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7 years ago in #cryptocurrency by kevinwong (76)
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I've been getting deeper and deeper into RaiBlocks and how it works (and obviously I've been in Steem for a long time now), so I'd just like to point out a few more things that might be impactful on rates of adoption between these two technologies as an actual currency.
Great post, I enjoyed reading your take on the comparison of the two!
Nice comparison, indeed XRB has that edge going for them when it comes to account creation / wallets. It's easy to adopt in that sense, although adoption in the sense of return and frequency of use might be lacking since there's not much else to it. I've always thought the content bloat could be solved at some point. Pruning, compression, etc. And must the entire 57gb be on high-performance memory?
I can hope for the day when we have some sort of instant and free account creation here on steemit (even if it's an account name that looks like an address)!
To answer your question, no, the entire 57gb doesn't have to be kept in high performance memory if you're running a seed node or a witness node. For those types of servers we just breached 20gb though. If you're running a full node though, that's a different story. In order to run the account history plugin with in a high performance mode you need more than 256gb of RAM at this point, which is insane.
Will it be possible to have instant and free account on Steem? I think Raiblocks' design that moves away from a global data structure has its perks then which it can scale right away. Although they mentioned that it's only engineered for the simple task of transfer, I wonder if what kind of applications can be built on top of it.
That's a great question, I'd like to believe Steem can do free/instant accounts, but I know others may disagree. It's a big hinderance for Steem that it requires payment for the creation of an account.
Flipping to RaiBlocks, I know I've read about people wanting to fork XRB for smart contracts, but it's all rumors and speculation at this point. It's likely possible to do with the block lattice structure, but who knows when we'll see it :)
Each account being a chain itself kinda complies with my long-term hold requirement of having atomic ownership (like with the case of https://pillarproject.io/) so it's pretty exciting stuff!
Thank you for the information
Great breakdown. XRB has been going parabolic the last few weeks. I've also heard it being compared to XBY, which has also jumped in price. And now Steem and SBD jumping up in price. It seems you really can't go wrong by diversifying in the crypto market right now. We should hit the 1 trillion dollar market cap soon. Good luck!
Thanks for putting a picture :-)
When I saw Steem price going up yesterday, I remembered your Steem cruise ship post. All of the sudden $100 Steem seems to be a possibility.
I really enjoy your posts when you bring up these cryptos that I have never heard of. So easy to read, educational and entertaining at times. Not to mention how you provide unique solutions such as Raiblocks and Iota tapping into SMTs to reward their communities.
I have one question. How are those who operate the network or nodes get paid in RaiBlocks? If there is no inflation and no fees, how is that possible? I am being lazy to read the whitepaper :)
Search for section "Incentive for Running Full Nodes" here: https://hackernoon.com/iota-vs-raiblocks-413679bb4c3e
Plenty of big IFs.
@kevinwong - In your usual style - a thoroughly analytical comparison. Kudos.
Your article explain the initial frenzy over Raiblocks. However, I agree with you that the future growth may be based on speculation to a large extent, aided by the limited supply. While it opens up immense possibilities to get rich faster than holding Steem, I think Steem is based on an ecostructure that, I believe, helps the society in many ways. Steemit and the SMTs will form an ecosystem that has immense possibilities and will occupy every quadrant of the virtual universe some day. I enjoy playing my small part in the growth of the ecosystem. Therefore, I will stick with Steem. Someday - I will get rich with Steem too, without running after railblocks :)
Thanks for this interesting treatise. I learnt a few things on what to look for in cryptos. Upvoted full.
Regards,
@vm2904
I think one problem is lack of market incentives for the long term. On Steem you have incentive to hold Steem or be a witness. This is missing from Raiblocks.
I look at a market incentive as a feature and conversely, I see the lack of market incentives as a bug.
While there might be market for Raiblocks I ultimately see it as offering less than Steem. Everything about Steem says, "use me".
Thanks for the post.
Keep Steeming!
What about Raiblocks using Steem for their community of contributors to earn and support their currency. But then again, the users will start to realise that steem transacts quick and free too lol.. i guess in the end it's the consensus on a certain coin. I'd probably hold rai if I think it'll catch on more due to simplistic marketing. But as you said, the lack of incentives might be a problem, although i think it's minimal for a low-energy footprint coin like rai..
