Introduction
Right now we seem to be having a resurgence of Bitcoin with it getting very close to the $1000 mark and a $15.5 billion dollar market cap - a region we haven't seen in approximately 3 years.
One effect of this resurgence is that it will almost inevitably increase the interest in other cryptocurrencies.
This presents somewhat of an opportunity for us to promote Steemit and Steem.
As the Steem/Steemit community it would be useful to have some shorthand ways to present our blockchain to people who are curious and may not necessarily be familiar with it.
I am currently thinking on how best to do this. Perhaps we could create a set of standard tools, tables, graphs and the like for easy comparison?
I would also be interested in putting up some comparison charts for Steem vs other blockchains on Steemithelp.
In view of this I have compiled my own table below:
Steem Vs Other Blockchains Table
Notes:
- Some of the data for this table has been quite hard to find and also seems to be a matter of debate. For example transaction fees vary and I have used estimates for average transactions in those cases.
- Further some currencies do not have block size limitations, however, in those cases transactions per second are estimates based on current technology and infrastructure.
- Prices and values are taken from CoinMarketCap today (28th December 2016).
- Where possible I have used the official sources such as ethereum.org - these may not be completely up to date.
- For apps I only considered those that were large scale i.e. of similar size to Steemit, currently the only similarly sized ethereum app that is live and I know of is Augur - please let me know if you are aware of any others.
In view of this please let me know if I have anything wrong or if you have any extra information that would be appropriate.
Thank you for reading.
If you like my work please follow me and check out my blog - @thecryptofiend
Follow me on Gab.ai or on Twitter
All uncredited photos are taken from my personal Thinkstock Photography account. More information can be provided on request.
Are you new to Steemit and Looking for Answers? - Try https://www.steemithelp.net.
Great thoughts here! Just getting the name Steem and Steemit out there is great. There hasn't been much advertising done for the site or currency yet and if you ask anyone who is not a "crypto fiend" (see what I did there) ;) they have never heard of steem but they have heard of bitcoin...
I think us just all posting something on any of our social media sites talking about how we are using Steemit would go a long ways. We don't have to try to sell it to anyone just yet, just get the name out there and let people hear about it... We can worry about targeted efforts as the site matures and as steem distribution gets better.
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Yes exactly. I don't think we need to do any kind of hard sell. Just put the information out there and let people come to us. The more bitcoin rises the more attention there will be on cryptos in general.
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I love the idea and have already been doing it. I tell people if they don't want to put up funds and buy Bitcoin, why not work for Steem instead.
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Exactly. A lot of people will come to Bitcoin and think they have missed their chance. They will be looking for what is the next big thing.
Thanks to Graphene and apps like Steemit we have a lot of big selling points over pretty much everything else.
Ethereum still has not got any real functional mainstream apps, further as someone pointed out recently the transaction costs are going to be a problem for apps like Akasha.
Bitcoin is really going to struggle to scale and we will likely see more fierce in-fighting as prices rise.
Monero is great as a currency but is not really meant for apps.
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Steem is going sideways for quite sometime now even as btc is surging up for months now. Is it just me? I dont know
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Going sideways is better than going down. With the economic changes there is nothing to push the price down and I think one of the places that the profits from BTC can go is Steem.
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I agree that Steemit is targeting a different demographic than the other platform. Thus, different metrics probably need to be promoted. For example, my mom writes a great personal blog and would be a great addition to Steemit, but she's could care less about the nuances of different mining schemes.
Compared to other platforms, Steemit is extremely accessible to the non-technical person (I know because I am one) and the non-trader. You can see the rewards in dollar-denominated amounts right there on the article. You can essentially use Steemit like you use Blogspot. There are potential demographics that other platforms have little chance of reaching, which seems like a huge advantage.
Not that we shouldn't emphasize the technical/economic advantages. But the possibilities for emphasizing non-technical features and metrics also seem high.
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You got cut off!
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Yes I agree with what you say. I think we still need to be conscious of the competition. What the masses want and need changes over time as things develop.
