It is amazing how people do not research things.
All the time we hear that STEEM has nothing going for it. People like to talk about how it lost the first creator advantage. With each new article about something different, we learn that STEEM is cooked.
My only question is which blockchains are they looking at?
The truth of the matter is that most blockchains have nothing going for them other than a few ideas and, perhaps, a roadmap. In fact, it is more than most, it is 60%.
What does nothing mean? They do not even have a working product.
Another issue with this is that of the ones that do have a working product, there is a percentage that had to deal with crippling vulnerabilities.
Anonymous cryptocurrency Verge recently had to fork its network after an attacker exploited a vulnerability in the platform to steal $1.7 million worth of coins.
Decentralized liquidity platform Bancor too fell victim to hackers in July, losing $12.5 million worth of Ethereum as a result. Following the hacking, it also became clear the platform had built in a backdoor that allowed the company to selectively “freeze” funds on its network.
https://thenextweb.com/hardfork/2018/08/15/top-100-working-cryptocurrencies/
All this according to the Cryptocurrency analysis firm Invest in Blockchain.
Does that provide some perspective?
If other blockchains were really eating STEEM's lunch, how come the numbers on here do not seem to change.
blocktivity.info
Notice how STEEM is not only second on this chart but there are only 4 blockchains with over 200,000 transactions PER DAY. So while STEEM's traffic dropped in recent months, along with everyone else, it is still one of the most widely used blockchains. In fact, I would make the claim that it is one of the few that actually has anything on it.
While 30 or 35 blockchains might have working products without vulnerability risks, it seems that most of them have products nobody is using.
The same is not true for STEEM. There are a number of applications that are starting to emerge with major potential. Hence, the cryptocurrency is not the only app that is used on here.
As we keep seeing all over the blockchain stratosphere, development does not go as easily or smoothly as many think. There are delays and issues. Bugs are a common part of this realm. If one takes the time to look around, few are pounding out developments as quickly as the STEEM blockchain. It seems like each week we are adding another 5 or more applications.
Another advantage that STEEM has is a tight knit community. Sure, there are some bad apples. However, for the most part, people on here are committed to the success of STEEM. People tend to complain about what takes place without looking at what is happening in other communities. Perhaps it might be best to get a little contrast.
STEEM is an evolving, growing organism. We are seeing a shift in the way things operate on here with the introduction of so many applications. This is a wonderful thing to have happen. Technology often works that way. It rarely unfolds how people plan. It often takes directions that even the creator did not consider.
At this point, STEEM is way ahead of the pack. For all the articles touting the next social media platform that is going to be a STEEM "competitor", where is the activity? The truth is that all the plans in the world are great but it actually requires development of things that people use. So far, this has not happened.
It is best to keep some perspective. Each day, the Steemit developers and others on this blockchain are pounding away at code moving this blockchain forward. At the same time, tens of thousands of us are posting articles, commenting, and upvoting. This is something the other blockchains cannot claim.
Hard Fork 20 will change a lot of things. The biggest thing I see is that it will allow anyone to on-board users, especially applications. This will really allow for major user growth. Up until this point, it was pretty pointless to draw a ton of people here since it would take a week or two until they got their approval. That isn't going to work for the masses.
Progress is being made and, if anything, STEEM is only adding to the lead it has on most of the other blockchains. So while they work on getting a working product, STEEM keeps adding applications, announces the dates for Hard Fork 20 and SMTs, and is poised to add a ton more users.
That is what you do when you are leading the pack.
If you found this article informative, please give it an upvote and resteem.
While I agree with you the fact that Steem is ahead of many coins, don't you mean 5 blockchains are over 200,000 transactions per day? And that facts is blocktivity is not that accurate. For example it does not count special quirks in UTXO based chains. In non utxo chains, batching is not that big of a deal. In utxo chains they are-they give sender huge discounts. As you can see, if counting this:
Bitcoin has about 400K tx per day. https://transactionfee.info/charts/payments/perDay
Not dissing you, but just want to make this part clearer. I tried emailing blocktivity but they don't respond :(
But yeah Steem is ahead of the pack. Super excited for SMT and Hivemind.
Well said,
And if blocktivity is/was accurate then i find the enormous amount of transfer strange. Btc has real payments everyday you can actually see that with online stores who accepts btc. Goods are being bought with btc.
I can not believe that EOS en BTS has so many transfers (millions a day?) and with transfers i mean that there were goods bought with eos/bts.
correct if me im wrong.
