The key metric to measure when tracking the success of Steem is transactions per day. A crypto token combined with a social network has never existed before and the monetary incentives a crypto token provides has the potential to drive a wildly passionate user base. Demonstrating strong growth in transactions per day proves that this ecosystem is really thriving.
Thanks to Steemle and Blockchain.info, its easy track that data. Surprisingly, on August 4th there were 189,345 transactions on the Steem network and 228,244 transactions on the Bitcoin network). Not bad for a protocol that’s been fully functional for about a month! It took Bitcoin 6 years to get to that many transactions per day.
I like seeing these type of metrics, good job @ntomaino . Check out my Post on Steem Ads let me know what you think. Thanks.
Full $teem Ahead!
@streetstyle
That is huge! We need to have a big publicity party when Steem exceeds Bitcoin.
And given that Bitcoin has now reached its transaction limit its almost a sure thing that Steem will exceed Bitcoin very soon!
Steem definitely is going gangbusters. I suppose we should feel relatively priveleged to be here on the ground floor or soon thereafter. I am somehwhat of a bitcoin enthusiast, so Steem looks to be the next exciting crypto news interest for me. Thanks for the charts. Really appreciate them.
Best regards
B
Imagine 600$ per steem!
Do you think it's apples to apples comparing Bitcoin transfer of value transactions to Steemit transactions which include upvotes, replies, edits, etc? On Steemle they have a chart called "Transfers Per Day" showing sub-1000/day. I'm guessing that represents a transfer of value from one Steem address to another, though it could be something else I guess.
I agree with you that looking at transactions and engagement for the social network are the right metrics to determine long term success though.
Good question -- I do. They're both a measure of frequency of engagement with the protocol. Steem happens to be a protocol that users have more opportunities to engage.