I wanted to write about some thoughts I've been having lately about the way the Steem blockchain is evolving with the recent Hardfork. Before the hardfork the cost to use the Steem blockchain was having stake, you needed about 3 SP to use the platform properly, under that would still alove you to use it somewhat but you'd quickly run out of bandwidth costs. Now with the implementation of RC (aka mana) we will be able to use the network with just that, no need for stake at all.
What this solves is the need for abusers to cheat their way to free accounts just for the 0.1 steem and delegation they used to receive, the Steem can't be taken back, so you can see that someone who would manage to create 1000 accounts daily could theoretically earn 100 Steem by doing nothing but finding new ways to abuse account creation. Not only did this increase the queue of normal users waiting for their Steem account, but it also brought a cost to the whole currency (although on a minimalistic scale - but in some places in the word even earning 10 steem per day this way is very worth it). The only way they can abuse account creation now is by using the delegated SP they get to create upvoting rings, etc, but this should in theory be a lot easier to detect and undelegate before those abusers manage to make a lot of rewards from it. So not only is the incentive to cheat account creation gone and thereby allowing normal users to receive their accounts created through Steemit inc easier, we can now also create accounts ourselves at no Steem cost. This is going to be a huge plus for front-ends that are looking to get more and more independant, they will be able to create their own accounts for their users and some of these users may not even know they are using Steem to begin with in the near future.
So far so good, now we have a way to use the network with only bandwidth, no Steem. We still need delegations to increase our bandwidth though, and delegations cost. Not many are going to want to delegate 10k SP so that 700 accounts can use the network without running into low bandwidth, to fix that we are now going to be able to delegate RC. Yes, you will be able to only delegate bandwidth, and if you look at bigger accounts who at this time are not claiming discounted accounts, they have more bandwidth than they know what to do with. Sure this may create a market for bandwidth but it is definitely going to be at a lot lower cost than it would be to delegate stake, especially if the price starts going up sooner or later. Why is this a good thing, you might ask.
Looking at other cryptocurrencies their major issues have been cost of usage. Remember when Bitcoin transactions started costing up to $100 in late 2017 during the run up to $20k per BTC? Same thing on a smaller scale happened with Ethereum. Ethereum is planning on going proof of stake soon but to me it feels like they are still way behind the DPOS model. This is something I am thankful for to the Steemit inc team as they've been focusing most of their time on the back-end to make sure that Steem is scalable (for the witnesses) and costs as little as possible to use.
Transaction costs may not seem like a huge problem to you and you may think it's still a lot better than having to deal with banks and international transfers, to which you are completely right as well, but for people in the developing countries it means a lot more. Technology is rising quick and access to cheap smartphones is going to get easier and easier for people in developing countries. The reason I am talking about them is because they are a majority when it comes to the unbanked, these people will only need a smartphone and outlets that accept their crypto to be their own bank.
Which cryptocurrency do you think they will prefer to use when they are buying food for $1? One that may take 1-5% or a fixed fee or one that only costs "imaginary" bandwidth to use? :)
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The imaginary bandwidth of course, last year I was pretty reluctant to move my btc because even 2-3$ per transaction was a huge hit, that's what made me fall in love with steem, the "free" transaction aspect of it.
Have you seen the current problems EOS is having with transactions? I've read of people having over 150$ staked and not being able to do a single transaction to play EOS Knights!
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Steem is basic and works right now. This is why you love the Steem Blockchain! Steem Blockchain is like Broccoli. It's too good to be true so the masses flock to McDonalds (BTC/ETH/XRP) magic pill solutions...
It seems so far that HF20 has mad some great changes in terms of users not being able to 'work the system' - and there is a lot less spam which is nice!
I hear a few newer users moaning that they cant use their accounts to interact because of their lack of RC - being able to delegate RC to these users seems like a solution that would possibly work.
Do you think that this will lead to a quicker sign up process? I see Dapps can onboard users now which is good.All exciting developments going on thats for sure! I think with everything going on we are in for an exciting few months :)
I think it will, we're still in a bear market so it will take some time to notice the difference, but @steemmonsters alone is signing up a lot of users nowadays. It's gonna be exciting once the bull market starts and hopefully there's some official marketing going on for steem/steemit as well.
Will really get wild once the next bull season hits...
Yeah I think everyone who is still active during this market will be very happy when the market finally turns around - just have to sit tight and keep on working hard in the mean time.
Yes @steemmonsters is very popular I have been meaning to investigate this and see if its something I might enjoy
I don't know if you can/want to help - but ALL my memes (and older posts ready to convert), are being downvoted by @bloom.
This kind of behavior will drive people off steemit... in droves....
He's pissed about my memes...obviously no sense of humor..
I'll keep fighting the meme war, (and got loads of support to upvote my posts back to value yesterday). Just repeating it again today.. I need to keep making my few dollars a day to do it..
