I've encountered quite a few blogs that predict that EOS will disrupt Steem. Dan Larimer even hinted that he would launch a "Steem 2.0" that fix the errors that he made when launching Steem for the first time.
Now, for the sake of transparency, I own a significant stake in both Steem and EOS. With that being said, here is my take on this issue...
Application Specific Blockchain VS General Purpose
To begin, EOS and STEEM are completely different beasts. The former, is designed for people to creates dapps that runs on a fast blockchain. It's made so that it can run decentralized exchange, social media, supply chain or even cryptokitties without transactions fees and blockchain bloating.
STEEM on the other is blockchain that specialized in media. Social media is a tricky thing and Steemit Inc now has 2 years under their belt...that's a long time to acquire specific knowledge on the intricacy of social media on the blockchain.
Competition Is a Good Thing
Because EOS might have a social media app, it doesn't mean that STEEM is in trouble. If anything, as an investor in STEEM I am thrilled that competition is coming...it is sorely needed. First, it's a validation that there is a huge need for social media dapps that pay its users for participating. Secondly, it will push the Steemit Inc team to double their efforts to stay on top of their game.
More competition will come on the front-end side to make it more user-friendly as well as new ways to approach these challenges.
Can EOS disrupt Steem?
EOS will disrupt Steem by the simple fact that there will be competition. But if you mean completely displace and supplant, I wouldn't bet my life on it. Building a long-term viable social media business on the blockchain is very complex and comes with a lot of curve balls. People constantly try to game the system and it's impossible to know how people will act once you introduce a new algorithm.
Conclusion
Please let me know below in the comment section what you think of this situation. Are you excited or fearful of competition?
I agree there will be a competition which is good for the system. The competition will put both EOS and Steem on their toes.
I believe both will continue to improve cos of the competition and both will continue to do well.
I think all STEEM holders should be concerned about EOS, just as all MySpace stock holders SHOULD have been concerned about Facebook. I'm not an expert but from what I've seen potential SMT projects could decide to launch on EOS instead of STEEM, a blockchain which appears to offer more scalability and advanced features. On top of this Dan has already said that he WILL be launching a social media competitor on EOS. STEEM is great but there is room for improvement, and those improvements will possibly be better on a new platform rather than trying to implement them into one that is already running.
I think the application specific nature of Steem is a huge benefit. With EOS you have an additional step/intermediary to consider.
My gut impression is that once the SMT toolset is available (& hivemind too), I as a non developer content creator could probably have a community and token up and running with no more effort than putting up a WordPress site.
Running a token directly on EOS is much more complex as it is a very broad, non specific operating system. So to be any real competition you need someone to develop a Steem competitor on EOS that in turn allows token issuance and customization of its own. So why not just remove the intermediary and go straight Steem blockchain?
The only thing to consider is the coin value . If bloggers can make more due to higher price of the coin, then bloggers will follow the money.
Hopefully steem will get it's proper valuation ater smt so this won't be a big factor
A huge part of this is Instant Registration and Steemit being able to advertise.
Once fixed, it should be a new ballgame.
Content creators doesn't really care that much about the money. They mostly do it because it's fun and engaging! That it's something new that is pushing human evolution forward. The for the money people will usually stop creating very fast.
I agree; Community building can be very easy on SMT and hivemind. It may be necessary to claim to be a separate entity with it's own internet domain but essentially all the mechanisms can reside on Steemit, STEEM and little else needs to be created. SMT is optional but obvious motivator to create a Community... even if @ned can't endorse this openly or connect the two officially due to "regulatory issues".
Exactly. Considering that every second now could be worth money. Does anyone have time trying to play 2 year catch-up with Steemit? At the same time they are doing that the ability to attract real content creators is a hard task that takes a long time to develop. People are very loyal and tribal once they start to like a specific platform. Unless something totally new comes out that is a massive game changer.
As both tokens are on ethereum chain they may integrate both into a social media setting.
Ie. Both tokens could be accepted as rewards or used in otherways exchanged converted etc.
Some ethereum kinship...
Both on Ethereum? STEEM is it's own blockchain and EOS is launching it's own in less than a month...
Why do you buy them with ether?
Due to ethe network etc,
What you seem to forget is how big this market is. There is no real competition. Also most of the advanced features isn't really needed. Content creation that it works is 99% of the game. The rest will fix itself. If EOS creates a social media competitor then it will also increase the value of Steemit since both these services will be on the cutting edge.