If the market says it is valuable then it is. The question is how long the market will say that. But you are right, if a consensus forms that it delivers on what it is supposed to then it will have long term value.
I'm all in on Steem but I don't believe there will ever be one crypto to rule them all.
In actuality a blockchain is just a network (electronic system used for the transfer of information). We all use thousands of networks and this isn't likely to change. We have our preferences but when we want to get something done any usable network will do.
I do think a viable use case for Rai might be IOT as you mentioned. There is no reason iOta has to own that market.
railblocks and finite supply, that's interesting. But even after that, you prefer SP. I have to agree with you which is why I've been converting all my SBD to SP using the internal market and / or blocktrades. I really appreaciate the articulate description and ultimate opinion, it's really going to help me make my future crypto decisions
yeah i really think SP is quite something else in the crypto space :)
Would be good to throw a link to Steem bluepaper at the end too. Much easier read :)
Ah gonna edit that in, thanks for the reminder @timcliff!
I've been trying to figure out how Steem really works and having this side by side with Railblocks puts things into perspective. Thank you!
Thanks @skeeterfx1. it's a huge blur that's worth exploring lol :)
"Without inflation to cater for a DAO-like structure for the network, I think the pump experienced by Raiblocks at the moment will unlikely sustain itself over the long-run..."
Thanks for the heads-up on that one. Thought about trading some STEEM for it almost immediately (as stupid as that sounds, especially given Steem's impressive growth lately), so I'm glad to have noticed that.
btw, am I the only one with a sense of "deja-vu" when I heard about the Captcha-filling mechanism for obtaining "free" Raiblocks? * cough * xD
Which event is this? Was there some incident with some other coins?
Wow I started out claiming faucets and never heard about railblocks. Wish I had known when it first came out. It is amazing to see it around $30 / coin. I thought faucets were useless considering I earn fractions of a penny but now have a different perspective on them. Need to find faucets that give away new coins ;)
guys can you help me with cuKoin? Thanks
https://steemit.com/cryptocurrency/@coinbizpro/attention-the-kucoin-carnival-is-about-to-begin-discussion
I still remain and definetely enjoy steemit as main social media platform. Not saying that others do not raise interests from me but steemit is the best.
Solid assessment. I've been watching this one for a bit, and would have bought some also if it traded on any exchanges I trust. Unfortunately, it only trades on lame exchanges at the moment.
I'd still probably buy a few hundred bucks worth even at current prices, as I can see this one being priced at hundreds per within the next couple of years.
I thought it was good it went up like that even on an unpopular exchange, but yeah seems kinda odd somehow..
Good analyis and great conclusion! Thanks
The 9.5% inflation will be offset by increased user adoption to at least some extent (how much I don't know). Steemit's growth and the growth of speculators will increase the user base. An increased holder base is usually deflationary. Steem Power is deflationary in that it is not liquid so it's steem taken off the market essentially. I have 0 clue how much the inflation will be offset though.
What is your opinion on Proof of Stake vs Proof of Work? Do you need miners to process transactions in order for merchants to eventually adopt the currency? If it's Proof of Stake then do you need some sort of network (like Steemit, even if its not a social media platform). And everyone has to be in the network to transact? At that point it becomes about adoption i.e. an incentive to enter the network so that transactions can take place.
Great article, I will take a look at the whitepaper.
Not sure what you meant by that. Imo, POS is quite like virtual mining that would otherwise be done by POW so its in effect processing trasnactions as well, and both requiring networks? I think you might've mistaken the difference between them.
Edit: I might've misread instead, will return later to this (jsut woke up lol)
Perfect! Thanks for a wonderful post again! I was already looking into Raidblocks, but your article perfectly sums it up. The one thing that speaks against RB for me at the moment, is its relatively high price, which defining itself as a utility token, is more than just a psychological barrier for further growth. In the meantime, if I´d got more funds, I would them invest into SP and the Steem Blockchain - especially since Smart Media Tokens are one of the next "big things" to come.
There’s a great team behind RaiBlocks and the lead developer just started working full time on the project so that bodes well.
They are releasing a new mobile wallet early januari so that will have a positive impact and they are in contact with 70+ new exchanges.
With those key ingredients in place I think the upward trend will continue in 2018.