(I'm here living on $10 a day in SE asia)
I ain't begging - just letting you know about it. Any help would be really appreciated,..
I noticed he never flagged your recent upvote... on memes...which made me think he might not want be aggressive towards you??..I dunno..
What I do know, is that this kind of authoritarian/ draconian, behavior- will really hurt steemit
The developing countries are going to continue to be a massive driver of crypto for financing solutions and hopefully, blockchain for improved governance so that in time they are able to better satisfy their needs. The RC delegation pools are one of the things I am really looking forward to here to see how it changes the onboarding and behaviours of new users.
15 SP allows for 18 comments. 3 SP allows for a very small amount of comments. I talked to a 3-SP user who couldn't do anything and he had to wait for a long time (hours or up to a day) between each comment. He powered up 50 SP to interact more.
Ok, this is awesome. I don't need all my RC all the time. I can give some to the lower ranks for sure.
Exactly, and although the bandwidth may fluctuate over time it is going to cost a lot less to receive delegated RC worth 15 SP than to receive 15 SP delegation which already is super cheap and @steem is giving out for free for those not trying to abuse it. :)
Yeah I agree! I have a measly 160SP and I dont use all my RCs so why not share them around with others rather than have them going to waste. I think it will make it harder for people to spam the system which is brilliant
Hm, this highlights the importance of building partnerships where STEEM is accepted without being first converted into, say, Etherum.
As for the RC market, I'd say that's more of a necessity than a inevitability. An open, platform wide (because minowbooster already technically has a private one) market would only create more incentives to hold STEEM and build resource-hungry dApps that would stall without having a third-party supply of RCs.
Whereas I think it is awesome that all these steps have been taken to improve the account creation and resource allocation process, this phrase is the one that stands out for me:
Even though the answer is a no-brainer, it seems top me that we are falling ever further behind in the functional application to reaching that situation. What I mean is, I keep seeing updates about the improved infrastructure and news about new apps and SMTs... but I can't recall seeing anything that talks about an effort to make Steem more useful/appealing/user-friendly at the retail street level.
One of the reasons I was really excited about the recent NetCoins vote... and Steem's subsquent win... was precisely that seemed like it could remove some of the convoluted layers that previously have been a major barrier to entry here: When the answer to the question "How do I get/use Steem?" requires a 1500-word essay and several days to explain... you've already LOST before you even started. The expectation of the average person on the street (including that guy who wants to spend 1.00 Steem on food) is that you tap "install" on your phone and 2 minutes later you are USING an easy and intuitive system.
In other words, what good is a 3-second transaction speed and no fees if it's all but impossible to use in the real world?
One of our biggest issues here — which everyone from Steemit, Inc. and down seemingly sweeps under the rug — isn't about apps, SMTs, communities or the price of Steem... but about how we leverage this amazing creation into some functional. Because when it is suddenly the hottest thing going... at the retail level... then everyone will want to be part of it, the the price of Steem will automatically start ratcheting up.
Of course, what do I know about it? I'm just a little black cat...
=^..^=
Ofcourse I will use steem to buy burgers What kind of question is that ?
Yeah
Steems one of the biggest advantages over other cryptos is definetaly free transfering
powering up or buying food.... such a hard choice!
Can't wait to get my hands on some fries paid with Steem.
This is blockchain!
All is possible in nearly future.
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Hi @acidyo ,they will prefer steem to buy food as it costs nothing for transaction.while on the other hand no other coin offers such free of cost transaction.That is one reason to love steem. I also agree that bandwidth implementaion system reduced cheating.
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I'm bit of a sad generally about people, for every great idea there are always someone that want to exploit it for his own needs. Constant need to fight such behaviours is like a never ending war, bit frustrating. I would like to thank here everyone trying to have this place as much clean as possible, nowadays with spam everywhere - that kind of actions truly brings a real value to the world.
I'm yet recently bit concerned about post deletion, or the EU law that allows everyone to be 'forgotten'. Are there any plans in this field, as I'm really worried that this might led to countries in EU try to block steem, which might led to huge price drop?
Did I understand correctly and we won't be able to delegate SP?
The beauty of blockchain, making everything virtual valuable by decentralizing them and let the code rules it all. From the virtual coins itself to the virtual bandwidth .
that 0 fees is truly a genius idea
plus u add that to the dpos system and you got yourself the future of the people's personal bank wallet with almost 20% of annual capital gain if you use the dpos in project like smartsteem...
and for a bonus yoou get price appreciation periodically...
Eos is gonna be huge for dapps and I can already see a EOSplay as opposed to to google play in the future, yes eos might pretty well rival google as more devs migrate to it
Mana is more of a steemit thing which will help support the site in the long run and will be a model for other social media dapps including the ones build on eos, I mean...they are on the same team
Now the hard part is to convince my father to loan me $100K...not gonna happen :D lol
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