The is great concern among many Steemians about EOS and that @dan is on record as saying that he will create an alternative to Steemit.
I decided to write this in response to a comment yesterday by @captaincanary.
Here is the comment....
How worried are you about EOS? STEEM seems to have squandered much of it's first mover advantage and we have seen a real lack of development so far in 2018. EOS will launch next month, be able to do everything STEEM can do and more, plus it is backed by over $1bn in capital and has a genius behind it who has already stated that he will create a STEEM competitor.
The answer to the question is: NOT AT ALL.
EOS is not going to take down STEEM simply because they are not in competition. That is a point that most people seem to miss when looking at blockchain. We are not dealing with businesses here. Blockchains are more like cities rather than businesses. Each will have aspects that people love along with things people do not like.
Nevertheless, here is some of my reasoning....
There Will Be 7B People Online In 10 Years
Did anyone really think that the entire Internet would be housed on the STEEM blockchain? We all knew that other social media applications would show up on other blockchains. STEEM does not need billions of users to achieve enormous success. Even a couple hundred million would make the price of STEEM go into the stratosphere.
As for @dan being a genius, I cannot argue that point. However, he is a genius at developing blockchain. Creating an application that solves technical issues AND is appealing to users is a different matter. Do not forget, he had a hand in the creation of Steemit. He has the advantage of learning from the problems Steemit has but, then again, so does the development team on here.
It is true he might create an application that usurps Steemit, yet that does not make this application useless. As long as people are using it, it has value.
People Are Making Money
There are 60K daily (transacting) users on here. These people are posting, commenting, and upvoting. Why are they doing that? The simple answer is because they are making money. There is also the community aspect which cannot be overlooked. Nevertheless, as long as those here are making money and the rewards pool is still coming out each week (which it will be for years), there will be people on here.
Again, using the city analogy, if you have a business that is making money in one town, are you going to up and move simply because 30 miles away there is a better city?
Steemit Is not STEEM
@ned mentioned in an interview in Korea that there are over 350 applications on the STEEM blockchain. Even if @dan makes a better version of Steemit, what about the other applications that are on here? Too many people mistakenly believe that Steemit is all there is. There are an assortment of applications that have gone through many updates. Anyone starting right now is going to have to play catch up ball.
Again, even if there are applications on EOS that mirror what is on this blockchain, that does not make what is here obsolete. Development, upgrades, and changes are occurring all the time.
Steemians Can Travel
If there is an application on the EOS blockchain that is appealing, there is no reason why one cannot utilize what is on there. Don't millions of people use Facebook AND Twitter? What about all those people who use YouTube yet also tweet? There is nothing that says one cannot post on both places.
Again, if you eliminate the competition idea, you will see how huge all of this really is. There are many Steemians who also hold Bitshares. Both are @dan creations yet are the Bitshare holdings in jeopardy with STEEM moving into the token creation arena with SMTs? Of course not. So why does everyone fret about another blockchain entering the mix that is going to have some social media applications on them?
Anything EOS Can Do, STEEM Can Take
I do not profess to be an EOS expert yet we are told that EOS is an operating system. An article on Medium mentioned that @dan might have created the holy grail of blockchain by providing interoperability. If this is true, we are going to see the bridge between many of the blockchains.
EOS is a design that can be implemented into other blockchains. Since STEEM was created using similar coding, it stands to reason that integration is much easier than other blockchains. We already know the other @dan creation, Bitshares, is working on connecting the two together. The idea is that Bitshares will add value to EOS and vice versa.
We have not heard one way or another about the STEEM development team's thoughts on EOS and what they are looking to do. There is a chance that they have little interest in it or perhaps they might. There is no way of knowing, That said, if there is something that is feasible, bet the ranch they will implement it. There is nothing that says aspects of EOS cannot be implemented into STEEM.
STEEM Is Catering To Developers
The blockchain world is new. There are a ton of programmers out there. However, the number of blockchain experts pales in comparison. For this reason, there is a learning curve for all people on the technical end.
According to the most recent post by the development team, they made it clear they are catering to the developers. They are putting together manuals of how do program things on the STEEM blockchain. This is huge. Ultimately, no matter how good the blockchain is, without the efforts of hundreds, if not thousands, of developers, not much is going to happen. It is the development that gives a blockchain value (ultimately). And that needs to come from a bunch of creative people working on their own ideas.