Get the community to use Steem ;)
Hi @kevinwong, You always come up with something very good. This blog post is a proof of what I just claimed. This is great XRB and its comparison with STEEM. However, I'm here to request you something off-topic but could be of great value to new crypto enthusiasts like me:
Can you explain the terms: Market Capitalization, Volume (24), Circulating Supply and others like these ones and how these factors help a user take the right decision regarding trading/investment? I'm new to crypto world and I have made some bad decisions that left me with no options other than HODLing. :( Your articles have been valuable and I've learnt a lot from all of them. I hope you can guide me regarding my questions.
Many thanks . Excellent post. Shared.
Steem On!
I've explained some of the metrics in my previous post. But best to only get into something if you're using it or think you will use it in the future.
Thanks @kevinwong.
Iam also a big believer in DPOS based architecture and that is very promising. However we are still in early stages and there could be many more companies innovating better in this space. The price rise now is purely speculative. My criticism of STEEMIT is ,its too complicated to use (from getting a reward prespective).So many tools and techniques to be aware of to make meaningful impact.
I believe it's purely a UI/UX issue. as far as the functioning of a DAO goes, I think the free-form activities here are pretty good and as easy as can be to participate. What other blockchain apps out there aren't as complicated as steemit?
Very interesting comparison, and I think by choosing to comparing it without Steem everyone can get a better idea of what it is and how it works. I also think that Steem has an edge here which goes to to show that we can still continue our journey upwards in price. As a matter of fact I don't see many cryptos in front of Steem right now that necessarily should be worth more than Steem based in fundamentals and the facts that Steem has already been up and running for more than a year.
Will Raiblocks ever see high loads i ask, i don´t see anything that will make peps come running. What´s needed now is great interfaces and easy to use accounts, clone a bank interface making it feel familiar, we need new adopters atm. The scalability is already here as well as the speed, atleast good enough for crypto traders etc and i think you point out more of what XRB lack!
I´ve actually not bought into this one, might dump soon ? and a 200 times gain has been done by many cryptos avaliable in may, at least the decent ones :)
Thanks!
Yea i've personally unloaded some already. Still many missing pieces with Raiblocks although its a wonderful piece of tech.
Yeah, agreed. Could be a good hold, waiting for better entry price thou, if one ever comes :)
Whew! thanks for the photo my mind was starting to ache, I bet that lake has some good fishing. And hey, that Steem, going up up up. Always appreciate your crypto knowledge, even though it makes me feel stupid.
Been trying to start a bittrex account but for weeks now they have not been taking new accounts, they say back logged and retooling.
binance.com is quite decent, although they still do not have steem. steem definitely needs to be on more exchanges..
Have you ever used Changelly?
Oh I have not used. Changelly and Blocktrades are OTC (over the counter) exchanges, so you might not get the best rates. very convenient though
Thanks, what about poliniax (spelling?)
Should be alright with smaller amounts. but it's not an exchange i use anymore. was my 1st though!
@kevingwong, You've nicely compared Raiblocks (XRB) tokens with Steem & SBD. I looked some advantages in XRP. Raiblocks Tokens (XRB) uses Delegated Proof of Stake to protect against double spends. Thus it always depends on the trustworthiness of individuals who own the most XRB tokens. The delegates also must dedicate resources to the network, without an incentive. These issues could be problematic if the XRB network gets very big. This is a was kind of interesting things to know. Also I saw Raiblocks worth shown some high movement within passed period. But However I can't believe XRB immediately and finally agree with your point of hodl Steem or Steem Power might prove to be more beneficial over the long-run.
Thanks for the valuable post.
seriously all this features are amazing and I believe some people made millions of $ in this coin.
the price went from $0.5 to $32 in less than 2 months. I believe this changes too many lives and I hope I was a part of from the beginning but unfortunately this is the first time I heard about Raiblocks.
Cheers
Got to keep searching for the golden ticket. With you brother. Wish I found out about XRB sooner.
Rai blocks is a huge pump and dump, that's all it is... Fast transactions... a ton of coins have that already, low fees, yeah, that too. Nevermind that this coin has less adoption than a bus full of orphans, it's only listed on one exchange that no one's ever heard of... Don't go chasing candlesticks kids, this isn't "the one"
BEEEEEEEEEECCCCCCCCOOOOOOOOOONNNNNNNEEEEEEEKKKKKKKK
Lol could very well be the case that it's a PnD. I think it has its strengths having an elegant architecture and low energy footprint though. Good idea on not chasing highs, always the better move to be patient.