I feel like this will be healthy for Steem and we can see how strong they both stand against each other . But I hope Ned doesn’t loose focus of Steem once EOS is officially released . I think it’s going to be a healthy competition and they might numb heads but it shouldn’t interfere too much because this is a decentralized platform and that is a more of a coin ?
To answer the question, I'll say yes EOS will disrupt steem if everything goes well as planned.
If you look at the EOS blockchain, the hype about it, its speed, the dapp running feature, etc, you'll have to say yes! EOS will dwarve steem.
But then, Steem has it's own purpose and its own advantages over EOS. If it's about the running of a decentralised social media, it definitely has the first mover advantage. We're yet to see what SMT offers too.
However, it's worthy to note that the EOS blockchain has not yet been launched even though the testnet and different dawns has been tested, so everything is just pure speculation for now.
Fingers crossed. Let's wait for EOS to be launched and for it to start performing well, then we'll all see which one is more better than the other in which aspect.
Happy Steeming
I think I feel uncertain EOS and STEEM may not be on the same terrain, I mean it may even need the two to thrive or the two to fight to the death, but I won't say I'd be certain, I think there is a 60% chance of competition
well well well.. I think the features of the Eos blockchain(if they will be actually implemented) are enough distortion. Unheard scalability features..Mad transaction speeds..zero fees..And other amazing features..
For me, i believe the distortion will take quite some time because it will take a bit of time for Eos to get balanced on the market but when that time comes its gonna be not just the bane of steem but other affiliated cryptos as well..
EOS is a platform for dapp builders with features never seen before, but it will go thru some dark periods; impossible to for-see the results of next few months ahead..
Obviously it has the potential to wipe out a lot of other alt-coins.
Yeah same idea I got.. In the end. It's going to be one big time bomb!!
Why doesn't Steemit jump the gun and make some changes now, before EOS goes live. That is assuming that Steemit needs some changes.
I'm really not an expert in this but I have read so many posts identifying where changes need to be made. I feel they should at least be addressed. There probably are a few good ideas which would make Steemit better.
Competition will be very beneficial for all. I love Steem but hope some of the bad behavior can be curtailed.
I believe in steem and its applications, EOS will likely fail, it may look strong at first but the end will be far less than expected.
It will be interesting to see if EOS will be able to circumvent some of the problems we have here. Or if they will find similar results. Looking forward to joining when they get online!
I am really excited, I think their will be a healthy competition in between the two. Both will try to take steps to remain one step forward than the other. The release of EOS is really a good thing.
Competition can be a good thing. My only concern is that Dan knows the weaknesses of Steem, so I'm hoping it doesn't eventually make Steemit the next MySpace.
EOS will render Steem anything over my dead body.
The explicit bandwidth costs, the multiple ops to settle contracts... get ready to be dissapointed by EOS.
Dan selfishly and secretively wrote ops into Steemd as STEEMIT_OP .. well, they’re properly written as STEEM_OPs now as I always meant them to be - orchestrated for platform use - not single website use.
Now the way is clear for Steem as a platform: bolstered by SMTs and Communities.
I don't have the technical knowledge to know how EOS will behave once launched. I know that it always sounds better in theory than practice. I do welcome the competition if it comes but I doubt one can catch up easily to 2 years of research and development.
Yes. I sort of get a superiority pretentious feel from the official EOS Telegram group. Pretentious people doesn't create a good service.
WAY TO POST @ned!
First time I've really seen you express yourself perhaps.. good for you.
Why don't you talk about ICOs and this usecase for SMT?
I have not seen you speak of this in a long time.. and many of those ideas relate to an article I read recently.
I wanted to make sure you saw this article:
It questions if we would even need ICOs any more in many regards.
Because ICOs often fail to achieve the level of distribution necessary to create the value they are attempting to create.
I love the spirit @ned I wish we can promote steemit more to reach a wider audience. If youre interested you can check @steem-ambassador work by #promo-steem community.
And here comes the big boss @ned 😇🙏
Iam really exited about SMT'S and their impact on steem Blockchain and also about the news of Good Person Tokens.
That's the spirit Ned!
Reallly good to feel your passion here @ned .. it goes a long way!
agreed!!
I love this comment
Steem will always be my first love ;)
Steem is always my first and the last choice. Steem is way better a prospect to be disrupted with the likes of something as new as EOS.
