Why Am I Such a Fan of DPOS Blockchains Like STEEM and BitShares?
http://blocktivity.info/ has the answer:
STEEM is not even using a single percent of its current network capacity:
Where as Bitcoin... well:
It's getting hammered.
IMO, BitShares and STEEM are not getting the love they deserve:
This needs to be repeated over and over again until more people get it.
STEEM is an amazing cryptocurrency.
Zero fees.
3 second block confirmation times.
Energy efficient with DPOS (Delegated Proof of Stake) block production which is collaborative instead of competitive (unlike POW: Proof of Work).
Once more people realize this, we could see much high prices. On top of that (almost as an afterthought) the STEEM blockchain also supports amazing social media sites like steemit which currently has a global Alexa ranking of 2,085.
Bitcoin vs. Bitcoin Cash: Irrelevant?
There's been a lot of debate about Bitcoin Segwit vs. Bitcoin Cash and so far I haven't really weighed in on the discussion much. I really enjoyed this article by SFOX Is Bigger Better? How to Evaluate Bitcoin Cash Based on Block Size which made me realize why I haven't been so interested in the debate. It's not just about bigger blocks. In many ways, it's about how POW simply can't meet the demands we're putting on blockchains today. When digital kitties can make the Ethereum network unusable, clearly we have a problem.
This @steemitblog post did an excellent job explaining how this wouldn't be an issue for STEEM at all: Digital Kitties on Steem? How would the Steem blockchain handle 700,000 transactions per day?
Yes, I may think Bitcoin Cash is technically closer to the original Satoshi vision where block sizes are increased to keep the mempool unfilled to facilitate the "Electronic Cash System" outlined in the original paper. I see the conflict between the miners and the users where the miners are incentivized to increase the transaction fees at the expense of the users. That said, it's no longer strictly "peer-to-peer" (in terms of IP-based) like it once was either. Additionally, comparing a current version of a technology in a fast-moving space to its original might be like comparing a Tesla to a Model T Ford. You might argue a Tesla isn't true to the original vision of a car because it lacks an internal combustion engine, but I'd still prefer having a Tesla. :)
Bitcoin may do alright with 2nd layer solutions like lightning networks, but I still don't think it can do what a DPOS chain can do. Whatever scaling solution they can come up with (sharding, etc), we could probably also implement to even further increase our performance lead.
So yeah. Call me a fanboy if you want, but I'm excited to be invested in STEEM, BitShares, and EOS. I think these DPOS coins represent a future which can truly scale to solve enterprise-level problems.
I'm glad you're with me on this journey here on the STEEM blockchain. As always, this isn't investment advice (blah, blah, blah), but it's just me sharing my passion.
Side note, I left this rediculously long comment to my friend @uberbrady defending DPOS. If you care about this geeky stuff, maybe give it a read. Thinking about all this is what got me fired up enough to write this post. DPOS is an amazing thing.
Man I totally agree. Steem is not getting the love it deserves. From the last I checked Steem did 1 million transactions per day more than any other blockchain and Bitshares was doing about the same. Ethereum is not getting any love either over 800,000 transactions a day with a large monetary value moving across its chain. uRaiden went live the other day on ETH and no one hardly even noticed. That's Ethereum's lightening network live on its main net now. I'll trade Bitcoin when it crashes down again but I am holding off hodling large amounts like I use to. Projects like EOS, NEO, ETH, DASH, STEEM, SMART CASH will go parabolic in 2018 as people finally realize Bitcoin's limitations. There's other promising cryptos but all the one's I am talking about are at least 2nd generation or 3rd generation projects that are self-evolving extremely fast to serve real world use cases and to meet the user needs above all.
Very well said. I wonder about the onramps most of all. If more exchanges don't pop up with alternate pairs outside of just BTC and if more fiat to cryptocurrency onramps don't support different currencies, it may take a while. I've heard rumors Coinbase may support various altcoins next year. If that happens, things could get really interesting.
I wasn't aware of uRaiden, I'll have to look into that. All I kept hearing about is how the ETH network was getting destroyed by digital kitties.
I've also been thinking about how much the "go green" narrative may hurt adoption for POW coins. I know ETH is planning on making a change at some point to POS, so that might really help them in the long run. I don't own many ETH at the moment. Something else I don't own much of is privacy coins like Monero. I may pick up some more of that as well.
The EU has one of the most interesting crypto debit cards with UQuid, who allow people to pay from their balance in 89 alt coins. I think as more regulation is finalised, and the main card issuers return to the scene, we will soon see those cards and subsequently also apps for direct p2p/b2c transitions.
I doubt we are very far away from more alt-coins adoption. Graphene chains will be very critical in that further propagation of alt coins because of their speed.
