The difference between steem and steemit
I find myself explaining the difference between the steemit platform and the steem network quit a bit here on steemit so i thought I'd write a quick post explaining a few things to the people who aren't all that familiar with the difference between steem and steemit.
Now, forgive me if I'm not spot on, it has been 5 months since I've read the steem white paper and to be honest I've read at least 100 white papers since so I hope I'm not getting anything confused. But this should give u a better idea of the steem platform if nothing else. Anyone please feel free to correct me on any mistakes I might have made in this article.
Here we go..
Steem and steemit are two totally different things! Steemit is really just the tip of the iceburg but it's all that most of us here on the platform see. I know many people are under the impression that the steem token only exist because of steemit, but that couldn't be further from the truth. Steemit is built on the steem network and was actually named after steem. Steem it. As in post it. Write - it. Curate - it.. steem - it.. which became steemit..
Steemit is built on top of the steem network. The steem network is a platform for other social media apps to be built on. Its going to serve as a host to power other cryptocurrencies called Smart Media Tokens (SMT's). Much like erc20 tokens for etherium there will be many different tokens riding on the steem network making it very large and extremely valuable!. But unlike etherium, steem is already set up to handle those transactions whereas etherium constantly has issues with transaction speed everytime a new popular coin comes out!
As the steemit platform grows it's teaching people they can now get paid for their content online! This is bringing many new users to steemit daily. When new people come to steemit they invest their own money into steemit which helps the steem crypto price grow and in return makes us all more money :)
With steemit we get payed for our content, instead of media giants like youtube taking most of the pie and leaving us the crumbs for all of our hard work.. Or even worse like fb who doesnt even give you the crumbs, infact they also sell your personal information for even more profit! Not with steemit tho!
Sorry about the rant, back to my point.
It is to my understanding that steemit is kind of like a test net for the steem network. They needed a way to prove they could successfully pay people for content with cryptocurrency while simultaneously having the chance to work out all kinds of bugs on the network. With steemit they had a chance to do just that for quite a long period of time before allowing other tokens to come on board.
Most of you take the pay system on steemit for granted, what you don't understand is that it is nearly (if not) the fastest payment system on blockchain! Well as far as i know at least.. Either way it makes bitcoin, etherium and even litecoin look stupid slow! Average time for a transfer is 3 seconds or less on the steem network! No other network comes close to that. Steem is an amazing network and it is going to be a giant sooner than most would think.
Now that the steem team has decided to finally allow other smt's to come to the platform, the steem token price should really start to take off soon.
Appics just had their ico. This is the first SMT token that will ride on the steem network. There will be many more to follow!
So if you are worried that steemit might fail, don't be! It really doesn't matter to be honest. The Steem network can carry on just fine without it and your steem tokens will continue to make gains either way. Don't get me wrong, I do think steemit will continue on to become a giant in social media industry and it will be amazing! I just know it worries some people that steemit might not make it and their steem will become worthless, which couldn't be further from the truth. This is why I refuse to spend any of my steem right now at $6, i think it will be worth atleast $100 per token by the end of this year. Probably way more to be honest though! :)
Anyhow, I just wanted to inform people about how things really are with the steem/steemit. So now you can drop the link from this article whenever people are confused about steem and the steemit platform.
"Peace, love and all that hippie shit"
I didn't realize that Steem was built for other platforms to build upon. I have been confident in Steem tokens simply because I feel like Steem-it is going to thrive, but I didn't understand why people were throwing around that $100 valuation. Now, I get it! Steem is gonna be big!
I think most people are in the same boat as you. Only a few of us geeks actually read the entire white paper. Lol. That's why i thought I would share this info with people in a quick and easy post :)
This is a great post to clearify alot of things for people. $100 per token doesn't that seem a bit much? Because you don't know if projects are going to use to smart media token. If not a single project is going to use this it will be worth nothing. Or are their already projects running to your knoweldge?
well Appics was the first ico. They are going to be the first outside company to build a network on top of steem. There are a few more ico's that are coming out this year for sure. I know $100 a token seems like a huge jump but if you understood the underlying technology that steem has you would realize that it is so undervalued its ridiculous! Watch the video "why steem is so undervalued" by @raised2b if you don't want to read the white paper. It will explain why steem is so much better than most other cryptos out there right now.
okay thankyou my friend
Np, hope that video helped.