The concept of txs are different in there. For exp, cancelling a order on BTS means a tx. In btc, a tx means sending money. So the concept of tx are diff. So in bitcoin, tx are worth more. However it does show which chain can handle tx-onchain. However if/when the LN is mass used, blocktivity will be uesless bc you can't track a LN payment, at the max you have to do lowpar bad estimate.
Thanks for the info.
Still, is that "normal" these many cancelled transfers? i wonder what is behind these numbers. But based on your first comment you are two.
IDK honestly Bitshares and EOS have many function that = a tx on the blockchain.
I don't think anyone has studied what the % of tx are, but Bitcoin tx are worth way more.
I like their tech and the fact they can support that many onchain txs are amazing. I more bullish on Steem than BTS. BTS dex ain't the best in terms of connecting diff crypto and trading decentralized-i think that the job of atomic swaps :)
Now that explains a lot to me. Because i do believe their thech is proper. I just couldnt imagine that many goods are being bought with just one coin.
Is it possible that transsctions on other blockchains represent a different intent ( trade/buy product) when compared with Steem (uovoting a comment)?
I am wondering if it is an apples to apples comparison?
That is a good point. I’d love if someone could elaborate on that question too.
That could be very true. No way of telling I would guess without looking at each blockchain. That said your conclusion is probably correct about Bitcoin and Litecoin (and some others) since they are really just currency chains....not much on them outside of the moving around of money.
Then we need to ask ourselves which type of transaction represents more value?
I would posit that since noone is actually buying anything real with crypto , a utility transaction (steem) is more valuable but in its current form on blocktivity , it's clearly an apple to orange comparison.
I would tend to agree with you that utility tokens provide more than just currency tokens at this point. I like the utility because that is what gets non crypto people involved. That is not to say that a currency cant explode and become money overnight to millions...but at this point, the traffic for activity of utility is probably more valuable.
Absolutely. Steem and Steemit are way ahead of the pack. Everything else is just talk and claims at this point. Everything.
Nice image. Been a while since I've seen a 'Wild One' reference.
Yeah @bigtom13, steemit this community of people is kind of like gold reserv for STEEM...
STEEM is backed up by us the people holding SP.
The other cryptos don't really have that, as far as I know...
/FF
Steem is definitely worth a wave of applause for its second place rank, but I am also glad to see Dogecoin in that chart. I know it is a joke coin, but I always owned some doges in my wallet and it amazes me how fast are they to transfer making me think about why is it a joke after all. Isn't the speed of transfer definitely a quality for a cryptocurrency?
I believe @oldschoolrepair use to mine dogecoin back in the day and he said he made a decent bit of money when bitcoin bounced. I remember talking to him about it. He said he use to tip poeple on twitter with it all the time before crypto was big.
An issue among many blockchains is adoption and the roadblocks towards gaining masses to use it. Most are difficult to understand and use due to wallets needed and the need for exchanges to acquire some tokens. A huge advantage on #STEEM is that it is easy to use once you join. it is also free as you can acquire tokens just by using it which does not require you to go to exchanges. This will help adoption in the long run as it is more similar to social media.
facts are facts baby!
best thing i ever did was join this platform!
Full STEEM-ahead!
In fact, as we have noticed before, every time the price drops big time, STEEM blockchain sees its numbers going down, but there is a part that only the ones who stayed can see, the constant development and improvement that is happening... Recently with super news!!
That´s why we are leading and we will keep being up there.
@Krishool This makes you realize just how undervalued Steem is. It is already leagues ahead of BTC, and even BCH, in terms of activity.
http://blocktivity.info/
And not a word has been spoken about this or that application bringing STEEM to a crawl due to a lack of processing capacity. There is no need for a lightning network for STEEM because it is already fast.
And even with the recent decline in prices, I keep posting because it all adds up over time. All those apps are going to create transaction demand that will build up the value of STEEM, demand that can't be pounded down with short sales in Chicago.
I hadn’t looked at Blocktivity in a while. EOS is smoking and @dan projects are 1, 2, and 3. Yeah, I know, it shouldn’t concern me that Steem no longer leads the pack. Still though...
Making it easier for users to sign up is a game changer.
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Feels like a specific thing triggered this post but you make no reference to it.
Steem is going to blow people's minds in a few years. The comparison to Myspace keeps getting made.
Well, Steem is nothing like traditional social media, so the comparison is made in error. We can pay people to exercise. In fact, we can pay anyone to do anything productive. How could we possibly get eclipsed by another open source project? The logic just doesn't track.
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STOPWOW, STEEM is number two. Hope the price will shoot to the moon again :)
by the way
HBD for your account @taskmaster4450 :D
Coins mentioned in post:
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What's going on here irfan ?