It doesn't have "low fees" and its listed on Bitgrail, Mercatox and BitFlip. Just to stay at the true facts :)
Extraterrestrial ever needs information regarding Cryptos, Steem and or etc. I turn to kevinwong posts! Thank you so VERY much for sharing this valuable information! It does get very confusing out there and you make it much easier to understand! I appreciate it so much! I'm telling my Family, Friends and Clients to join the GREAT Steemit Community! And if they have any questions, to check out kevinwong posts! Thanks Again! Positive Energy! Light and Love! Great Karma! Blessed 2018! :)
I really liked your theory about Raiblock's marketing benefiting steem, it's one of the best explanations I found so far for the recent pump. It's enjoyable reading your posts about new coins especially how you made a comparison between them this time. Also it's mind blowing how quickly the market evolves.
At this rate might we see bitcoin dethroned soon? and maybe it will become a store of value.
Just part of it. I think the bigger picture is that steem is entering year #3 and SMTs and other features are coming up. Store of value is just how much someone is willing to buy it for.. oh well, no idea about bitcoin. I guess it'll stay as long as people still need fiat lol.
I hate myself for not buying it at 1$. I was deciding between DRGN and Raiblock and I bough Dragon :/
Haha so many coins out there! Don't beat yourself up for that ;)
Great post! I’m new here but I’ve been obsessed with the crypto world for a while. So much to learn though. Thank you for sharing your knowledge and opinion as well :)
The recent pump on it is just overwhelming and I doubt it can sustain trend like this some more. Steem on the other hand, is much more practical and real to most users. I have never take part in a crypto project as active as in Steemit.
In short, Steem for the win. Haha.
XRB is nothing more than that.. a pump
Wow! Going through your post made me to have have a fundermental knowledge of raiblock which i have have not even hear anything like raiblock before.Not only that ,i was amazed how you just compare and contrast raiblock and steemit and i was able to find how both are instant and free to transact.thanks for widen my horizon in the knowledge of cryptocurrency which will going to help me a lot in this tokenized world we are gradually entering.
@kevinwong
BTC really needs to sort this all out, as a lot of people are moving to alternative options, which are faster and much cheaper, they will end up losing market share due to these issues.
Urgent attention needed. I myself have moved tons of BTC over to litecoin to do transactions and trade with as it just makes more sense right now.
BTC is still the primary onramp for fiat to enter the crypto markets, and XRB is traded on some shit exchange no on has ever heard of. BTC isn't going anywhere
@cbscott7
Fully agree BTC is here to stay and am an avid BTC supporter from the beginning and that will never change. Just think we need to sort out the transaction time and cost. I will ALWAYS be proBTC. :-)
can you help me with cuKoin? thanks
https://steemit.com/cryptocurrency/@coinbizpro/attention-the-kucoin-carnival-is-about-to-begin-discussion
Hey @coinbizpro I unfortunately cannot assist you with cuKoin, I am not too familiar with it, sorry. am sure one of the other guys may be able to help
goodluck
;)
Thanks for the explanation... seems like Steem is the better bet, good news b/c i have no plans to move! I also like your random image to break up the text, haha, i thought nothing of it until i read the caption. (-: It was a relaxing break.
man you know your stuff, that's why i love reading your blog posts i always come away either informed or as another peer validation in this space to come back and remember to re-look at information. thank you for sharing such a piece. the IoT stuff could either happen real quick or fall apart and go through iterations until we get to where it needs to be.
Haha i'm just babbling more than anything. But yeah IoT seems inevitable but I think many are underestimating the obstacles for ubiquity. There are hardware standards, interface, network protocols, etc..
yeah but that's always been the case with things like bluetooth and wifi standards. the market always ends up pushin it through. the big thing for me in IoT is security, we don't want these darn things to be just another avenue for cultivating ddos farms! :)
On a complete side note, what is the best way to turn Steem Power into USD? I'm legit confused af @kevinwong
You don't. you just keep holding SP forever. lol joking.
you'd need to power SP down, SP will turn to Steem, then trade steem for usd (likely via btc)
By the time the coin is on the top 100 in coinmarketcap I feel like I have already missed the bulk of the potential rise. Just to see coins that are fractions of a cent and putting in $100 and the coin goes up to $1 or more is 1000%+ gains. The fact the XRB did just that has so many people now talking about it. Wish I had know about steemfest and got on board then. Congrats on your earnings @kevinwong.
