When the Steemit team solves a problem, I guess they solve it in a big way.
While some other blockchains are trying to scale to a few thousands transactions per second, the Steemit team announced that the new system that was implemented will now allow for the scaling to a quadrillion accounts.
Considering there are a little over 7B people on the planet, I think this might be a bit of an exaggeration.
One of the biggest reasons for Hard Fork 20 was to provide scaling to the STEEM blockchain. The previous system placed a cap on the number of accounts created. This was fine during the early days since there were other issues to focus upon. However, with the creation of many new applications that are seeking to grow, this is no longer the case.
Under the old system, the number of accounts created were limited by the number of STEEM in circulation. According to the Steemit team, it was capped basically by the number of STEEM divided by the amount of STEEM spent to create an account.
This is no longer the case.
Now, because the rate of of subsidized account creation is determined by the witnesses, Steem can admit as many people into our community as we desire, as long as the witnesses agree that it is safe to do so.
I find it unlikely that the Witnesses will approve scaling up to a quadrillion users since that might invite some fake accounts or duplicates.
In all seriousness, this is good news. To start, the system appears to be stabilizing. Also, according to the latest post, it does appear the Steemit team and the Witnesses are working on a solution that enables newer accounts to operate on the blockchain while also opening the door up to spammers.
The bottom line is that it cost money to open an account AND for interaction to take place on the blockchain. This means that, no matter how you slice it, one needs to add more value to the ecosystem than that cost is. But how is that determined? That is the, well, quadrillions dollar question.
Also, how does one know who will add value? Again, there is no way to pre-determine that. Hence the difficulty we are facing. It is going to require some trial and error to find equilibrium (to use Steemit's term).
I am optimistic by the fact that we are moving towards an application-centric blockchain. By enabling sign ups through the applications, I would think both the retention and interaction rates will be higher. People who sign up to use an app that catches their eye, in my mind, are more apt to keep using it than one who signs onto a social media network that is confusing. Perhaps, over time, the individual will branch out to other apps on here.
Ensuring that low SP users can transact as much as possible is our #1 priority and we will continue to work with the witnesses to optimize the system to that end.
While we are certainly not satisfied with how the RC system rollout was executed, the vast majority of those with a technical understanding of the system agree that it is the best path forward for defending against both the short-term and long-term risks associated with having a freemium blockchain.
These two statements show the balancing act both the developers from Steemit and the Witnesses are trying to stage. I doubt anyone wants a completely open system where anyone can sign up and do whatever they want. While this might sound "fair" to some, would anyone like spam bots to take over? If you think the voting bots are a problem, open up the system to unlimited usage with no responsibility and see what happens. Some of the old BB forums learned that the hard way after scripts started appearing to spam the hell out of them.
With each passing day, I get more optimistic about this blockchain. We are still in the super early stages of this entire movement. It will take years for a lot of this stuff to unfold. The ultimate goal is to create decentralized, consensus entities. That is a complete reversal from what we are accustomed to as a society.
STEEM is one of the leading blockchains. Challenges keep arising. Fortunately, we have a lot of smart people around here to work them out and help us get passed them.
To read the full post by @steemitblog:
https://busy.org/@steemitblog/hf20-update-operations-stable
If you found this post informative, please give it an upvote and resteem.
I just wish the intelligent people inside the Steemit community had a more direct way of contributing to the development, such as being part of the testnet as a user to help troubleshoot scenarios. I do not have a coding expertise but my analytical mind tends to find flaws in systems, mainly I can see oversights other people cannot and I would love to have a way to contribute besides complaining.
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"With each passing day, I get more optimistic about this blockchain." - This is how I feel as well.
This is so exciting. I will só be promoting it even more every single day. Love STEEM
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Excellent article, thank you very much for this most valuable information!
Have a great day!
Even though there is no need for a quadrillion accounts most likely, there are possibly many more than 7 billion needed. If we consider the basics like 'for specific purpose' accounts that will be use for a week, month, event etc. It is possible that some large content management services could require thousands for various purposes. Banks with multiple accounts for one customer. Businesses using different accounts for various billing reasons. Who knows what other reasons.. best be ready just in case :)
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Thank you for the mention, this article was a good read though I tend to want to raise awareness for the problems I also believe in the longevity of crypto currency and our Steem platform.
I would not be asking the hard questions if I did not believe in the platform.
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only 2.1 billion have internet access idk how the others live :P
We need to find a quadrillion of investors, in any case, a new dimension for business is opened.
Thanks for the info. It has been helpful doing this upgrade.
thank you for the update! i hadn't encountered their newest post and will go check it out now. i agree that is quite the lot to balance, but i am so happy to hear the news!
My main concern with millions of new accounts opening, is how much quicker are my posts going buried.
I guess I need a better strategy for gaining followers. Not just hoping they'll find me on the 'new' tab.
Yes @sivehead, that is true...finding under the new is a bad strategy. Success here requires getting involved. Using the applications also is a good way to stand out.
Hivemind/Communities, in my estimation, should help with the standing out since people will group together based upon common interests.
At present, this is a giant mess of streaming information going by. Some of the applications are helping as they are establishing better ways of organizing the posts.
It will take a bit of time to work it all out.
Thanks for the tips @taskmaster4450 they are very much appreciated
A quadrillion accounts is far too limited.
Heute die Welt, Morgens das Sonnensystem!
I was so pleased with the latest post from them that I resteemed it which I hardly ever do. I think it took into consideration most of what has been discussed here lately which is a great sign they are taking feedback into consideration! I commented on their post this fact but also mentioned that one item missing there was recognizing the lack of communication and transparency in the process as well. However, the vision stated on the post was truly great!
Then it's time to catch some fish...
Reading your blogs always reignites a spark inside of me. Gets me excited about the future of the steem blockchain! Look forward to hearing from you soon. Keep steemin :)
It's nice to see that the process aimed at improving Steam does not end there. I believe that a bright future awaits us all.
"Considering there are a little over 7B people on the planet, I think this might be a bit of an exaggeration."
Or maybe they are already preventing the mass adoption that will break all records and stats. After all, we are already one of the biggest and better projects, so the future is bright and, on their vision, very big too.
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