Why I believe Steem is going to be one of the biggest cryptocurrencies in 2018!
I think 2018 is the year for steem! This community is growing stronger everyday and while I see most coins at war, steemians seem to unite and love eachother! The biggest benefit of steem over other coins in my opinion is the very nature of how it was designed.
To quote the steem whitepaper:
Effectiveness Relative to Fees
To compare the effectiveness of rate limiting to fees we must consider how the two systems react to
intentional network flooding by an attacker. Under Bitcoin an attacker with $10,000 dollars could disrupt
service for an entire day by filling every single block. The same attacker would be unable to disrupt
service for even a single block under the dynamic fractional reserve rate limiting approach.
If we go to a more extreme case and assume the attacker holds 1% of all coins then we presume an
attacker with $60 million dollars. Such an attacker could deny the Bitcoin blockchain service for 16 years
unless the miners increased fees or capacity. Even if fees were raised to $15 per transaction, the attacker
could still keep the network flooded for 16 days.
Under the rate limiting approach, someone who holds 1% of all coins with an intent to flood the network
would achieve their goal for less than 30 seconds.
page 23 https://steem.io/SteemWhitePaper.pdf
This revolutionary thought gives all the added benefits Proof of Stake coins (like ethereum plans to become) have without the insane gas fees that result when the network ultimately scales up in users! The genius in the design in steem is flexible and pay to play, not by tolls, but by staking in your Steem Power, which earns you more!
Steem is basically a very unique version of Proof of Stake (PoS) that allows for 100% free transactions! This process is what enables something that is highly expensive like crypto kitties to potentially one day be built ontop as well as offering an incentive to businesses to do business on steem's platforms!
All in all if you are new to steem or a veteran you should be getting more and more! I sense steem getting far bigger than it is now and demand always leads to more value! I encourage everyone to read the full white paper, it is only 32 pages long and a great read!
Steem White Paper: https://steem.io/SteemWhitePaper.pdf
** Updated to correct issue on ethereum facts
Nice summary. I agree that the Steem platform is hugely undervalued. No fees is big. I plan to read the white paper in more depth this evening.
Do it! And don't try to just rush through really soak it in, the more you get it the more you are happy you joined in before 2018!
I agree. We’re the early adopters 😀
Happy New Year! https://steemit.com/@bigdeej/steem-breaks-usd6-usd-in-just-second-day-of-2018
Currently on page of 22 of the white pages, good post, great link!
Thank you, the first time I read the white paper it made little sense. After a few months of really using and diving in though now it makes so much sense it is the coolest coin in many ways I have seen thus far!
It definitely has amazing potential, glad to be here early. Would’ve liked to been here earlier!
Ha steemit elf? nice!
This explains a lot of how steem will come out on top. The no fees just by itself makes this more powerful now you add in contracts what a perfect storm for a winner. So now you don't have to say “If you could go back and do it again you would've bought up steem.” The people learn from the mistakes of all the other crypto and took what was good from them all then made steem. All I know is that will be fun to watch unfold.
When you wrote this STEEM was about $3 and now it is $8! You are 100% right and always worth following!!!
Amazing how fast we saw it take off! I am so glad I have been in steem since last year! Powering up as much as possible during 2017 is looking to be one of the best moves I have made thus far in crypto!
yeah i think steemit will take over all the other bullshit social media sites. Great post, and resteemed!!
I️ really do value the community of steem. It truly is a revolutionary platform. I️ already deleted snap chat and almost throw up when I️ visit Instagram with all the shit post people do. Even though my post are kinda shitty, steem it makes me strive to write better and use my imagination to the fullest!! Steem on my brothers and sisters!!