Once Again Steem Ahead Of The CurvesteemCreated with Sketch.

in cryptocurrency •  3 months ago 

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It is easy to overlook the innovations that we have on Steem.

About a month ago, I wrote about the growth in decentralized finance. Over the past 6 months, we saw a sharp increase in the number of offerings that provided hodlers a return on their cryptocurrency. This is something that the industry took as novel yet, on Steem, it was something from the beginning. There are a number of ways for people to get a return on their STEEM.

@khaleelkazi wrote an interesting article yesterday that discussed an idea that I always felt separated Steem from most of the other blockchains out there. In it, he cited a video that Andreas Antonopolous talked about earning cryptocurrency.

The main point is that people do not "buy" dollars or euros. Sure, if one is traveling then we exchange into the currency that is accepted in that country. At the same time, if one is a Forex trader, then buying a particular currency is something that is done.

However, for the most part, the money we have is not "bought" with another currency (although one could make the case it is bought with our time). That aside, the money that people have usually was earned. This is what Andreas' point is.

https://www.steemleo.com/steemleo/@khaleelkazi/don-t-buy-crypto-earn-crypto

When I look at the rest of the cryptosphere, I wonder where this is happening. There are certainly other projects around that has this as part of the application. However, with Steem, it is part of the base layer. It is coded right into the essential part of the blockchain.

Everything built on top of Steem that uses the reward system provided people with the opportunity to earn tokens. This is a powerful distribution system. People can show up to Steem with little to no money and start earning.

Bitcoin is seeing this idea implemented a bit. Nevertheless, it is safe to say the vast percentage of Bitcoin out there is still be acquired via swap from another currency (miners aside who could be considered to be earning). This holds true for most blockchains.

With Steem, this is only going to get more expansive, and very quickly in my opinion. The implementation of Communities along with SMTs means that we are going to see a massive explosion of tokens created. Since the SMT protocol is a base layer addition, all tokens will mirror what we see with STEEM. Thus, those tokens will be able to leverage the content/reward system that we are all familiar with.


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How many different tokens can you presently earn on Steem right now? There are hundreds that are listed on Steem-Engine. A vast percentage of them can be earned for particular activities. The most obvious are the ones related to the Tribes which best mirror Steem.

A few months back, BlockOne had a major announcement about their latest social media applications. Voice was going to bring the idea of earning tokens via social media to the masses. Since that time, I have not heard much about it. I do not say that negatively since it is not uncommon for a project to focus upon development after a MVP is introduced.

However, the point here is we have a variety of applications on Steem that are updating periodically. They have been working on the project for a year or two, expanding their offering each time. This is a key. While others are entering the space, Steem-based projects are not introducing but updating. There is a big difference.

For example, how long would it take a project to catch up to Splinterlands and all that surrounds it? This is not something that was an overnight process.

Each day, dozens of spigots are open on Steem, doling out tokens to a variety of users. This is still a rather novel concept in the crypto-sphere. I would be curious to know how many tokens are distributed each day, it has to be in the millions. Certainly, it is easy to state that most have little value. At this time, that is true. However, that does not mean that projects will not increase as they add to their platform.

Now, let us fast-forward a year, where SMTs are a bit over 6 months old. There are thousands of different communities on Steem, many which have their own token. Each day, tens of millions of people have the opportunity to get rewarded simply by signing up for an account and getting active.

How many other blockchains, by that time, will be able to say the same thing?

I do not believe many.


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This is why I came to Steem and remain a believer despite price. I don't know of another blockchain that is faster and cheaper than Steem.

I don't know of another blockchain that is faster and cheaper than Steem.

I would also add "has more on it that is being used".

While there is a lot being build on Ethereum, not a lot of activity for the development.

Fee-less transactions are going to really catch some people's attention when they realize the viability of their application is negated to a great degree because users will not want to pay each time they want to do something.

Imagine if each upvote cost people some STEEM from their wallet.

It is one of the benefits of Steem. You can come in with nothing apart from the ability to get online and with some ideas to share then earn something. That has great potential to change lives and I want to see it happen. We just need to avoid selling it as a 'get rich quick' scheme or 'magic money machine', which is how some people see it. Rewards need to be earned.

Yes I think the get rich quick days are fading. Let us hope they are.

Steem most definitely is a place to build, grow, get ideas and meet new friends.

Big bonus, being able to move crypto such as steem to other members (over borders with no hassle) deserving rewards. The more one learns about blockchain, crypto and how to earn from blogging the happier many will be.

Each individual can grow in communities, business minded can build, photographers can sell, travelers are able to share more easily, there is so much more at your finger tips.

@tipu curate

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6 months in.... 10 million users?

Youre a really big optimist... :D

Tens of millions will have the opportunity....

Not all will be users. They will be exposed to it through sites they are presently using.

How many convert remains to be seen....probably 3%-5%.

They will be exposed to it through sites they are presently using.

How do you see that happening?

SMTs.

There are hundreds if not thousands of sites that have ten million plus monthly active users. A site like SeekingAlpha, that is far from mainstream, have over 15M per month.

It doesnt take too many of those to adopt SMTs before we are over 100M.

Suddenly, people are showing up and seeing tokenization, which is powered by the SMT protocol.

That is tens of millions who will have the opportunity to get rewarded if they so choose to participate.

That would require a push by steemit.inc in line with sitting at the phone all day and pushing the new narrative to each of these websites.
Communities and SmTs need to be taken to them.
Guest accounts would have to be Implemented first imo to allow for easy onboarding.

Simply building it I don't think will be enough. I'm hoping they have a strategy developed for when the time comes.

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  ·  3 months ago Reveal Comment

Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

Sites like techcrunch, moneyhoarder, publishing websites, have so many writers with no rewards, with SMT's there is the ability to reward even website visitors...its going to be epic

Hi @taskmaster4450!

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Now, let us fast-forward a year, where SMTs are a bit over 6 months old. There are thousands of different communities on Steem, many which have their own token. Each day, tens of millions of people have the opportunity to get rewarded simply by signing up for an account and getting active.

Congratulations @taskmaster4450, your post successfully recieved 3.4803675 TRDO from below listed TRENDO callers:

@accountsdump earned : 2.320245 TRDO curation


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