STEEM/STEEMIT - AN IMPORTANT SUCCESS
Taken from http://steemit.com:
"Collectively, user-generated content has created billions of dollars worth of value for the shareholders of social media companies, such as Reddit, Facebook, and Twitter. Steem supports social media and online communities by returning much of its value to the people who provide contributions by rewarding them with virtual currency"
STEEM/STEEMIT has already got real attention for their fast growing user database. It got a whole lot better when investors and the media witnessed the payout of $ 1.3 million to it's users.
By achieving this milestone, they constituted a sort of business/technical proof of concept and credibility for it's operation system, and now they also got seriously attention of investors in particular.
They business model worked and is now rapidly growing. They also succeeded in showing the world a new rewarding way for end-users to take part of a Companys success. A new social media shift is lurking and I think Steemit could be "The One" leading it forward.
THE UNIMPORTANT HACK
The draw back of the Steem hack turned out to be short lived. The business premise and prospect in the eyes of users and followers didn't let go that quickly. Unlike what we've seen with many other crypto startups suffering attacks, Steem prevailed only to show a following huge spike in their market cap. The same can be said about DAOs comeback after their hacking attempt, if you can call it a hack at all.
This is presumably due to the nature of the projects, in which their business model in theory, potentially are game changers to the traditional capitalistic way of running a business. Steem/Steemit grows alongside with their users through fair incentives and reward schemes, and is somewhat what DAO is about also, but they are directed towards the business infrastructure sector.
What I'm trying to say is I believe they both regained their position because the idea itself still holds true value and people believe in the ideas.
LBRY CREDITS - THE PROFESSIONAL PLATFORM
LBRY Credits claims their incentive designs and operating infrastructure encourages adoption for premium content providers and artists.
Taken from their website http://lbry.io:
"Note that post-scarcity does not eliminate the need to create new goods, it just eliminates or reduces the costs of duplicating goods to nothing. As long as people desire goods that did not previously exist, there will always be a market demand for creation"
LBRY Credits has an enormous potential with their revenue distribution model for artists and media producers. It's described as an open, fair, and efficient developed marketplace for digital goods, especially designed from an artist's point of view. However, their concept doesn't touch adequately on the challenge they will face ito capturing a critical mass of end-users.
Today as i stands, it can capture a great deal of large established producers and their content providers. The advantage they have is clear. For instance take Youtube. They lack incentives to continue anymore growth, sometimes replacing innovation with money magic, only to satisfy shareholders and stay afloat, not considering end-users enough. Their business model is already flawed.
As above stated, LBRY Credits is modelling its business premise by professional design, for professionals. It targets more the media content potential side, and not so obvious showing plans (if any) they have in the social media world.
Additionally LBRY lacks proving how it can be adopted, and more importantly, how they can reach a critical mass of end-users, quicker then the innovation and turn-around capabilities of the traditional players like Youtube, Twitter, Netflix and so on.
Since they are far more directed towards the professional side of the chain, and not so much on the users, it made me think...
A STEEM/LBRY CREDITS MERGER MAKES SENSE
To conclude the point. LBRY Credits has made a system for premium content producers to fairly earn more from their content compared to Youtube and son on. It has made a model that should work and reward professionals for just that purpose.
Steem is a blockchain-based social media platform where anyone can earn rewards and they represents the non-professional user groups, and therefor has a broader audience.
They both need to keep up with the rapidly growing and innovate jungle of different competing content platforms that have the same goal. Its fair given the potential of this market value, that more competitors will come.
So let's face it, to grab both professional content providers and users in the same scoop is the biggest hurdle. In that sense, respectively, their combined businesses would compliment the areas their business models show weaknesses. Combined they could have a complete media distribution chain.
Therefore, a merger between LBRY Credits and STEEM makes sense, and could have major beneficial effects for both, economically and structurally. Alternatively, a joint venture should be considered in my opinion.
Together as one, we could witness it becoming a media giant.
FINISHING WORDS
In the realms of the crypto and blockchain phenomena, wouldn't it be refreshing to see STEEM and LBRY Credits merge, establishing the entity and operating the entity through DAO, and listing and governing the assets on the Bitshares OpenLedger platform?
The crypto revolution sparked by Bitcoin continues to change the world. History shows nothing comparable to this.
The power through the blockchain, decentralized systems, crowdfunding and revenue sharing concepts, this could eventually give control, authority and even wealth back to the people. In fact it could be an outmost fundamental turning point of our digital age.
As to future generations, maybe the'll simply refer back to it as a revolution.
Full article here: http://tellusbusiness.wordpress.com
@FirstMoveAction