I've actually thought what would be required to replicate Steem on Ethereum using Loom PoS sidechain or just normal plasma, since I actually like the core idea of Steem, where network members get to reward others from shared reward pool. Witnesses probably wouldn't be needed at all and all the inflation could go to creators and stakeholders. Also the supply creation would be controlled, rather than dumping it all to few early entities who then control the whole system.
I reckon it could attract support within Ethereum community if the system is deemed fair
The reward pool is a fundamental feature to social behavior. I don't see how you can do that with plasma as that is purely a technical trick to increase transaction speed. "Replicating" would basically mean redeveloping Ethereum. I don't know enough about Loom but again, if you don't design around it, I believe it's naive you can "replicate" the reward pool. And there remains the powerful repellent of "paid transactions". Ethereum is built around the idea of transaction fees. This is a UX killer. To me, you vastly underestimate the differences in design between Ethereum and steem
That's where Plasma and Loom come in, they provide almost feeless and instant transactions.
Isn't it just code?
Well, it's just code when one person owns that code and can implement changes as he pleases. When the changes are so extensive that at least two developers are needed and shared ownership ensues, it becomes "code AND consensus among the code owners".
In blockchain settings it is BY DESIGN always "code AND consensus among code owners". The second part is the more difficult - quasi unsolvable part, not the code in itself