STEEMIT: I am pleased to announce that yesterday saw a Record Breaking and Jaw Dropping 426,703 Transactions on the STEEM Blockchain..!!

stephenkendal (77) · 7 years ago

Shared on twitter. Stephen

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steem-buzz (62) · 7 years ago (edited)

I just used you chart because Ethereum exceeded Bitcoin at confirmed daily transactions(mentioning source).

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stephenkendal (77) · 7 years ago

Shared on LinkedIn. Stephen

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https://blockchain.info/charts/n-transactions?timespan=2years

demotruk (69) · 7 years ago (edited)

Um, so..

That's more than Bitcoin has ever done in a day.

Steem is now the top crypto by transaction volume.

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10 votes

stephenkendal (77) · 7 years ago

"That's more than Bitcoin has ever done in a day."

.....I just had to repeat this a few times..!! Stephen

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11 votes

dasczecher (46) · 7 years ago

It's getting exciting!!!

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insteadofmoney (47) · 7 years ago

=]]]]]]]]]]]]]]]
We should all repeat it as a mantra !

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captaincanary (58) · 7 years ago

That's crazy! How can that be? Because bitcoin can't handle the transactions fast enough or because people collecting Steem rewards count as extra transactions maybe?

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demotruk (69) · 7 years ago (edited)

Four reasons:

We're growing extremely rapidly
Bitcoin self-limits the transaction volume
Steem transactions are free so people run bots all day at minimal cost
Steem has a whole range of transaction types beyond financial transfers.

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8 votes

dwinblood (73) · 7 years ago

Steemit Inc. has not even begun to try to push the platform. They plan to do so, but they have a few things they are getting lined up before doing that. So yeah this should explode big time in the future... beyond what it is now.

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wvm (54) · 7 years ago

I'm curious, can you elaborate on #3 with the bots running all day for Steem transactions? How does work exactly?

demotruk (69) · 7 years ago

People running computer programs which vote automatically according to their policies.

There are bots on every blockchain network but Steem has free transactions so they have almost no running costs.

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wvm (54) · 7 years ago

fascinating I didn't know that, very new to cryptos and learning as much as I can.

insteadofmoney (47) · 7 years ago

So main of it is voting ?!
Does it go as transaction ???
=]

demotruk (69) · 7 years ago

Yes, more than half of it is voting. After voting, the second top transaction type is commenting.

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dasczecher (46) · 7 years ago

Awesome chart!!!

captaincanary (58) · 7 years ago

Gotcha! Thanks for the chart

bobvghn (45) · 7 years ago

@demotruck can you explain the distribution in detial

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demotruk (69) · 7 years ago

You can find the dynamic chart at Steemdata.com.

Most of the transaction types should be self explanatory, at least when you've gotten familiar with the system.

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kendewitt (56) · 7 years ago

Because every vote, comment, post, and Steem transfer is a transaction. Which means Steem is actually used more than Bitcoin for practical purposes.

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wvm (54) · 7 years ago

Yeah, it was a genius move by the creators of Steem to make a built in community with the currency. It was only a matter of time before transactions were dominated by Steem. I think this will only increase it's value. Very interesting times ahead.

the-traveller (50) · 7 years ago

what is the limit? Can it break someday?

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4 votes

demotruk (69) · 7 years ago

It can go to about 10,000 transactions per second (864 million per day), in the current form. Optimizations will be needed to go beyond that.

In practice the witnesses may need to be keep it much lower than that for some time to reduce replay time, but replay time can also be improved.

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7 votes

stephenkendal (77) · 7 years ago

Thanks @demotruk. A real credit to the Community. Stephen

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gigafart (57) · 7 years ago

Where can I learn more about tps and resource usage?

I've noticed that steemit lags during peak hours.

I'm hoping these are scaling issues with known solutions in the works.

Growth is looking insane!

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demotruk (69) · 7 years ago (edited)

I'm not sure but I believe that's just Steemit Inc not having enough Steemit.com nodes going to serve users at peak times. If so it should be just a matter of throwing up more instances.