Sir, I am very thankful to you for this community, I am very thankful to you for building a community for us.
@ned is here, what a sweetness, I've never seem him anywhere before, this is a big honour
@Ned for President! #2020
" they’re properly written as STEEM_OPs now as I always meant them to be"
Could you explain what these OPS mean?
They now mean any operation of the STEEM coin refers to the coin not to a website.
I don't really know how this works
But I believe it is good news for the steem blockchain
I must admit that your firm intervention has given me even more trust in Steem. We were hoping for better and better!
"Now the way is clear for Steem as a platform: bolstered by SMTs and Communities."
The message that is sent out is very mixed to me. What kind of platform is Steem? A smart contract platform supported by SMTs and communities or?
Above all it’s a platform for anyone to build and gather their communities, replete with unmatched coordination functionality found in treasury functions, fundraising, monetization and growth mechanisms.
Thanks for taking time out to answer questions, your presence here is a confidence boost for the community! We are all looking forward to the launch of SMT and using it to bring more people and community into the Steem ecosystem.
thanks for sharing your passion @ned! really great for us all to hear/witness! steem!
That makes more sense. I see one important factor in this.
How do you expect investors want to invest in these communities? As a community builder myself, I notice that the interests in supporting communities has dropped.
I know you hear this a lot of times and I am tired of it but most investors are now devoting their funds in voting bots. I understand "Hivemind" could be a solution, but will it direct the funds to the right places when in the background the option for votingbots is still available?
Thank you for taking the time to respond btw. I hope you answer this question too as I feel most of the community builders have this question in mind.
The interesting engaging communities will always thrive since they add massive value! Voting bots are just the new version of AdSense: Man and Robot working side by side to build a better future world!
Another CEO, (Steve Ballmer) was reported as having made similarly enthusiastic and unfortunate saber-rattling statments about the security of Windows XP prior to it's release. That went well.
Underestimating competition is just as bad as overestimating your product. Worse yet- thinking you're above competition created by the same person who helped create - the Steem platform- in the current crypto environment is a great way to have memes made about you.
Reading through all the comments I come away with three main impressions: Fear, Confusion, Defiance. Unfortunate to see since the Author of this tidy little piece wrote it in such a pragmatic fashion. Steem has nothing to fear from EOS, much like Bitcoin has nothing to fear from Ethereum... until it does. But I remember the same blanket statements were made about Eth before it's launch as well. "Vaporware" "Sure to disappoint" "Just another alt" ... which is only true until it isn't and the fact remains, no one sees the bus that hits them. Thanks for instigating my first Steem post. Cheers.
[disclosure: invested in both EOS and STEEM]
Glibly shading and suggesting pragmatic analysis while you bring none to the table and ignore pages of analysis.
You're doing great as a CEO. Keep it up.
The creator /Ceo is so handsome though
Hello ned . By making it easy to blog on steemit will make this platform grow exponantially.it is still hard to write or upload anything on steemit . It should be so easy that an ordinary human being should be able to us it lke facebook. If that happens steemit will be huge huge and beyond your expectations.
I think Steem already has the advantage as it has 2 years under its belt.
We've had so many problems in the past, but a lot of them have been covered with updates.
Also the more user friendly sites like busy.org also help.
But who doesn't like a healthy competition.
It will be really awesome.
Steem on
Edit : I forgot to mention the SMTs and communities. That will be huge for steem
The more a cryptocurrency is used and has transactions the more likely is the price to increase. Steem has an advantage compared to other altcoins because it has
Steemit, a social media platform where people can earn Steem when blogging or commenting.
Steemit is not only a blogging website, it is built on a blockchain and users like you and me can create apps on top of its blockchain. This is one excellent reason for Steemit to become very successful in the future and as the user base grows, the Steem value will also increase.
EOS has the same features to offer,but I don't think that EOS will disrupt steem but on the other hand it will help.
Remember a little competition is always good. This competition will help both of the platforms and crypto currencies to improve, So chill mate. I look forward to seeing EOS based platform.
The truth is that the competition is very good and will have a positive impact on EACH whether EOS or STEEM,
Because of the EOS or STEEM will know where the location of deficiencies, so this will be a positive input to continue to develop.
And I am sure the STEEM will go forward ..