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nice blog as usual @thecryptofiend
really am not a fan of holding BTC in hope of the price to increase , i if it reach 1100$ it is like 50% rise witch can be achieve easy with steem if you know it will , actually you can douple your money in a less than month with multible trade cashing out between 20% to 50 % every trade because simply steem is dynamic and price is changing because there will be always large imbalance between people powering down and those who want to power up so Bids and Asks changing always and ever
enjoyed your blog , i know that table was hard work for you , thnx for the effort
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Thanks yes the table took a while to do!
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@thecryptofiend what do you think about this growth hack for Steemit?
https://steemit.com/steemit/@homosapiens/growth-hacking-for-steemit-how-we-can-reach-millions-with-simple-trick
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That's a great idea especially if we can get something that looks professional. The only problem is that people are generally advised not to click on links in emails and some (work) servers in particular either strip them or block the email.
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I think there may be a need to include a short explanation on the zero transaction fees, what's in place to combat abuse in high frequency transactions - if that can happen? Not sure on the inner workings, but I've got that question popped (basically, would 0 tx fees mean that its easy to abuse and load the network unnecessarily?)
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That's a great point - I am not sure about the solution - perhaps someone else knows? I will ask around.
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See the full rankings and details in The Daily Tribune: Dec 28 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Thanks.
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Thanks for sharing. Upvoted and tweeted. Stephen
https://twitter.com/StephenPKendal/status/814265381430919168
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Thank you:)
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Disclaimer: I am just a bot trying to be helpful.
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Interesting table you are sharing here. Good info.
I worry when price goes up high too fast.
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Yes it can mean it will come back down again. In the case of Bitcoin now it is well overdue though. I think it will go a lot higher but will probably settle around $1000 as the minimum.
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I think getting the name out there is important. I am not so sure about comparing it or drawing parallels to Bitcoin, Ether or Monero at this stage though.
I see Steem and Steemit as quite distinct from these and the battle will be getting people to use it.
Why Steem?
There are hundreds of digital currencies.For me the important message is that Crypto is now normal and being used.
Maybe the message is simpler. Steemit is an online eco system where if you want to participate you need to spend the local currency? Steem.
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Steem has solved problems that they haven't so I don't see a problem about stating the advantages.
Hence why it is useful to let them know the advantages it has.
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the problem is that youre stacking the deck. Stating the advantages while glossing over the huge downsides.
Youre comparing steem, which has had significant price and infrastructure instablilty, with price stable currencies that have established infrastructure. Its like the dean of the rocco clubbo school of typewriter maintenance putting his institution in a chart with UC berkley, nyu, and georgetown and talking about how much better they are.
And once someone takes a really close look, its obvious.
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Lol. This made me laugh:
The only way we are going to get some kind of stability is by bringing new people in and promoting it. If you don't believe in Steemit/Steem I don't understand why you are here.
Further:
Actually name an altcoin that doesn't have that because there isn't one. Ether in particular has had a terrible time.
Even Bitcoin itself was down and declared dead by a lot of people less than 12 months ago. I think it is more a case that you either have a very short memory or you are stacking the cards for other altcoins.
Further since the HF the price has been more stable whether that is temporary or not is something we will see.
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It has huge advantages, I just see its strengths in a different target market. I am coming from the point of view of Monero being only a digital payment currency and Bitcoin being many things; a digital payment currency/store of value/glue for other crypto like the upcoming bitcache/link to Fiat world.
Personally I think the Steemit platform won't challenge Bitcoin in many of these areas. It's advantages will however enable it to dominate other spaces such as social media.
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You're probably right but I still don't think we should limit ourselves.
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I had a good think about these comparisons a few weeks ago and I think the most important and easiest to explain and understand are
You can create smart contracts with Bitcoin but not in the dapp sense so I wouldn't highlight that as it could be confusing.
I would also add price and supply are a bit irrelevant (purely for high level general public comparison purposes)
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Great points. Thanks.
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Tweeted on @Steemit
https://twitter.com/steemit/status/814201991278850048
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Disclaimer: I am just a bot trying to be helpful.
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Thank you so much:) Forgot to ask does Steemit have a Gab.ai account yet? Might be something to get as a lot of people are moving there in light of censorship.
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That is a really good table at showing the capabilities of Steem
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Thanks:)
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