Misperception Of Steem

There seems to be a great deal of negativity around Steem, especially from those who are active users on here. For some reason, people feel that Steem is failing.

To me, I think is total garbage. I guess it is the "grass is always greener" syndrome.

I maintained that Steem is one of the leading blockchains. It is an undiscovered gem by the public which is okay with me. Over time, we will see people finding out about what is taking place.

The problem I have with the view about Steem is that it is completely untrue. People on here look at other blockchain with "rose colored glasses".

For example, EOS is the bigger winner. We know that have a top 5 market cap. According to blocktivity, they do more transactions, by far, than anyone else. They also have a tremendous development community.

Thus, EOS is destroying Steem.

But is that really the case? We will leave aside, for a moment, that EOS is a completely different blockchain being a general blockchain that seeks to operate as a virtual computer. Let us look at some things that tell the story.

To start, we look at the number of accounts on Steem. Not really impressive when you look at what takes place on the Internet. Steem has roughly 1.2M accounts.

Here is a tidbit that I found.

EOS just went through 1M accounts. Now, I personally think this is impressive and acknowledge they did it in under a year (compared to Steem's 3 years). However, you would think they had 50M accounts the way people talk on here.

This also brings up a few questions. How many of these accounts are duplicates or bots? Are there 1M people on there? Not likely. Also, how many signed up for an account and are no longer active? What is the retention rate of that ecosystem?

We like to presume this is something that only affects Steem.

Now let us talk about community. EOS has a strong community according to what many post online. That should really help their usage considering they are developing more applications than everyone but Ethereum.

Here is the ranking according to State of the DApps of the Top 10 Applications on EOS.

Now we compared the top 10 on Steem (through Dlike; DTube is #11).

Notice a difference. Steem has 10 of the top 20 while EOS only has 3. The 10th ranked EOS app is all the way down at number 77.

What we can take away from this is that EOS might have a ton of development but few are using the applications.

So what accounts for all the volume for EOS on Blocktivity? It is safe to say a lot of that is from the exchange. There are ton of tokens created on that platform and it has a lot of trading. There are also a number of gaming apps that can have a lot of transactions.

Please keep in mind, I am not using this as an attack on EOS. Even though I do not hold any of that token, I am high on the project. I want to see it succeed and help take over the world. The potential there is amazing.

My point is we need to have a bit of perspective when looking at Steem. It is easy to see something like EOS and say nobody knows us. That is true. EOS is a household name as far as cryptocurrency goes. However, it did have a 300+ day long ICO along with raising $4B. That will garner a lot of attention.

At the same time, the distribution of the token, in spite of the ICO, is still in the hands of a few. When it went live, just shy of 50% of all tokens were in 10 accounts. Obviously, we have no idea how many people that could be. Hence, we might have all those tokens in the hands of 5 or 6 people. There is simply no way to tell.

Of course, like with Steem, I expect this to flatten out over time. As tokens are used, more people will acquire them. This is what we are seeing with Steem.

It is easy to focus upon our shortcomings and magnify them. The truth is that all blockchains have issues. Bitcoin and Ethereum are facing major scaling issues. TRON has centralization problems.

This is the early stage for everyone. Over time, many blockchains will resolve issues and move forward. Others will not.

Steem is one that keeps progressing with the development. Even Steemit Inc got their act together and starting to accomplish some of what they promised. Our user base is growing steadily with applications seeing increased activity.

This is all good stuff.

I would caution against anyone really complaining about how Steem is falling off a cliff based solely on pricing action. When you look around at what is taking place, there is a lot going on and Steem is more than holding its own.

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