Great post.. I'm tired of trying to explain it to people.. resteeming so I can find it again..
Thanks for the resteem bro! I really appreciate it. I actually wrote this for that same reason! From now on im just gonna drop the link to this article in the comment section and say read this!. Lol.
So much easier
It's interesting how Steem has SO much more utility than a ton of other tokens out there, and yet the price (except recently) mostly has gone sideways. I totally believe in that $100 valuation once people actually understand what's going on here. I'd sort of hoped some people would get a clue when the Ethereum system pretty much buckled when the "Cryptokittes" came out... the Steem blockchain could have handled that volume while napping.
In due course, I expect people will discover what we have here. The underlying bones of what we have here.
You nailed it my friend!. Steem is such a great network but unfortunately people think it only relates to steemit, that was one of the reasons i wrote this article.
Cryptokitties was a huge upset for etherium, i cant believe etherium is rising the way it is after that fiasco! I personally sold all my etherium after that.
I think when smt's like appics come out they will bring a lot of attention to steem this year, people will notice what steem is really about.
I never bothered to know the difference between Steem and steemit, I always thought that steem was the currency and steemit the platform to gain the steem.
So I'm really grateful for your time in distinguishing both and way to go with the picture which differentiates it.
I've found a reference point for future discussions. Thank you.
So many people think the exact same thing as you! Thats actually why i wrote this article, so i didnt have to explain it everytime i run into some one who hasn't read the whitepaper. Which is basically everyone. Lol.
Im glad u like it and i hope u share this information with others :)
Take care
Really enlightening and informative post. Thanks for writing this out. Actually, this was much needed here.
Yesterday I was just thinking about same and it just Wow-ed me thinking that this model and network is just beginning of what everyone is calling Cryptoeconomics. It is fairer than economy we were forced to be part of for last 300-400 years especially with the advent of the Industrial Revolution.
I am so excited and hopeful of Steem and all promises it has brought with it and will bring in coming times.
The village model of economy and community living is coming back thanks to the blockchain, cryptocurrency and Steem and everyone involved in it.
Hey, glad u enjoyed it ;) you seem to have a better understanding than most about cryptos, that will be a big help to u if it already hasnt been. You are right, i too believe this could completely replace the current (outdated) system and give the power back to the people finally!
Great comment. following
Oh, and welcome to steemit! ;)
Thanks for the welcome. And the best part is that the economy is emerging and people and their culture and their natural way of living and not like current one, where the economy was imposed on people.
Here is something which will help you learn more about subjects like economics history and comparative studies. It is lecture series from one of India's most respected and learned Thought leader. I have watched it twice and keep referring to it whenever I need it.
S Gurumurthy Lectures IIT Bombay
He discusses economics, society, culture, civilization, history, comparative studies of society, religion, economics, etc. I am sure you will like it and will find it valuable.
Very helpful and definitely something which needs to be acknowledged more on Steemit! I'm really excited about the possibility of other social media built on the Steem platform. Can't wait for an instagram equivalent, it's my personal favorite interface but oooh...would be so much more interesting and powerful built on STEEM!!
There is already an instagram type one out, built on top of steemit, its called steepshot! It drops all of the content on steemit tho. Its not its own platform. Download the app and check it out! ;)
I'll give it a look :)
Once people really figure out Steem, they will realize it is one of the best cryptos. Going to be a top ten coin this year!
Oh yeah, you are absolutely right! Steem will be absolutely huge! I dont know for sure about the top 10 this year but for sure the top 20 this year. i know it will make top 10, im just not sure it'll be 2018.. Heres to hoping ;)
cheers mate
You hit the nail on the head when you explained that Steemit is just a mere iteration of what Steem can do. I have noticed this confusion as well. Thanks for helping to clarify this mix up!
Thanks! I just want everyone on steemit to know how great steem really is. Knowledge is power! ;)
Oh for sure. The transactions per second that Steem is capable of is crazy when compared to the biggest cryptocurrencies right now. You are preaching the gospel!
Thats what Im sayin!!! Most people don't even realize how amazing steem really is! they think its all about steemit. lol. If you wanna watch an informative video on dtube about steem, my buddy @raised2b just put a good one up last night explaining why he thinks steem is so undervalued.
I'll check it out. Thanks for throwing that video my way.
Glad u checked it out! Now help spread the word of how awesome steem really is! ;)
following
Cool! I'll follow you as well to see what other gems you come up with.
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