I can’t wait until locally I can just send SBD to each mom and pops store. At least all those in my walking range I got to accept mobile payments. With coins.ph. :D
That's very cool. I hope more countries follow along with stuff like that.
I was looking at that card the other day ( I was hoping they did a debit card)
A quick question (you have forgotten more than I will ever know!)
What would you suggest the best way to get my lite coin (or bitcoin if I change it) in to local currency (in thailand?)
(If you are not a us citizen), it seems a little difficult ( from the limited search I have done, before switching off)
Maybe I am being stupid... ( no surprise there).
If you know off the top of your head, ( I do not expect you to research it for me!) -point me in the right direction...?
Cheers
I have no experience there, sorry. Maybe bitspark.io?
no worries mate. cheers
Yes, POS will get a lot of love in 2018 as ETH, EOS, NEO hit. To be far EOS is DPOS and NEO is DBFT but there's no proof of work and massive amounts of energy (gigantic mining farms) involved like Bitcoin. There's also something else called collateralized mining that uses very low energy algo (POW) combined with staking (collateral) that was once on Dash's roadmap, which I believe will eventually happen on Dash's network. Yes, Coinbase is about to add a lot of new fiat pairs. I think this news alone will drive a massive alt rally and it will make the space much more robust as those alts would finally decouple from BTC. ViaBTC just added a Bitcoin Cash only exchange for alts. There's also a few more apps adding fiat exchange. Circle is coming back with fiat alt pairs and another one just cam online called Revolt. 2018 should be one hell of year for crypto but at some point things are going to get so crazy like in 99' it might take a year or so to cool off. I am positive prices of crypto will get way ahead of user adoption but I don't think we are close yet. Crypto could be one of those things that corrects 50% then makes another move higher even if we go into a massive bubble. I guess we'll find out.
CryptoKitties crashed ETH network. But next year ETH is moving to POS as well, that should vastly improve its performance.
Oh yeah, people will seriously regret not having ETH b/c it will be required to be a validator. Ethereum has major improvements coming with the largest developer and blockchain based project in the world. POW in and of itself is like the Model-T ford. A revolution at the time but just a decade later much better cars arrived.
I doubt that ETH would go parabolic in 2018. NEO does have a bunch of DAPPs coming up. Smart Cash-I haven't done enough research. Dash, EOS, STEEM would be killing it. I wouldn't be slightly surprised if all 3 of them go up 2500%
Also I have high hopes for NEM and PIVX (Litecoin to Dash)
POS sure but DPOS, I don't see the value in delegates, DASH masternodes and Crown duel nodes are far more effective and efficient then the vote delegate process. an't nobody got time for that nonsesne.
How dare you? Go from the norm?
You are a visionary that sees ahead... and then has the non-shy attitude of sharing it with others?
You are doing a real service to your followers because you have a fault (like most heros in literature have a fault)...
You insist on talking and sharing about real things... real possibilities.. and real truth in life.
...which is exactly why I follow you, and why I upvote your witness.
You're a diamond in the rough and I love that part of reading your posts.
Thanks @lukestokes --- you're the real deal and I enjoy you sharing a part of you when you write. This is not some nicely sounding comment. I almost feel that people like you and are I dying breed. We need to show the world together that life is not about greed, but giving back and helping others....
Look at this:
Pleased to know you.
Wow. Thank you so much. I love getting upvotes, for sure, but comments like this really encourage me so much. :)
I too feel the same about comments. I always love a good informative discussion even if it gets really heated up.
Thanks @lukestokes for sharing.
This is exactly the type of info I am aiming to compile while pitching few investors next week for steem.
Been planning to do this for a while now, it just takes some time to reach the proper people. Steem seriously has the potential to boom, and I believe with proper effort, will, and contribution from all of us we can make it happen.
Thanks again!
Wow, that sounds exciting! If you do a post about how it goes, ping me so I can check it out.
I've watched your excitement about STEEM grow for a while, but it was this post which finally pushed me over the edge to sign up and start learning more. Fun times ahead!
Nice to see you here. :)
@lukestokes sorry to start with this, but have you seen how smartcash is at 0.15 cents? It made a 3x in a week or less. The reason I am telling you this is because after I read your 2 posts on Smartcash and then got your crypto calculator is that I bought some Smartcash, and now its starting to pay off + on the 24th we'll stake around a 13% of coins, right?
Now going to Bitshares, and Steem, I would like to add EOS. The 3 are the dream team. Fiat will flow to crypto via Bitcoin and ETH as happening now, the 2 most known, then to LTC and the other top 10. Because of advertising and because are the next most known.
But finally when none of them can't deliver, as @stan mentioned in his latest post, the bigger transfer of wealth that ever happend in history will take place, when money flows to BTS, Steem and EOS. This are the blockchains that can really deliver all the needs and transaction times, as well as bandwith needed to cover all demands.
