I don't see it as being specifically for Steemit Inc., I see it as a path towards providing a decentralized data backbone for all of steem, which any app can use. Steemit is just one app on the steem platform.
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Sure, but realistically, it's not "just one app". It's the vast majority of Steem - that was my concern. Ned says it costs $2 million per year to sustain Steemit Inc's infrastructure. Whilst some of it is the frontend, it's implied much of it is running Steem API nodes - their primary focus now is to reduce costs on them. I don't have numbers, but judging by activity, witnesses will have to take up an order of magnitude or more greater load. At the current prices, all top witnesses combined well have witness revenues of under $750k. How will we support a $2 million infrastructure? Yes, witnesses can go for cheaper infrastructure than AWS, streamline things considerably etc., but the sustainability seems very questionable. Not to mention, Steem is tiny now. We'll need to scale 100x to be relevant to the mainstream, and 1000x to compete with Reddit.
It's not adding up.
Yes, the price may increase, and it likely will, but history has showed us that price does not scale with activity - it is its own speculative bubble, and not a sustainable revenue model.
To be clear - I'm all for witnesses co-operating for the betterment of Steem, but I'm concerned about the harsh realities of the situation. Is it even feasible?
This screams inefficiency. Very few database providers require costs in this range. It's time we take a serious look at providing infrastructure instead of just "buying more AWS instances" because they have cash to blow.
I've been digging into the API flow of steem recently and quite frankly I'm shocked at how poorly maintained things are. My rough estimates are at least one order of magnitude improvement with relatively minimal changes. This isn't theoretical, I have actionable plans for improvements.
So is it feasible? Yes, absolutely. Sure, we have to encourage development and deprecate old API formats, but it will be worth it in the long run.
Lets take our heads out of the bull-market induced sands. They call the period after a market bubble the "plateau of productivity"... lets embrace that, and buckle down and work.
@anyx us investors also have skills and connections, I and probably other stakeholders would be willing to use our many skills and connections to help @ned with getting the liabilities down and the assets up etc etc.
@ned has earned reputation and goodwill from Fyrstikken Inc. So all we need to do is to get together virtually and talk and do things like a scheduled team/external board members & advisors.
I normally charge a lot for this important service, but because of Goodwill, I will give @Steemit Inc. or @ned personal an ONE-year agreement for ONE DOLLAR for ONE dedicated hour per week over 52 weeks.
May I suggest Sundays since that is the day most leaders sit alone in their home offices and plan for the battles of the week a day before the non-leaders arrive on Mondays, so Sundays it is a good day to meet with very little distractions, 100% focused & 100% dedicated like stakeholders/co-owners of the STEEM blockchain.
You game?
Thanks for the insight, much appreciated. Like I mentioned, I had figured things could be streamlined significantly, but didn't expect 10x overspending from Steemit Inc. It doesn't sound possible, but then again, laying off 70% of your workforce months after going on a hiring spree seems far fetched too.
All the best, I hope both Steemit Inc. and fellow top witnesses pay attention to your plan and implement them.