@ned is right to focus upon the idea of adding 100K entrepeneurs to the STEEM blockchain. This is decentralization at its finest.
Could @dan do this? Sure. The challenge is that, from what I hear, EOS is not the most friendly code to work with. While I am sure many will get it down, the learning curve is harder than on STEEM. We know this is of great impact simply by looking at Bitshares. One of the drawbacks to that exchange is the interface is not easy to use for many. Developers will be a bit more forgiving but they still need something that is fairly simple to use.
In Spite Of Our Differences, We Are All Outlaws
It matters none whether it was breaking/entering, murder, or drug running, all are criminals.
The entire cryptocurrency industry is an ecosystem. On the grand scale, we are still a small fish. In the investment world, cryptocurrency is a rounding error. Those who are involved in decentralized, public blockchains are all tied for public enemy #1 according to the establishment. Bitcoin takes all the hits because it has the name but none of us are liked. We are all in the same boat in that regard.
If EOS is the creme de la creme is it suppose to be, that is a homerun for all involved in this industry. Like any ecosystem, when one part gets stronger, the totality is strengthened. The last few months saw this in operation, only in reverse. As negative word spread because of ICO scams, failed ventures, or illegal activities, the entire industry took a hit. Bitcoin, STEEM, ETH, BTS, it didnt matter, all were slammed.
People are going to go where they want to. The battle is not between blockchains. What we need to focus out attention upon is the fact that we are going to see decentralization pitted against a centralized world. The incumbents are going to resist. Ultimately, I believe it is a fruitless proposition. If EOS lives up to its billing, it has the ability to replace governments.
STEEM and everyone blockchain that has any activity at all will benefit from something like that.
"Its On EOS" Means Nothing To 99.9% Of The People In The World
EOS means nothing to most of the world. They do not know about it nor do they care. Even ones who end up on that blockchain will not know. How many people are aware of HTML5 and know which sites they visit use it? Do you think they care? Of course not. The same holds true for STEEM.
The only distinguishing factor to most people is the token they utilize.
This means it is the applications that make the difference. People will not log onto a site because it is on EOS. Instead, they are logging on because they want to use that site. It is the applications that draw the attention. This is what brings the people in.
The only thing the blockchain provides is the ability to perform. While EOS might eclipse STEEM in some areas of performance, that does not make STEEM a wounded dog. While a Corvette is not a Ferrari, the former has enough horsepower for most people. The STEEM blockchain, even after EOS is released, will still be one of the fastest blockchains there is. The positive attributes of STEEM do not disappear with the emergence of EOS.
Smart Media Tokens Are An Application Creator
I keep saying Smart Media Tokens are a complete game changer. The reason for this is the ability to attract sites with large followings. As I mentioned in a post yesterday, with over 350 applications already on the STEEM blockchain, there are probably 5% that are candidates for their own token. This is roughly 17-18 tokens that STEEM could have right now if the protocol was available. Imagine how big that number can get when the protocol is released and it is available to all the sites that create content. There potentially could be thousands of applications on the STEEM blockchain within a couple of years.
Another aspect to the Smart Media Token is it follows the general focus of the entire blockchain. STEEM is not something for everyone. It was designed to target content creators. It is a blockchain that is specialized as opposed to general. From what I understand, EOS will be a general blockchain like Ethereum being able to cater to a wider array of candidates. That said, they might not offer all the features to content creators that STEEM does.
The Entire Industry Is Still In the Experimental Stage
Everything dealing with cryptocurrency and blockchain is an experiment. We are witnessing the world of trailblazing. Most everything that is being done in this arena is new. It never was done before. There are successes and there are failures. Each provide a knowledge base to build from. Developers create, monitor, and update. Tweaks are taking place all the time.
Steemit has a host of issues that are trying to be addressed. Some are on the back burner because of other priorities while some are there because a solid solution is not known. Essentially, we are seeing everything made up as it goes along.
Smart Media Tokens enable content creators to adjust the parameters for their tokens. This is of huge benefit to the ecosystem because each of the new tokens will be a test case for what works and what does not. The development team will be able to see how those tokens opting for account based voting fare compared to stake based. With hundreds of cases to study, all this data can be applied by the development team.
