What are some things I look for when a technology stack is claimed to be able to power Web 3 applications, like Steemit?
A scalable, public, decentralized, immutable, censorship-resistant way to store text-based data that front-end UI's can easily display.
A stake-based voting system for decentralized governance that can reach consensus efficiently and adapt quickly.
A way to be sustainable via a self-funding mechanism.
A non-security. No legal red tape preventing the crypto from growing in terms of distributing the currency to non-accredited investors.
A liquid, decentralized cryptocurrency that is feeless, fast transfers with human-readable accounts that act as a universal login to endless social/gaming/business platforms.
I believe we are here in web 3; we have the tools, now is the part where we buidl cool applications.
The whole crypto market is still speculating that general-purpose blockchains are the be all end all and are resting on their laurels based on current market caps.
I believe general-purpose blockchains will serve rather specific purposes. For instance, BTC has carved out a store of value niche. Whether you agree in BTC as an SoV, it has gained mass liquidity, and once you achieve that level of flow, it is not easily taken away. People get used to trading BTC in large amounts, grow trust in it and will use it even if there are more efficient means of doing so, this is just human nature.
The same with Ethereum. Ethereum will most likely continue to be the most dominant platform to buidl and use Decentralized finance (DEFI). The liquidity is around 20 billion a day in 24h volume, not including OTC, which is always significantly more then what we see traded on exchanges. Almost 1 billion dollars in ETH are locked in defi platforms. This is not an easy beast to displace and once that can easily keep growing rapidly with the positive feedback loop of locking up eth.
So, these "general specific" blockchains won't act as world computers at all but will serve their niche purposes. We have seen chains like EOS get split into many different application-specific blockchains to fill the need of each project. General specific are the jacks of all trades, masters of none.
When it comes to Steem, it is light years ahead of any competition. It is built for a specific purpose, it has scaled over 4 years to refine its technology, and now we are on the cusp of realizing Steems true potential.
Steem has not only scaled at the blockchain level but from a fundamental tokenomic level with Smart Media Tokens scaling the reward pool.
If you really breakdown the internet, what is it?
We need a great value transfer that is highly liquid, ok BTC, ETH, & others can be that. The same for finance, a way to take out the middle person, that is great for ETH.
But what about websites? Where do we store the text-based data that will power the entire new internet? How will we curate the content in a decentralized way? This is where Steem truly shines and is vastly underappreciated & underestimated.
You see, as an investor, I break this all down, several times over to come up with logical solutions. All roads point to Steem at the end of the day. Someday soon, markets will try to buidl sites for web 3, and they will go from blockchain to blockchain in utter disappointment, until one day they find Steem. When that day comes, there will be a boom like you've never seen.
The majority of the population don't do the research needed; I've probably said that a thousand times. That is why you have speculator booms and busts. Dumb money chases smart money, then they chase dumber money until the wick runs out and they are left hodling bags. And the "smart" money is just trading charts, not the underlining tech. Very, very few people have the vision and the guts to break down a future path, and strike accordingly.
I didn’t find Steem because its charts and lines were pretty. I found Steem because I am a buidler, and this was/is the only game in town.
Ask yourself what the future internet hodls, then go down the list of what is available. Buidling decentralized public blockchains is not an easy task in 2020, red tape and regulations stop a lot of projects in their tracks, (libra), Raising billions currently for a "decentralized" protocol are all but gone, if they do happen, they won't be decentralized.
What we have here in Steem is a home run. I am enjoying the moments to come when the world realizes how badass and far along Steem really is.
And remember, we're all going to the same moon!
These views are my own thoughts. I put my money where my mouth is and strike when I see the opportunity. Never base your trades on what other people think, do the research and convince yourself, instead of others convincing you.
We are only beginning to grasp what Web 3.0 truly means. I am putting together a paper on it that details what I project happening. This is really going to be an enormous boost for society.
It is going to change every aspect of life over the next decade. We are just in the early stages with what is unfolding.
Ethereum is what got me interested in blockchain technology, Steem kept me here. The social interaction is very important to help it develope, it's easy to stay on the chain and find all sorts of different DApp's and projects. On Ethereum you don't have that continuous pull to stay on the chain unless you are really a diehard fan. That being said, Steem isn't perfect.
This is why I think those that are here now should be active here every day, even if just curating. Maybe post as the spirit moves you, but curate, curate, curate. If you have a bit of extra fiat, go ahead and buy some Steem and power it up. If not, so be it. But at least be active here.
Sure, I might be smoking the good stuff. But I firmly believe that what we’re sitting on is better than a gold mine. Mines get played out. SP does not.
@theycallmedan, Home Run, that added very Sporty Point to the Steem Blockchain. And yes, Steem Blockchain is scoring effective points in the Cryptocurrency Space, may be Price is not reflecting that in this current phase but Technological Advancements are saying that very loudly for sure.
Steem Moon 🎑 Journey was roller-coaster one till now but super exciting one too because we saw it evolving and transforming into something really Immutable. Stay blessed. 🙂
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I keep thinking that we must be getting closer to the point where the value investors come into this market and start investing based on what makes sense, rather than the lottery players who follow every rumor and speculation.
And that is where Steem is going to shine. And Steem is also going to shine because we have as much speed and capacity as we have. Oh, and then there's that really nifty "real world" thing we have: accounts/wallets with names that make sense, not a nonsensisical sequence of 42 numbers and letters.
We need more "commercial" use cases here... the new "LeoShop" is a good beginning, showing Steem actually being used as a currency to trade digital goods, completely bypassing fiat.
What the people over at SteemLeo are doing is great. The LeoShop being a nice addition. We will be beating value investors away with a stick once people need a blockchain they actually works with high TPS.
I do not claim to completely understand all of this. But I get the general gist of it. And that is Steem is the first to the Market with what it can do.No one else can claim that. That is a good thing. A very,very good thing !!
Gonna have to call BS on some of this.
FIFY
Yes I understand your informative post . thanks for giving your valuable Post..
We are still in the very early stages of this. When the actual world understands this and starts entering, we can be Masters and lead them.
The chart of steem is starting to look extremely pretty though.
Haha it is. ;)
I read this with your voice, tone, and timing.
Creepy.
yes, steem is very perfect. and all levels of society must use steem. and I believe someday steem will head to the moon.
I rather see steem go to mars than to the moon 😂
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Steem, is what i call a '360 degree` change for my self. The first cryptocurrency that got me interested in Blockchain technology was BAT. But after knowing Steem, personally i think this is a Cryptocurrency who has great potential.
I really hope Steem can continue to build and expand and all the work that is going to spread the word on other social media platforms will begin to pay out huge as more people come back into space during the next bull run.
I think all the development into good sustainable projects has, for the most part, gone unnoticed, so it will be interesting to see as more people come back, including developers, what new games, projects, and dapps are developed and how quickly they are improved and built upon.