How 10s of millions users will change the face of Steem?

in #steem5 years ago (edited)

Businesses all over the word look for global exposure and attention. Million pairs of eyes are very lucrative for them to spread their brand. We have already seen ICO advertisements on Steemit trending page. These ICO posts are not reward grabbing but here to attract attention for their products.

@oracle-d is attracting businesses to hire professional bloggers to write for blogs them. We have already seen a @coingecko, a site similar to CoinMarketCap but that ranks coins according to their fundamentals moving to @utopian-io. Lots of cryptocurrency related businesses already have taken hold in Steem blockchain.

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Now imagine if Steem had 10s millions of accounts (e.g. 40 million users), then big businesses will rush to make their presence in Steemit or Dtube. For that to happen, easy-onboarding and marketing are needed to be done. Community and SMT updates are planned to attract millions of users.

HF20 has made account creating easier by decentralizing the account creation process. Any large account can create free discounted account. For example, an account with 100K SP can create 40 accounts daily for free. Therefore, a big DApp business that wants to onboard 400 new members daily needs to stake one Million SP. Currently, @dtube has 2M SP and @utopian-io has 3.5M SP, therefore they can easily onboard their own users.

However, a newly created account can only post/comment once with zero SP which is a big dilemma. The DApp can delegate a small amount of SP (e.g. 2 SP) similar to STINC (which delegates 15 SP, removes delegation as users earn SP, undelegate in case of inactivity or spamming). However, in that case large DApp still needs millions of SP to make it working.

One of the solutions is delegate large amount of SP to successful and aspiring DApps. STINC and STINC related personnel already have almost 100M SP. STINC is already actively delegating to aspiring DApps.

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Another proposed solution is to increase the minimum RC of a newly created account with zero SP holding. In that case, he/she can make 10 post/comments. I think it is an interesting since 5-10 comments/posts are quite sufficient for new users. The more active and wannabe users will buy Steem or earn SP for themselves to stay afloat.

At the end of day, it will be a lucrative social media for businesses to take position when Steem blockchain will have 10s of millions users. For that to happen, easy onboarding, incentive for new users such as referrals, and marketing are necessary. However, SMT will create a big magnet for DApp businesses to adopt Steem. Since they can get access to millions of blockchain-savvy users and launch their own token similar to ERC-20, demand for STEEM can only go higher.

Cheers and keep steeming!
@riseofth
Cryptominer since 2013, occasional trader and tech blogger

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

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Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

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An additional great part of the new account creation system is that the onboarding by these DApps that have active communities will help improve user retention which is also needed for the long term.

Demand will climb when investors/clients/businesses have the potential to get something of real value for their stake. In the case of @oracle-d, this is about connecting them with high quality content creators. Other businesses will have other ways of doing it. Demand won't come unless we start to see the blockchain as it is supposed to be...a value creation platform, not a value-sucking platform.

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