Just Because @dan Is A Genius, That Does Not Make @ned And The Development Team Mornons
I do not know @ned or what took place between him and @dan. However, I have listened to a number of interviews he did and the guy clearly has a vision. It is not as if Steemit is being run by a guy who is lost. @ned understands where the online world is going and the potential of blockchain. He mentioned on a couple of different occasions about digital identity as a use of blockchain. At the same time, he regularly talks about the idea of financing of projects via tokens which tells me the guy understands something about finance. To me, this is an overlooked aspect of the cryptocurrency world. Venture Capital is an enormous industry yet it can really be affect by what is taking place within this industry. @ned gets it I believe.
It is easy for us users to be hateful due to our impatience. Each day that are a ton of accusations hurled at the development team. While they are for the most part true, they matter none. Yes, the sign up system sucks. Sure Steemit.com looks like something out of the 1990s. We have heard about SMTs and Communities for a long time. The communication from the developers is awful. And the list goes on.
The reason none of that matters is because these people know what they are doing. I think too many users take for granted how difficult it is to create what they are focusing upon. Coding in general is a time consuming venture that ends with a product brought out that is full of bugs. Why do you think every piece of software out there has version 2.0 within the first month of release?
My view is that the decision was made to bring all the changes out around the same time. Instead of piece-mailing the releases, we are going to see things move very quickly once it starts. This is a sound approach. I am not saying it is better than the alternative, just that it is viable. The question is not what are we dealing with today but, rather, where will this blockchain be in a year?
The advantage that STEEM has is that while we are awaiting the major changes, each day sees more development on the applications that are already being utilized. At the same time, we see news one released almost on a daily basis. The growth of the blockchain in terms of development continues regardless of the time frame of the STEEM development team.
EOS Is Facebook, Steemit Is Reddit
Many seem to fear that Steemit (once again, this is not the entire blockchain) will be eclipsed by something that @dan does on EOS.
Let us suppose that he does create the next Facebook relegating Steemit to a Reddit status. This would mean that Steemit is nothing more than a niche player. Personally, I would love for Steemit to be at the scale of Reddit.
Reddit is valued at $25B. If the Steemit brought that type of value to this blockchain, we would see STEEM worth $100 apiece. How many of you on here reading these words would be upset with $100 STEEM?
And by the way, that would be one application providing that value. Ponder what the price would be when you add in the value of applications like D.Tube, dsound, dlive, steepshot, etc...
One other thing to consider: perhaps the next Facebook is being creator by some programmer on STEEM that none of us even know about. This would mean Steemit could be pushed to Reddit status by an application on the STEEM blockchain.
We Are Still In The Singing Of The National Anthem; The Game Has Not Started Yet
Steemit losts its first mover advantage?
The game hasnt even started yet. Do you realize how young blockchain is? We are in an industry that is still basically the wild west. As I said a few paragraphs before, people are making it up as they go along. Nobody has the answers at this time. All is a grand experiment.
Since I joined in August, STEEM has experienced enormous growth. This is not only in the area of users but also development. Many of the applications on here now were not available when I joined. It seems this really kicked into gear starting the first of the year. While the FUD was spreading and prices collapsing, development only increased. It is something that I expect to continue on an exponential scale for the next few years.
Thus, Steemit really has not lost anything. This horse is just getting started.
And even if EOS comes in as the greatest thing since sliced bread, I am okay with that. Let EOS has 6B people on that blockchain...I can live with STEEM getting the other 1B.
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Yea!!
So true. And lets not forget the antique debate of VHS vs. BETA, everyone knew BETA was a better tech, but still, VHS was widely adopted. Maybe it could be the same in the blockchain: EOS migth be a better machine, but if STEEM is smart enougth to get simpler for avarage joe, in terms of social media, STEEM would stay ahead of EOS in this niche.
@ned is a buisness guy, he is smart, if he manage to pull out SMT's, lots of crazy stuff will happen with the STEEM blockchain.
D.
The more the merrier! There's plenty of people around, the third world in particular has 3 billion people disconnected from the internet, waiting for their turn and a shot at the global economy. regards @taskmaster4450!
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TrufflePigWhen EOS followers think that @dan is God of Blockchain and his son EOS is messiah of cryptocurrency, also EOS (Jesus) will save all the STEEMians from their sins of joining STEEM, the fallen angel, they are simply delusional.
