Am I Still Uber Bullish On STEEM After The Bitshares 3.0 (Bench) Information???
I was asked this by someone yesterday as I was speaking to him about Bitshares 3.0 and what the @stan and @michaelx revealed about what the Bench team is doing.
For those that missed it, I posted two articles detailing what I know about what the intentions are in that area.
These articles are worth a read considering the ideas presented are most likely going to change this entire industry.
This is enormous news. The fact that we are seeing the potential for a blockchain to provide interoperability just took this industry and moved it forward 18,000 steps. Presently, it is fragmented with each project basically on its own. Development is isolated and disconnected. We are seeing the potential for developers to have a much easier time creating what they seek, have a much larger audience to appeal to, and to create across many platforms.
So where does this leave STEEM? Is this a threat to what is being created here?
Not at all. In fact, this news is the best thing for this young industry.
The fact that there is something being created that can tie everything together means that we are going to see every legitimate blockchain uplifted. Bench, as I understand it, is not a competitor to any single blockchain as much as it is an enhancement. Every blockchain that it "wraps" around is enhanced. Instantly, that blockchain has increased capabilities that it does not have in its native form.
Bench, as @stan stated, aims to be the "universal" blockchain for the industry. STEEM is more specialized. That is the major difference. Bench, by integrating EOS, intends to be able to embrace all blockchains serving a variety of uses. STEEM still is focused upon serving those entities that are interested in utilizing a content/reward system.
Find a niche and fill it.
The funny thing about STEEM's niche is that it is 90% of the Internet. Most websites that one goes to can operate on the STEEM blockchain. That does not mean it is best suited for them. There are a lot of things that might be better off elsewhere.
For example, would you see something like NASDAQ on the STEEM blockchain? Not likely. That might be best build elsewhere. The NY Times, on the other hand, that is ideally suited for STEEM. The same could be true for a blockchain version of Netflix.
There are two points that are crucial.
The first is that it is imperative for a blockchain to be able to perform. EOS is suppose to be able to process transactions at .5 second. This is about a third of the time @ned said STEEM does a transaction (1.5 secs). STEEM also has 3 second block times. I am not sure how that compares to EOS but STEEM is still pretty good.
My point is that while EOS based blockchains are going to be technically advanced, it is not as if STEEM is a garbage chain. Right now, STEEM and Bitshares are two of the most advanced blockchains processing about 2/3 of all the transactions. It will still be a technically advanced blockchain with no direct transaction costs, a built-in wallet system with recovery, token creation protocol with instant liquidity via pairing with STEEM, and an internal decentralized exchange. That is appealing to a lot of businesses.
Also, the STEEM developers have the option of implementing whatever aspects of EOS they desire. Or, if they want, they can put whatever they choose onto the Bench blockchain. Again, this seems to be designed to enhance other blockchains, not take away from.
The other thing to keep in mind is that blockchain means nothing to most people. They are not going to care about what blockchain the application they are using is on. The only thing that matters to them is the functionality of the application. How many people do you think are aware of whether a site they are on uses HTML5? As long as the site works, it is not relevant to them.
This brings us back to one of STEEM's biggest advantages right now. According to @ned, there are over 350 applications already on the STEEM blockchain. I cannot attest to the numbers but I can to the fact that there is a ton of stuff being released on here. Every couple days I come across something new that is released. It is absolutely mind-boggling how fast this is going. And it is only going to increase.
According to one of the most recent updates from the development team, they made it clear their goal is to make STEEM one of the more attractive blockchains for developers. They are doing all they can to simplify the process for these individuals. In my mind, this will have great benefits.
The recent news about Bench only excites me more. When that takes place, the applications on the STEEM blockchain should have a larger audience. Not only will people be able to use these apps in a native manner, there will also be people coming in from other blockchains.
This just make the ecosystem spread much wider.
And that has to be to the benefit of anyone creating and posting content using the applications on the STEEM blockchain.
If you found this article informative, please give it an upvote and resteem.
I'm surprised that Bitshares price isn't moving up after these announcements. I mean, it sounds pretty huge and it could impact every blockchain. The first thing that comes to my mind is that the price of Bitshares would go through the roof, but that isn't happening. Maybe the news are not reaching a lot of people, so potential investors are not even aware of how great Bitshares is and what it will bring to us.
It has only recently occurred to me that people not on Steemit are hearing all the crypto news late. I've seen this on a lot of coins. I'll hear something and think to invest but see the coin going down. Then a few days later the coin spikes. It's as if everyone gets the news several days to a week "late," or rather we get it that early.
You hit the nail on the head. I do not think most people have any idea what the Bench team is proposing or working on.
The mechanism that are putting it out there, @stan's interview and my posts do not have a huge audience relatively speaking.
It might take some time before the average cryptocurrency investor/trader catches on.
Yeah, hopefully people will realize soon how much potential this has!
They will at some point. Under valued (in my opinion) blockchains cannot be held down. The entire market isnt on fire even though it bounced off the lows. There is too much going on with STEEM and Bitshares in terms of development for it to remain hidden forever.
At some point, we will see the technical aspects of these blockchains take over and wake people up.
Hi Taskmaster,
The Bench project seems interesting, if the team succeeds it will have a big impact, could be a top 10 coin, the one that unites them all. There is not much info available on it, no website etc, if it runs on both EOS and BTS, will there be a demand for Bench, is this like a bandwidth token on the bench network?
It's just people overreacting to BTC bear and stupidly considering BTC as the king of all cryptos. people will eventually learn and good projects will eventually win.
If you can launch an SMT with a webform; that's where your mass adoption is going to come from.
It must take you lots of reading and research to keep giving us quality updates and analysis about STEEM, I admire and appreciate that a lot.
I find reading your blog very helpful and staying up to date.
Thank you for the great infos. I love the way you compare this moment in the cryptosphere to the creation of the web. We’re onto something huge !
I'm a big fan of Steem, it's my biggest holding and the dollar value of what I hold is more than 4x as much as any other alt that I hold. I also have a pretty decent number of Bitshares and some EOS as well. I wish I'd held every bit of the EOS I bought in the fall because it'd be worth close to what I have in Steem right now. But I took profits thinking it'd pull back a lot. Oops. Lesson learned!
Nice article my friend.
Interoperability is so key for the future success of the general cryptocurrency market as without it, the participants of the technology will be too segmented to gain the adoption needed to create the potential disruption and value in these assets and platforms. However, given that there are a couple like Aion and Wanchain trying to do this, it is a gamble at this point to see who will be the winner.
Unless all of them have their place.
We will see how it all unfolds.
STEEM and Bitshares are two of the most advanced that is amazingly my friends thank you for share @taskmaster4450
it's so important for all
YEah there are loads of new apps coming to the Steem blockchain its an axciting time - although some of the apps will fail some will be incredibly successful and will help drive the long term success of Steem :)
Thanks for sharing this.......