No, I am not referring to price although that could happen.
We all know the markets have a mind of their own and do things, often, counter to what is truly taking place. For that reason, it is best to look past the pricing action to see what is really going oin.
The last week witnessed incredible announcements about these two blockchains. Coupled with the introduction of EOS just around the corner, it seems as if the @dan blockchains are poised to take over.
@ned is out doing a tour. For a team that is often criticized for not communicating or engaging in any marketing, this is a big step. Part of what @ned is talking about is the long-awaited Smart Media Tokens. This was highlighted with his announcement in a Telegram group that Steemit is going to bring out an account based voting SMTs called the Good Person Token or GPT.
I wrote a post about this that can be viewed if you missed it.
https://steemit.com/steem/@taskmaster4450/ned-steemit-is-creating-an-smt-only-real-humans
Smart Media Tokens are going to be a gold mine for STEEM hodlers for a couple reasons. To start, anything that is created on the STEEM blockchain will require bandwidth which means that STEEM is going to be needed. At the same time, since STEEM is the main token on this blockchain, it is available to use on posts no matter what the application. Hence, STEEM hodlers can use their STEEM to upvote any post regardless of whether there is another token or not. STEEM can always be used.
Another reason to celebrate is because the we are seeing STEEM closing in on 1M users. This is quite an accomplishment although not one that is the focus of the development team. They, instead, are focused upon getting things established to make the STEEM blockchain attractive to developers. This is truly what is going to drive the population of STEEM to great heights. Being developer friendly is crucial. They are the ones who are going to create the applications that are marketed to the general public and attract people.
It is also an approach that Bitshares, or more specifically, the Bench team, is doing.
That team decided to create a blockchain that, according to @stan, is going to be the universal blockchain. Incorporating the EOS technology, this blockchain is going to be able to "wrap" all other blockchain creating an environment where any application can be run on it. This also means the first universal application, cryptocurrency, can also run on it. Hence, we are going see the atomic swap technology applied to every token with a smart contract.
I put together a couple of articles on this.
These are revolutionary changes that all seem to be lining up at roughly the same time. I believe we are going to see the introduction of EOS, the Bench blockchain, and SMTs all introduced within a couple months of each other. @stan stated that they are timing it to take advantage of the "EOS summer". At the same time, word is @ned said SMTs are going to be out the end of Q2/beginning of Q3. This would place it also at the end of June, into July time period.
Both STEEM and Bitshares were attacked over the same thing: lack of marketing. People feel that other blockchains did a better job getting the word out there. This is true. However, most of these blockchains lack something that STEEM and Bitshares have; revolutionary technology to truly change this industry.
For months I have been saying that SMTs are ERC20 on steroids. It is unbelievable what a company gets when they decide to use the SMT protocol to create a token. When this comes out, I wonder if anyone will use ERC20 again.
The Bench blockchain is simply going to be amazing. When on it, it will appear as if every other blockchain is housed on top of Bench. This includes any other blockchain that is built out using the EOS technology. Bench is ensuring that all BTS products and applications are available on every EOS blockchain.
I wrote about a month ago how the industry was changing. There is a lot of promise tied to blockchain technology. For the past few years, we heard a lot of forecasting about what is possible. 2017 saw a huge run up in cryptocurrencies based upon that potential. However, 2018 is the year that blockchain is going to have to put up or shut up.
Presently, we are seeing companies (individuals) investing real world resources along with time into building onto these blockchains. They will not tolerate empty promises or delays. This means that those blockchains which have the ability to perform are going to be in a wonderful position.
One thing the @dan blockchains have is the ability to perform. A quick trip to blocktivity.info reveals that they are doing 2/3 of all transactions each day. This will only expand once EOS is introduced. STEEM and Bitshares can do 10K transactions per second with the belief that they could handle 100K if necessary. EOS is, from what I read, going to be able to handle 1M per second.
To put that in contract, Salesforce was able to do 24K per second in 2012 (Amazon did a few hundred) equating to over a billion per day.
https://apttus.com/blog/salesforce-by-the-numbers/
Yet each of these blockchains is going to have the ability to many times that.
Finally, for all those who were worried about EOS being the death of the STEEM blockchain, this is now off the table. One thing the Bench blockchain is going to enable is for developers to create cross blockchain applications. Hence, anything that is designed for STEEM, if traffic is a problem, can be switched to Bench. In fact, certain applications might designed for that purpose, such as gaming which would benefit from the higher speed.
No matter how you break it down, the last week confirmed that both STEEM and Bitshares are on the launching pad with the boosters starting to fire up. By this time next quarter, I imagine you will see EOS, Bench, and SMTs all released.