There will be other coins. Although i really like raiblocks' design. it's elegant.
Raiblocks is one of my biggest misses in crypto, I got to know of them and was planning to get it when it was sitting at $12 and within 48 hours, it doubled... :(
Now looking for it to correc to reasonable levels once it hits Binance so that I can buy in..
interesting this is as i was too thinking about it but don't had that much knowledge on raiblocks it almost came into lime light with a sudden boom in prices thanks for sharing about it
Despite having low fees and high transaction speed I believe Raiblocks will fail in the long run. Many other coins have low fees and fast transactions and Raiblocks will experience the same problem they have. Adaptation. I'm not talking about scalability, but the mass adoptation by merchants. Why would a merchant pick Raiblocks as a payment method if 80% of his customers never even heard of crypto. And even if they had they would most likely only have BTC/ETH/LTC. The only reason Raiblocks is so hyped up right now is because it's superior scalability, but that is something the other coins can fix. I'll pass on Raiblocks also because of the rabid fanbase that will eat you like a swarm of piranhas if you say anything about their fav coin. That kind of attitude is not something that I like to see in a crypto I invest into. Reminds me too much of LINK.
Lol i thought the community was a little too all-rainbows when I go through the subreddit. Freedom to debate is always best, which is why I like the steem community. Yeah adoption is most important, which is why steem seems to have an edge despite having a lower market cap atm.
I really enjoyed reading this comparison between Steem and Raiblocks. It was really informative and well written. Raiblocks seems interesting but I believe that Steem actually has a better network with a lot more development at this point.
Yeah Steem is actually pretty active compared to the rest. You just don't see people talking about steem on facebook / twitter / etc.. because we're talking about it in here! lol
Yes, engagement levels here are quite high here since it's generally nice environment and the feeds aren't algorithm based so you get to see your feed chronologically without worry about your feed being restricted by a FB/Instagram pay wall.
I also do think not a lot of people talk Steem on Facebook since Facebook seems to downplay any posts concerning any other social network. For instance, YouTube videos seem to have a lot fewer views compared to videos hosted on Facebook itself. For Steemit on FB, some of our posts are sometimes flagged for being potential spam on their network.
Thank you for taking your time to explain it, you explained it better than anyone else I've seen for XRB. I agree with your assessment, I think Steem will be the top dog.
Thanks @showtime24, time will tell :>
I am doubtful - or just don't understand it well - about the real decentralization of cryptos like Iota and Raiblocks that give no incentives for people who want to run a node - so that nodes are going to be run just by exchanges and stores.
Everybody's gonna be an exchange and store in the future...
Quite the informative article Kevin. Serves as a good eye opener. Hopefully you were able to take back your investment with a hefty profit <3
will the blockchain for rai grow in size over time? or I only need to hold a small amount of data in my wallet?
is it possible for steem to hit $30+ per coin? some are saying even $100 which I find ridiculous but you never know with this crypto market!!
Glad to see that Raiblocks is going up. I heard of it while investing in iota and believe that both crypto currency’s have a bright future in 2018. Thank you for the heads up at all of the information, I’m sure many users of steemit will be thrilled to learn about the . I heard of it while investing in iota and believe that both crypto currency‘s have a bright future in 2018. Thank you for the heads up at all of the information, I’m sure many users of steam will be thrilled to learn about Raiblocks
Is it same like steemit can you please tell me where to check this railblocks
Just own both and be very happy in a couple years!
Still not too sure about that RaiBlocks character... especially when it's only available on questionable exchanges.
Raiblock in indonesian mind is missing key or kunci yang hilang. But here raiblock is deferent mind lake indonesian.
@meiza
I really enjoy your amazing postings, everyone wants transactions quickly and easily, but if raiblocks supports it that way, I'm sure many contributors will take advantage of it. the market price may go up and down, as long as the transaction is smooth, all will be volatile and will be easy ...
thanks @kevinwong has your post ...