Large codebase of any blockchain is a group work where somebody implements some portion of the overall system. A single developer may be a proficient coder for that part of the project not the whole system.
There is no Single God for blockchain but numerous gods and demigods type coders who reside all over the world due to open source nature of the project.
One of @dan's weaknesses was edified when he upvoted any derogatory remark on @ned or STEEM. He is no different egoistical god than @ned. They are just gods to their gullible worshipers.
Do you think Steemit will be forked into a competing application on EOS?
That is something I wrote about in the past although few on here seemed to agree with me.
I would think the easiest way for @dan to do it would be to fork STEEM and then airdop tokens how he wanted (ie capping it at 50K or 100K SP) and then doing what he wants with the blockchain.
Others said he already has some stuff up in github that will be part of his social media site.
At this point, @dan's plans are a great unknown.
You see the way you analyzed it got me speechless. Well said , youβre a great teacher in the making
Steemit is basically the future I do say to anyone Iβm telling about steem it.
I totally agree with you, itβs very crystal clear and actually very convincing.
Your posts are very concrete.
These two quotes were my favorite.
What I simply can't wait for is video games on the blockchain. Centralized corporations are super greedy and won't allow their constituents to profit from playing their game. When a decentralized game has its own secure cryptocurrency attached to it you can create professionals that play a video game for a living... without sponsors or anything like that.
It will also be a sliding scale. In professional sports and E-sports you have the pros making millions and no one else makes anything. I believe the future of gaming will allow decent players to make minimum wage at least.
On a global scale, American minimum wage is a godsend in another country. I have a friend in the service industry and he says he works with a Mexican who sends all his money back to his family in Mexico. Because of him, they are living an upper-middle class life. Think of the ramifications!
I am not a gamer or into it but from what I know about it, your assessment seems spot on. I believe there are already some games appearing on this blockchain already. It is something that I am sure will expand. It only makes sense that the participants can earn more by cutting out the "middle man" which is the corporations facilitating the events/leagues.
As for the money situation in lesser countries, you nailed it. One thing you missed is what is the transaction rate for the Mexican you work with to send money back home? From what I understand, they get gouged. Imagine sending the money back in BTC or even STEEM with no fees.
That is why I became such a proponent of both Manna and STEEM. Manna is given to people which, ultimately, with token appreciation, can help those in the poorer countries. We also see STEEM being used as an income for many people. This is the trend that I want to help continue.
I am glad you wrote this. There are a lot of people saying Steem is like MySpace. This is untrue.
I truly believe Steemit and EOS will work together in the future, like Uber working with GRAB under GRAB ecosystem in South East Asia.
Steemit community is very strong like reddit community and itβs not going anywhere at least for few more years
Coins mentioned in post:
I think this topic is very interesting, no doubt a whole dispute and controversy was formed when announcing the creation of EOS, but I think the same as you, here nobody is competing, good post, greetings!
I think that the world of cryptocurrencies is very convulsed and there is a lot of competition, but I also think that each platform has its followers and plays a role in society. I think steemit will continue to grow because it is a good platform, maybe others will arise, that is inevitable.
True @marynet
yes EOS is best, value for money.
dont wsrried when it down.i agree
Great discussion, looking forward to EOS. I think some competition is a good thing. Maybe really ramp up work from the development team.
Itβs going to be a year for both chains I think.
Even though EOS has grown in leaps and bounds since the begining of last month im still not really convinced of its stength as an asset in the cryptospace, i just look at as an overpriced version of tron.
There has been major hype around it and while the roadmap is pretty ambitious, having ambition, creating a testnet, then a mainnet and actually having a functional MVP are way to far for to justify the current valuation
I may be losing out on money but i dont feel confident in EOS, hopefully they prove me wrong, ill be man enough to admit if I am
EOS certainly has a high bar set for it in terms of expectation. Thus, I dont think your assessment is that far off. A lot remains to be proven.
@dan has the track record which is feeding into the excitement. For the industry, it could be a blow if this platform does not work out.
I agree it would be a blow to the industry and i'm all for competition in the smart contract and dapp market! I like when a market has multiple projects vying for supremacy since this industry is still in its infancy having multiple adaptations drives quicker adoption and improvement within the space
Well said and true. Everything has its place. Some might go there and decide they are better off here, others might not use steemit so much, but then there are many that would try to juggle using both.
I like your view. Cheers
Excellent anaylsis