Synereo versus Steemit (engl)
It has been a few days now that I keep seeing articles dealing with the Synereo platform. Even the tag is trending today @stellabelle writes about it. The Cointelegraph inquires: “Steemit or Synereo? Comparing Decentralized Social Networks”. The poor CT journalist even subjects himself to the pains of digging through an infamous bitcointalk-thread, where anonymous users like to throw the worst criminal accusations at each other. It is pretty challenging to discern legitimate critique directed towards a particular subject and pure mud slinging (see "The ugly truth about the ugly truth behind Steemit").
Synereo is the name of a decentralized social network which plans to go live in September. Development has started much earlier years ago. I've been following it since the “Initial Coin Offering (ICO)”of the platforms own AMP token in march of 2015. The name refers to “to amplify” as the token will have roughly the function of Steem Power. You can "amplify" your content with it. It is furthermore not build as a blogging platform, but as a direct competitor to Facebook with the option of running a “social computer” on top of it.
My impression is that both main developers Dor Konforty and Greg Meredith are both brilliant minds and men of integrity with a penchant for perfection that has now cost them the first mover advantage, because now Steemit is the first blockchain-based social media platform and not Synereo. The whole team is very open and accessible and communication with the community runs smoothly via slack or hangouts.
I like both projects, I am invested in both and I whish both all the best. Both are highy speculative experimental projects that still could both fail completely.
Since I know Steemit, I've grown slightly more sceptic whether the complex dynamics of a social network will be replicable with a single token like AMP having to perform all the different functions of the micro economy. The total amount of available AMP is fixed at 1.6 billion and is been sold off step by step to the market (latest updates here). As there is no in-built stabilizing factor as the Steem Dollar, I guess every price move in the AMP/BTC and thus AMP/USD pairs will hit through the system. Considering the confusion among newcomers a fluctuating Steem price can cause, image the author rewards being displayed in Steem and not Steem Dollars. But maybe that's what some smart contracts will deal with a Synereo.
The fixed supply is interesting ($1.6B, released over time).
One of the big flaws of Steem that I can't reconcile from an investor perspective is the infinitely inflationary nature of the tokens. An equity investor would never invest in a company thats shares would be infinitely dilutable, and that's what you're doing when you invest in Steem power.
This is actually wrong. Let me give you some facts to help clarify.
Steem does infinitely inflate supply (against steem holders...SP holders are 90% protected *if they do not curate or earn any value. Then once every 3 years it does a 10:1 reverse split. Meaning if you hold Steempower at that time, the number you have will decrease significantly, but their individual value will increase significantly as the supply is cut by 90% (in favor of those holding steempower).
Hope this helps guys :)
This is not wrong. The reverse split is just an accounting mechanism (the number of your SP goes down, the price goes up, and the total value stays the same).
New Steem power is literally created every day forever to reward creators. That is called infinite dilution if you think about SP as equity.
you are inflated at approximately the same rate with steem as you are by holding bitcoin...
Do you hold bitcoin?
Still trying to get my own head around that exact subject...is the amount of valuable content humans can produce limited?
No. But like miners in BTC once the 21M is reached, creators could still earn via other means in the network (e.g. transaction fees).
@ntomaino The inflation of the Steem system works out like this:
Ultimately, most people don't get why inflation matters because they are told by mainstream media inflation is good. Steem will be a great lesson for many people who will learn why inflation does matter. For this reason though, Synereo does have a better model for Venture Capitalists and people who grasp basic economics. It will be interesting to see how well it does and how it handles challenges as they arise.
Danke für den Vergleich! Hab mich damit bisher nicht auseinandergesetzt.
Not bad. I have read a bit on synereo as it seems there is at least a small group of holders producing content about it here on steemit and so was interested in learning more about it.
Unfortunately everything I look at seems to talk more about the theory, philosophy and architecture than I am looking for. Sure this is all important, but nowhere do they show anything covering the MOST important part of any social network (or any other blockchain for that matter)--can it scale to fit the requirements users need while still maintaining a sufficient level of decentralization?
Steem, for instance, has the capacity at present to process 10k tx/sec. I see nothing talking about similar scalability in Synereo's whitepaper. It talks about decentralization of course, but the problem with decentralization has always been efficiency. I'm very interested to hear this info if someone can get me it :)
Synereo does sound like a good project to get involved with. I just signed up for the mailing list and plan on jumping in from there. I see promise in both Steemit and Synereo.
I get plenty of AMP today in a 17%droop and I can't wait for it, Israel tech guys are perfectionist, this project will actually do very well, also will wipe my 1k losses that Steem gave me back for investing in Steem Power (at this point, who knows in the future if steem still worth something in 17 years then i will be a winner)
lol 17 years?
seriously guys...it is pretty obvious this is a group of people primarily here to FUD.
I have personally talked to people who think Synereo is way too complicated for mainstream adoption. Steem is quite simple to jump into and requires you to pay nothing to get a piece of the pie.
I am not a group of people, is just me, im not FUDing anyone, I am always realistic, Check Steem price,the whales toxic game and less and less confidence on users and new comers, I understand that heavy winners are great posters or great bloggers like you, there is no better place in the world but Steem to do great gains sharing content, as an investor, putting money in to Steem Power at this point for me is not good, and as I mentioned before, my strategy in THIS platform is in a long long therm road map, if my Steem Power goes up every year, why to buy wen in 17 years I will have the amount of Steem Power that I want for free,? if Steem will succed as many predict I will be the Happiest man in the world because I will be rich by then with a little investment, buy low sell high, numbers don't lie Steem down trend looks like will be resting at 0.20 if Steem doesn't find a formula to add value and users, what Steem needs to ad Value to the Platform? that's the big question.
at this point I advice to all my friends to do great post, to do some great post and be rewarded by great content, people asking me about if they should buy Steem Power I tell them to think about it, and go ahead with what they feel.
Why does this sound like "I will pay you to watch advertising"? Facebookish but they cut you in ...?
I agree! Is it going to be" facebookish"for lack of a better word.?! Sounds good to me if i can get paid for blogging , i dont care if theres advertiseing so much then!
(imho) not paid for blogging ... paid for watching ads ...
Hummmmm?
Hello Fabio. We had an exchange of opinions in the post of "broken english bla bla bla" of the grammar n@z1 i won´t name here. Your opinion was terrific and i felt curiosity for read your posts. Here i am. Upvoted and follow you. Have a great week, pal.