Crazy times we are living with crypto.
Thanks for sharing all your knowledge and experience to the steemit community.
Upvoted!
Regards, @gold84
Yeah, I'm holding SmartCash, looking forward to those Christmas SmartRewards. :)
It's an amazing time to be alive and be in cryptocurrency, that's for sure.
@lukestokes thanks for the follow up, yes, me too, I am holding Smartcash. Crazy times. When do you think can happen the next dip? When governments start pushing more and more on centralized exchanges?
I have been posting over 20 ideas/posts to improve the steemit interface and make it easier for new members and new visitors to learn about steemit, steem, cryptocurrency, and how they can earn rewards and transform them to other crypto and finally (if they need so), in order to increase the capture and retain of people on the platform, and thus bring more creative and smart people to steemit.
I listened to the entire panel from @aggroed and your feedback was excellent for the meeting and for the steemit community. When you get a chance to go to my blog and comment on some of the ideas it would be great.
Regards, @gold84
Wow, Utopian is really paying out a lot for those link suggestions. :)
Some make sense and some, I think, have to do with an issue with vision and clarity related to what steemit.com is supposed to be. It doesn't focus on anything specific (the exchange, the wallet, the blogging, the communities, etc).
Thanks @lukestokes for your feedback!
Perhaps some of the ideas and links need to be placed inside a tab/link were the most important of this links are shared. Many of them are thinks that could really help new members and visitors get the real idea of steemit and the steem blockchain.
Your thoughts?
Regards, @gold84
STEEM is not getting the love it deserve that true,,,,,it should be at 10$ now,,,,,
$10 sounds good to me. :)
DPOS is an amazing and my top holdings reflect that. Although I sold all my SBD the other day :) One of my biggest influencers is convinced the EOS is a scam though... it's hard defending something to someone that is so knowledgeable, but I see it's value.
EOS is a scam because... why?
I tell those people to go to the github repo, download the code themselves, run it, compile a contract, and then explain to me their "scam" reasoning. Maybe they just don't like people making billions of dollars due to their proven track record?
nice post @lukestokes
i think from the stats, even though btc and ether has so many volume of trade, yet steem has capacity of handling better transactions. does it mean that steem can handle transactions volume even with the crypto kitties? need more explanations on DPOS from my master @lukestokes
thanks sir for all the knowledge so far. upped
Yes, it does. Check the steemit blog post I linked to for more information.
ok will do now thanks and keep it up. do also on your spare time to go through this excellent new token via their website and telegram
https://www.elyte.biz
best regards
@lukestokes I am a Big Fan of your clear and concise BLOGing style and I appreciate your Sober Thoughts on everything Crypto.....
Thank you for saying so. Much appreciated.
I feel like STEEM and BitShares need very big marketing campaigns to make everyone realize this.
Also I was never in the BitShares camp before getting on Steemit mainly because I tried to Mine Protoshares back in 2013 and didn't get anything and I was pissed.
But why do you feel that BitShares didn't become the platform that everyone built on? From my understanding couldn't people build applications and launch / fund projects on BitShares?
Or were the tools never put in place for developers to really have much more than the decentralized exchange?
I agree, and that's why I put this post together. People need to realize this, and we just need to keep repeating it until they do.
As to why BitShares hasn't been taken more seriously and used more to launch new projects, I don't really know. All I can think of is that the timing of the cryptocurrency decline in value in 2014 really hurt them and the "self-funded" projects they were doing at the time. When the funds dried up, things failed, and investors (from one point of view) got shafted. Many took their ball and went home, never to come back.
I'd love to know more of the backstory there as some people are still upset at how things went down.
I keep repeating stuff on my new videos as to how Something like Steemit wouldn't be able to run on Ethereum. Every video is a mini Graphene blockchain commercial. Heheheh
That makes sense if the funding dried up. I think a lot of the people who made it through the nuclear winter have been blown away by how much some of these ICOs have raised when they were working for free and waiting for years to hopefully get some capital appreciation on their coins. It's a long time to wait. Hopefully STEEM can keep making headway and EOS can be everything we imagine. I'm actually buying more on Binance right now. I have 111 EOS stuck in transit from HitBTC.....not a good feeling. I just keep buying though. I'm not likely to hit my target with it but as many as I can get is not enough!
Have you taken a look at Tron? The bloody thing went past Billion and @haejin, a great TA on steemit thinks it'll go much higher. I haven't read their whitepaper. They do have the luxury of picking apart STEEM and learning from it. But would they be able to become real competition at least to the level of EOS vs NEO?
I haven't dug real deep on TRON, I got airdropped some in my HitBTC account and I'm letting it sit there. But I will have to look into it more. I have been buying up EOS like crazy but it ran real hard.