Is Steem Undervalued or a Failed Project? Could EOS Be The Steem Killer?
I know Steemians have a strong faith in Steem and are very optimistic about it. To be honest, for a long time, I too was very optimistic of Steem blockchain. But now I’m starting to lose my patience. Would you like to motivate me once more by telling the strength of Steem and convincing me on this project?
What I don’t like about Steem
Endless waiting for features! We’ve been waiting for a long time now for several features like Communities (Hives), SMT, official iOS & Android mobile apps, notification alerts and on and on. But nothing is being delivered. Check the Roadmap 2017 and see if all that has been delivered even today!
What about the scalability and bandwidth issues?
In November 2017, community input was invited for finalizing the Roadmap for 2018. I never heard of the Roadmap for 2018 after that. There were talks of addressing the issue of mass on-boarding of accounts, but nothing materialized so far. It’s about a year when the proposal for HF-20 Velocity was mooted but there hardly seems to be any progress on that front too.
I see that Steem always misses its own targets. However, we have reached over 1 million accounts by now but Steemit doesn’t show any signs for coming out of beta soon. It's not ready yet.
I also see the much talked “Proof of Brain” concept isn’t working as desired. We all know about the debacle in “Hot” & “Trending” sections.
In spite of all these, I still loved Steem as a blockchain. I could see something very valuable and unique in it.
What gives Steem its most value?
No, not the quality of the content being posted on it, not even the number of users or the so-called network effect. In my humble opinion, the best things which provide value to Steem are:
- Free Transactions
- High speed of transactions with only 3 second block interval.
- The huge number of transactions it can support. Steem is the leader among all blockchains with about 2 million transactions per day. Check for yourself here.
- Username Wallets (All other crypto wallet addresses, excluding BTS, are a long alpha-numeric chain of characters, which cannot even be pronounced, forget memorizing it).
- The promise of SMTs, multi-chains; and interoperability of all SMTs issued on Steem blockchain.
Compared to EOS, do Steem has anything better than EOS?
EOS Mainnet is going to be launched in about a week from now. The minimum transaction per second (TPS) at the time of its launch will be 1000 TPS which is same as Steem blockchain. But it is stated that EOS can be easily scaled to 10,000 TPS and beyond. Considering that any number of chains can be launched in parallel, it can make infinite transactions per second.
Transactions on EOS are free too. The speed of transaction on EOS will be only 500ms. And EOS will also have the feature of “Username” wallet addresses.
EOS blockchain hopes to add 1000 dapps in just one year. Several of these dapps will be social media apps. E.g. Recently launched ONO social media mobile app has already gained over 200,000 genuine users (registered with their mobile numbers). And this is when the app is launched only for mainland China. It's very likely that this one app which is going to launch internationally in the coming month will get more users than Steem. And there are about half a dozen social media apps waiting to be launched over EOS blockchain.
So what does Steem has got that EOS doesn’t?
Aside social media, EOS has got many more use cases. I don’t think Steem has any advantage over it but one.
Steem has proven itself with a successful functional model. EOS is yet to launch and who knows how successful its launching will be. But in case if EOS does what all it has committed, it’s going to give a tough fight to all other cryptocurrencies.
If Steem really wants to keep up, it should catch up fast. Not only, all the pending tasks need to be completed soon, Steem needs to re-invent itself to keep with the times. It shouldn’t be fighting a lost battle.
Only a couple of days back, I found a very uplifting update from Steemit blog. when I saw a sudden spike in Steem prices on Binance but that price hike was very short lived. Now is not the time to give some half-baked updates but now is the time to deliver and maintain Steem's leadership in social blockchain space.
- Will Steem continue to keep our dreams alive?
- How much more patience have you got?
- If Dan Larimer announces Steem 2.0 on EOS, would you stick to this platform or move to the new one?