STEEM TO THE MOON
They are not even on the same block chain. I’m not certain but EOS can’t completely displace steem in ...imo
I love the sound of this by @ned.
A very good post @cryptoctopus, I also read from some people who discuss about the parsaingan between EOS and Steem. In my opinion if there is competition between Steem and EOS it is very good. With the competition between Steem and EOS like that, the people who run the Steemit project will try to make their project much more developed from now, so we can all benefit from it all. So essentially, EOS will not interfere with Steem, because they both have different paths, but even though that can happen it will not be up to 100%, because there is little chance. thank you...
I am a bit scared.Because steem is still in not a good position.People are still confused about steem.As per price EOS is already crossed steem by a big margin.More over people are talking about EOS in a positive way.I know still it's too early to say anything.I am not scared of competition,but i am scared about the situation of steem.Let's hope for the best.
I like your realistic view of what may happen after the EOS launch. Too many ignorant people are under the assumption that once this happens, coins like Steem and Ethereum are going to be useless and worthless.
cryptocurriencies are the future, thank goodness we are part of this..
I am excited of competititon..........
I am excited coz i would have two sources to earn money....i haven't invested any money by now in crypto ....thus i am a Man with no fear 😂
I think Eos blockchain will make a lot of space ,coz i know Dan laminar is one hell of a genius he only does work for things which work perfectly once that thing starts to work ,he starts to work on some new project ....I guess that is sign of genius like creating things and moving on...
Hai @cryptoctopus
I am very happy with the competition. because we are more focused again in fighting for something that became many rivals
Well EOS is not going to disrupt steem in a bad way because it's providing a platform that might used for Creating a better. And good competitor for Steemit and if this is the case then it's also good because Steemit really needs a competitor to expand itself. So it's a good thing.
will it count as plagiarism, if I repost my blog articles on the new steemit competitor lol
Well, I don't think Steem will die because of EOS. Why would it die? As far as I'm concerned, I will be using both, Steemit and whatever EOS comes out with. Both could have positives and negatives. I think both platforms will do great.
For example, look at Facebook. It's the most used social media, but that doesn't mean there can be no others. Twitter, Youtube and so on... There's room for many platforms. One doesn't have to kill the other.
my opinion is ned make a comment here and i see first time ned's comment on a post :) eos and steem thats not my problem its a big ocean and I'm not a whale.
In my case I am excited because I believe the idea behind Steem (rewarding people for the content they create) is here to stay.
The more projects designed with that goal, the stronger the idea gets.
I am really looking forward to see what EOS can offer regarding this subject.
@Curie stands first in rewarding exceptional content
I agree! I have a stake in both as well. I agree with you on competition. That’s when Steem gets the work done, because not only for motivation, but being able to compete in the long run. Even though steemit is one of first social platforms rewarding its users for participation, it doesn’t mean it will last. I hope it will! So my conclusion is “I’m so excited about this race between competitors”. It’s just inevitable.
I would love it if there will pop up another social media like steem as it is beneficial for my medical needs @cryptoctopus because it will again another source of income because of the opportunities these things give me to help me support myself.
Competition indeed will bring a greater quality platform which will give people a better experience while using both steemit and or EOSocial.
EOS will distrupt jack shit, Steem is functioning perfectly for more than two years now. We have an established community and a whole bunch of bag holders who will not just dump when the first sign of trouble and competition arrives. This imperfect system we are having is susceptible to change, and that is a big draw on why in the long run Steem can only become more rubust and improved. Nothing against EOS though as long as they play fair.
There are several things that can destroy Steemit, but all of them are internal. Community destruction by the rules imposed.
Everything external can only make Steemit stronger.
However, there again, is a chance for self destruction by not keeping up. By not maintaining an appearance of moving forward.
So, i am with you. Steemit could really use some real competition. Because there are a lot of areas for improvement. And competition really makes two better platforms instead of a single poor one.
Awesome topic and great discussion to bring up, it is this I am considering my position and stake in Steemit. Nowadays, people ask me the age-old tripe "What do you do for work?" (I secretly loathe this question, moreso now that cryptocurrency is a thing), thanks to Steemit, I can simply respond that I self-publish my artwork. From years of harnessing multiple social media networks and corraling a funnel to a personal website, at the least Steemit is giving back. EOS I'm still researching potential investment (of time, not money, because time = money), what would EOS become in light of Steemit and the broader cryptocurrency world in a year, 2 years, 5 years?