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the-traveller (50) · 7 years ago

Thanks @demotruk wonder how long it will take before that gets saturated...
say about current growth rates 4% /week (roughly) I guess that could happen in 3.6 years?

ernstjan (52) · 7 years ago

Hi Stephen,

This is the 2nd consecutive day that u make me happy with your post. The potential is endless in my eyes and man i'm glad were here allready!
These posts are very clear and it's nice to see a day by day increase, please continue with those kind of blogs.

Cheers,

Ernst

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stephenkendal (77) · 7 years ago

Ernst, it is my pleasure. People keep voting, I will keep blogging. Having a tremendous support of my Blog just makes it 1,000,000 times easier for me to Blog. Thanks again for your continued support. Stephen

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bobvghn (45) · 7 years ago (edited)

Wow! that is great news. We can expect the growth to continue and hit new highs

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stephenkendal (77) · 7 years ago

It doesn't get better then this. This is MASSIVE NEWS and worth popping open the bubbly..!! Thanks for your support. Stephen

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bobvghn (45) · 7 years ago (edited)

@stephenkendal @gigafart @etcmike @robertor I think the bigger news is in the making
Please upvote my comment

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francisk (62) · 7 years ago

Steemit is out to conquer the world. Not by might, not by strife, but by community interest and growth. Anyone can clearly see what is happening.
Like a tidal wave. Sweeping everything in it's path.
Thank you for those jaw dropping numbers. Will it to go ten times that, or twenty times? Who knows.
Hang on for the ride of your life. It is coming. We will enjoy monumental growth for years.
Francis

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stephenkendal (77) · 7 years ago

Thanks Francis, you are very welcome and thanks for your support. Stephen

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4 votes

hedge-x (57) · 7 years ago

Incredible. Steem is highly undervalued. This is the most widely used crypto behind Bitcoin and Ethereum yet only a small portion of the their market cap. Longterm Steem will be in top 5.

stephenkendal (77) · 7 years ago

"Long term Steem will be in top 5." I could not agree more. Thanks for the support. Stephen

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extrospect (59) · 7 years ago

Stephenkendal, would you believe that Golos falls into the same category, as it is an official fork of Steem?

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https://steemit.com/bitcoin/@lordoftruth/steemit-something-more-powerful-usd100-cash-in-10-days-just-from-blogging

lordoftruth (71) · 7 years ago

Thanks for staistic
By the way you are right
Steemit "...Something more Powerful..!!"
After 2 weeks of full time activity ,
I withdraw $100 Cash ( 51 SBD ) just from blogging
I’m really grateful for the support and I am honored to be a part
of steemit community.

Have a great day

stephenkendal (77) · 7 years ago

AWESOME..!! Well done and we are glad you are part of it. Keep up the great work. Stephen

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abudar (66) · 7 years ago

nice post

stephenkendal (77) · 7 years ago

Thank you and thanks for your support. Stephen

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abudar (66) · 7 years ago

Thanks again for sharing

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sassal (54) · 7 years ago

Steem proving once again how valuable it is :D

stephenkendal (77) · 7 years ago

At <$600m STEEM is very cheap, it is very, very, very cheap..!! Thanks for the support. Stephen

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alaysiababin (55) · 7 years ago

Oh my gosh how exciting! Yes! Looks like I made a good investment choice 😊

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bearbear613 (67) · 7 years ago

what does that mean "transaction" like
money moving from what place to what place. I mean what are the transactions?!

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demotruk (69) · 7 years ago (edited)

Every vote, comment, blog post, transfer, payout claim, etc. etc. is a transaction in Steem. Basically any atomic entity recorded in the blockchain signed with the user's signature.

You can see the breakdown of transaction types at https://steemdata.com/charts

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bearbear613 (67) · 7 years ago

So i'm guessing that also means there are more
and more people joining the platform.

stephenkendal (77) · 7 years ago

EXACTLY like @demotruk has said, "Every vote, comment, blog post, transfer, payout claim, etc. etc. is a transaction in Steem. Basically any atomic entity recorded in the blockchain signed with the user's signature." I could not have put it any better. Stephen

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edb (59) · 7 years ago

Yep, the only thing limiting capacity at the moment is how fast new users can be approved manually. While transactions are free, it costs Steem to create an account, so in practice, accounts have to be created by the company Steemit, Inc. or by one of us.

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mjk4080 (45) · 7 years ago

This is how I feel. Wait for it.

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