First Doesn't Always Mean Better
Steemit wasn’t the first to try building a social network integrated with bitcoin/cryptocurrencies. But we’ve succeeded in getting off the ground and gaining enormous traction and adoption in a short period of time, while others have failed.
Let’s take a look and compare Steemit vs Zapchain (the previous leader in this space) and see why Steem is kicking its ass despite being late to the party.
Building A Strong Foundation
If you want to make something that’s built to last you’d better use a strong foundation with the right infrastructure.
Zapchain's Achilles heel was that they built their database using a backend service provided by Facebook called Parse----Not a smart move. Obviously, there's a very strong conflict of interest going on here. So it's not too surprising that soon after Zapchain launched to much fanfare that Facebook decided to zap Zapchain by pulling the plug on their Parse service. This left Zapchain scrambling looking for new a solution to relaunch the site and restore confidence in the service.
Steemit has a robust foundation built on a unique and groundbreaking blockchain. Blockchains like Steemit’s and bitcoin’s are revolutionizing and disrupting many industries like finance, insurance, government, the Internet of Things and now...social media. The blockchain is heralded for it’s capabilities regarding transparency and immutability. The blockchain is the best foundation @dan and @ned could have chose to build on, and it’s why Steemit has been able to quickly bounce back from any hiccups encountered like the recent hacking - something that would have crippled others. Exactly who had what and at what time are all visible for everyone to see.
Would You Like a Tip...or an Investment Vehicle?
Zapchain’s reward mechanism revolves around tipping. Users can tip posters if they like what they have to stay. You also have the ability to send microtransactions to other Zapchain users which is very cool.
But the buck stops there. Sure, it’s nice to collect some spare change, but wouldn’t you rather build something and invest in your future?
Steemit chose a different route by choosing to actually create a specialized cryptocurrency with investment vehicle-like properties. Bitcoin wouldn’t have been a terrible option, but but STEEM to take it to the next level. With Steem Power and the Steem Dollar you can take advantage of the wonder that is compounding interest - the same thing that savvy investors use to create real wealth.
Corporations vs Employee-Owned Companies
Zapchain is like your typical corporate company whereas Steemit is more like an employee-owned company. With Steemit, you’re actually able to grow your rewards by contributing and adding value to the site - it’s almost like having an employee stock ownership plan (ESOP).
Zapchain users don’t really have a vested interest in the site other than the utility of it, and have no power to direct its future. With Steemit users have a voice, voting power and the ability to effect changes.
As you can see, I firmly believe Steem is truly the first to 'get it right’, and that it’s destined to become the ‘killer app’ for cryptocurrencies. Upvote if you agree! ...And Steem On!!!
#If you enjoyed this post, please check out my newer, funnier one: