockchain is all set of change the Eco-system by launching SMT aka Social Media Tokens. While there are opinions which says STEEM should be rather re-branded as the fastest blockchain for anything and everything starting from social media to logistics. That will make SMTs similar to the assets and various entities on Bitshares platform.
While the additional use cases above and beyond are quite possible and should be considered, SMTs gives opportunities for numerous applications.
One of the frequently asked questions that I come across is STEEM vs SMT vs EOS
If we develop on STEEM will it be possible to migrate to SMT or EOS at a later point ?
With no information available on SMTs, its quite important to understand whether we can do the development on STEEM platform and later migrate to SMTs. Since SMTs will include a token release process, logically it sounds feasible to have an upgrade path to SMTs. ie we can safely assume that there will be a upgrade path available to migrate the DApp from STEEM to SMT. The second scenario is SMTs getting delayed. In such a scenario, it will become no brainer to migrate to EOS. With the possibility of available community support and multi-threading for the core Graphene blockchain, it will be beneficial to migrate to EOS in such a scenario. ie, if the SMTs and its capabilities are not available, STEEM and EOS will become identical in many ways apart from the inflation parameters etc.
The above paragraph mentions EOS's support of multi-threading. But as of March 18th, 2018 Technical White Paper multi-threading is not getting released soon enough.
“The June 2018 release of EOS.IO software will run single threaded, yet it contains the data structures necessary for future multithreaded, parallel execution.”
from :https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md
This will probably make STEEM as good as anything else for building applications.
STEEM stable (19.0.2 ) > STEEM 19.0.4 > SMT & Support for SMT : this seems to be the mysterious road map & by all means, there should be upgrade paths between the stable version and the STEEM version X with SMT.
So all those who are hoping SMT will be ready, I believe, its a wise choice to keep hoping for the best and keep working.
Now, if anyone thinks this information is wrong, please do share the information as we are taking decision to go along trusting STEEM version X which will be release soon!
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good write up... I do not have a detailed technical understanding of this, but it seems to me there will still be differences between SMTs and EOS. From their whitepapers, it doesn't seem they are targetting the exact same markets... SMTs are more focussed on web content unlike EOS which is really being built like a platform for many different types of Dapps.... will have to see how the use cases for both plays out
Yes - STEEM has (unfortunately and wrongly IMHO) branded itself as one for web and social media. Whereas EOS is general purpose.
From the code base, as such, without multi-threading, I don't see too much of differences in EOS ... Though I may be missing things and its definitely too early to make any comments. EOS definitely have better mechanisms for implementing smart contracts.
yes :)
What do you mean with
What smart contract implementing mechanisms are available for Steem? Are there any?
Its a mistake
Well, I should have written STEEM doesn't have smart contracts right now and with SMTs it may have some support ... or atleast the SMT white paper mentions smart contracts.
OK, thanks for the correction. :)
As I see it, EOS is much more than just Steem 2.0. On paper for now, of course ...
:-)
I was disappointed to find that the multi-threading is not there .. I was under the impression that "horizondal scaling" means multi-threading, worker pools, ability to use multiple physical machines for the blockchain etc. Anyway, I am playing with the core Graphene and STEEM code base now and its essentially a clever & robust "productization" of the boot C++ library from what I could grasp so far. One few months I am hoping to have a bit more knowledge to make a better assessment.
From economic and marketing perspective I'd say this was the best approach. EOS is pretty mus STEEM upgraded with better token distribution and bigger war chest and better devs. In such a situation, specialization is the best course of action. It even makes scaling easier and create better brand recognition. When people see STEEM they'd think it's the best pick for any social media related project. GTA has cars and shooting. But people who primarily want to drive or shoot pick NFS and some other shooter games.
agree on all except the scaling aspect. The reason being, without multi-threading, EOS and STEEM remains pretty much the same unless I am mistaken.
When I said "It even makes scaling easier" I meant that it is easy to scale to handle all the world's blockchain social media than scaling your platform to be capable of functioning as a general purpose blockchain which requires you to be capable of being a general purpose smart contract platform. I refuse to accept 100,000 Tx/s as sufficient to become a general purpose smart contract platform. With little over 60K Daily Active Users STEEM is almost at 20 Tx/s Even without SMTs we'd still need better performance if Steemit, Busy, DTube, Dlive, Dmania, Zappl, Steepshot needs to go head on with their respective competition. Add Wechat to the competitors list and STEEM is already at the risk of being like Bitcoin.
Now think about scaling solutions for a platform that aims to cater to social media specialized tokens. Things get harder. Take it to the general purpose level and you have a nightmare. I'm a fan of DPoS. I think EOS will change the world. But I also think EOS with multi-threading is the advent of this generation's dial-up internet.
They are just calling it "BFT DPoS" right now haha
Finality in 2 seconds is just really amazing. I also came across this interesting project: https://blog.cosmos.network/consensus-compare-tendermint-bft-vs-eos-dpos-46c5bca7204b
Its a nice information on steem and SMT we will learn a lot from coming update's from U techi and Coding Guru's
Thanks for sharing it
@maujmasti
appreciate the feedback
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That is the challenge. As much as I love Steem. I flipped a quarter and started building on Ethereum. EOS is probably the better choice at this point. But who knows what Steem and SMT is really doing? No one but a few people on the inside this very centralized public blockchain. I would prefer we built off of Steem but have not the confidence to do so.
looks like steemit inc will be launching SMTs soon .. lets keep the spirits high
Steem blockchain has already proven to be a stable secure fast 0 fee blockchain
http://blocktivity.info/
Also, more info to follow on SMT's https://github.com/steemit/steem/projects/5
https://github.com/steemit/steem/projects/4
yea exactly my points ... , STEEM blockchain and underlying Graphene2.0 has proved itself to be rocksolid and very capable. If we take Graphene implementations from the above list, STEEM + BTS + GOLOS has more transactions than many of the other mighty ones put together. Once EOS also there in the list, Graphene will be unparalleled.
Unlike any other blockchain, STEEM has proved to be the one with largest number of transactions and has now manged to get Appbase launched ... once it has SMT and get the branding straight, things will hit moon (atleast from a pure technical standpont!)
Appreciate the project link @followbtcnews
The last public update seems to be 1 month ago ... hopefully now with appbase and hivemind steemit inc will be able to re-allocate resources to SMT.
thanks for dropping by ..