I owe it to Steemit that I can completely focus on my talents, my business I'm building around my art, I have no desire to work a full-time occupation for someone else to be called "boss". With Steemit, EOS, and other emerging technology networks utilizing Social Media Tokens, there's very little reason for me to strive beyond a part-time income to supply my studio that I can continue to create self-sustainably, without requiring commissions or sponsorships, simply complete the art image and publish it to the world online is enough to support its promotion and distribution beyond creating the art.
Now, instead of getting rich, people would consider gaining [positive] reputation whilst building out by their virtues a cause by which others subscribe to. This is only the beginning, as cryptocurrency technology like this is being applied in the social media arena as a creative venture and not one solely financial. I'm lending my ear to wiser voices here, like yourself @cryptoctopus, @dantheman, @jerrybandfield, @dollarvigilante @creativecrypto and others referenced closer to the action. I'm GO for ETH, LTC, and STEEM/SBD to bring a revolution to the creative arts and entertainment fields universally, as Youtube did on the internet.
We living artists not yet mainstream or notable salute you all.
Thank you @cryptoctopus for sharing this amazing insight!
Interesting conversation, however I strongly feel that Steem is not at any risk of being dethroned as a social media platform, OR for that matter just as a successful platform which can handle millions of transactions, it seems to me that Steem has room to grow, through SMTs, into more of an EOS killer, than EOS has to grow into a Steem killer.
But hey, I love steem, and I love EOS so lets just all get along. :)
thank you @cryptoctopus, for sharing the very helpful info, in my opinion if there is a competition I am very happy because with the rival this steemit will continue to rise, and this is all I can say,and good luck always @crytoctopus
EOS better not and it shouldn't disrupt steemit. They are entirely different beasts. While i have no stake in EOS, i agree the competition will be good.
Yeah, i agree on the point- that, it will bring some competition on the market. It is better for us,as a user. More the opportunity, the more will chance for better. They will not disrupt each other, just make them more focus on their work and development.
If you talk about EOS in terms of Dan's team able to disrupt Steem, maybe. But EOS is a platform and the people building on it, might be able to disrupt Steem.
"STEEM on the other is blockchain that specialized in media. Social media is a tricky thing and Steemit Inc"
Social media is indeed tricky, but looking at history myspace was here before facebook, so yeah nothing is certain....
Not to be negative towards Steem, but that is just the nature of competition.
Steem is my first love and it has come a long way to reach here. 2 years period is a lot of time for any platform to be sustainable and maintain a healthy growth in the system. Even EOS may have similar concept and would give a healthy competition to steemit but people will always be staying with the things they have seen since a long and not having any issues.
I believe that competition is healthy for growth. It brings out the best in people. I’m sure @ned will have to grind his teeth to ensure that SMTs are a success. I’m equally sure Dan will pull lot of strings to show-off EOS as the *all time best platform’ using an alternative such as Steemit as a shop window..
All of theses project towards a bigger picture.
I could see Steem 2.0 disrupting Steemit, but I don't see EOS as a whole doing that. Besides the fact that STEEM 2.0 would run on EOS. I am a big fan of Dan's, but I think there are enough people who aren't that will keep Steemit running. There would need to be an easy conversion from Steem to Steem 2.0 for users to want to make that jump too. If you have so much invested in this platform already and it is going to cost you a lot to switch, you may stay simply out of complacency.
As for the way for Steem (Steemit) the way that it had been supporting me for the past few months and the way it is going forward it will obviusly the 1st priority to me and as it has been for 2 years it sure will have a positive turnover in that fact than the case of EOS.
Competition will sure be good but as the changes SMT's idea done by ned is indeed gonna change the rhythm and it will be for good as well.
We have full faith on the developers of steem and eagerly waiting for SMT. Steem on.
Lovely post mate.... Indeed, everyone concerned with Steem should be concerned. Yeah, they aren't exactly the same.... But this concern should be to keep this blockchain in check, and not to rest on their achievements, else, people will always find another place to go to.
@cryptoctopus Upvote and resteemed your post . Thanks
Looks like your post have attracted the big boss 😊 I agree that EOS and STEEM are not the same and they can co-exist, just as the many social media such as facebook, instagram etc Co exists. As long as we find a niche and as long as we as a community find new ways to get people to use and adopt steem and SMT we would have a bright future
Nice post
very good post dear