And when that happens, the @dan blockchains are going to take on a larger portion of this industry. Do not be surprised if all three tokens end up in the top 10 by the end of the year.
If you found this article informative, please give it an upvote and resteem.
Great article, 100% upvote from me and you have a new follower for sure; fwiw though, where did you get the information about:
'word is @ned said SMTs are going to be out the end of Q2/beginning of Q3. This would place it also at the end of June, into July time period.'
I think that the quick release of SMTs is an extremely vital part of Steem's positioning for a bright future. Now, they could be late to it and still be okay, but if they get in very soon, they'll be in a much better spot, which is why I'm wondering where you heard that? Was it directly from an @ned post and/or via one of his interviews/talks, or was it second hand info? :)
Some who was on the STEEM telegram chat posted that was that @ned said.
Do you have the link to their telegram/the steem telegram channel, by any chance? No worries if not. I'm just an interested party who has put quite a bit of faith in Steem and want to remain fully informed. :)
No I am not on it either...it was a post I read where someone quoted what @ned said in the discussion.
I am not sure if it is a steemit or a steem group on telegram.
Ah, alrighty. No prob; thanks for the info!
@ned has already guaranteed that SMTs will be here before the end of the year. End of Q2 is probably his optimistic guess. Mid/End Q3 is more likely. Developers are always wrong about how long it's going to take. Soon™
These updates and new features look amazing. I would like to see STEEM work well with EOS and BTS. Collaboration will be a great way to stay on top and keep the less quality tech down on the list. Thanks for the share! Resteem
From what I understand, the STEEM development team has the option of integrating in EOS if that is what they choose to do.
BTS (the Bench team) already stated they will be able to wrap around STEEM (they didnt mention it in particular but all tokens). Hence, there will be cross development if that is what developers choose to do which I imagine they would.
While I am on the same page with you if we look at the future, the number you are referring to here is not so valid in my opinion. If I am not mistaken @arcange and @pengiunpablo reports indicate indeed that we are close to 1M users, but we only have 60K daily users! Within the 1M there are a lot of dropouts or dormant accounts!
Also it is quite some time ago, that we did see a lot of new accounts created! I don't believe that they can launch SMT before the registration process is made more smoothly!
@paulag wrote a great article about this today!
https://busy.org/@paulag/how-to-engage-and-retain-users-backed-up-with-steemit-data
This was discussed a week or two ago.
The 60K are actually accounts that transact. @ned tends to hit the inactive list since he goes so long without posting or upvoting yet is on Steemit each day reading. How many others are on here who only read?
But you are right, there are not 1M who are active each day (or even each month). We probably have around 200K different accounts active on a monthly basis.
It's crazy how fast paced this industry moves. It's impossible to keep up with ALL of it. I definitely need to look more into Bench. This week is huge in the crypto-space with the Consensus going on. I imagine we hear many major announcements across the board. And I agree, the utilities of @dan's tokens are unmatched right now.
And it sounds like the utilities of his tokens are just going to get further ahead.
EOS is major and the Bench team creating a universal blockchain using Bitshares is huge.
What's even crazier is that 90% of the world still thinks the cryptosphere is totally speculative. Tada moon!
The momentum is building and it is even better that technologies are emerging to allow these platforms to work together and become complementary to one another.
With EOS in the top 5 and both steem and bitshares currently outside the top 30, there is plenty of room for growth once this potential becomes reality...
I am ALL IN on these three blockchains. I have been all year!
@taskmaster4450 that is a BOLD Statement "All three tokens end UP in the Top 10 by the end of the Year", But I like it and if that is the case some people are going to be happy financially.....................
i exited for this information
That's pretty cool to know thanks for the tips by the way, have a nice..
Very exciting times and I really appreciate your articles which have been massively helpful for me in understanding how these blockchains work.
Awesome get ready for lift off! Funny thing is last year on Facebook I said bye and left a message that steem, bts, and eos were going to take on the world by storm in 2018. You made a great summary detailing that, thanks for posting!
a very good job, i would love you join our Dolphin's club
Bold predictions I haven't heard of bench yet I should go read that. I'm more excited about hive mind
I am just hoping steem dollars has a crazy spike in price that just stays high
I loved your intro, it sums up everything that noobies are doing wrong. Ignore the price action, we are early adopters so it will only matter when we are done and want to get out of crypto.
We need to focus on how amazing STEEM is and what crypto is changing everyday.
Coins mentioned in post:
for all those who understand the genius of Dan Larimer, and have been very patient, I think we will reap some great EOS, STEEM, BTS rewards!