Understanding the bigger picture...
Most people think that “Bitcoin” is the only digital currency out there. They simply don’t know that there are hundreds of completely different coins and as many online communities supporting them. This lack of digital-currency-exposure makes it very hard to describe the massive and growing network that we are part of here. “Ever heard of Bitcoin?” is a kind of staple starter question for conversations describing the premise of the "STEEM" currency and the social media site; "Steemit" that taps into it. But I feel like we need better examples to articulate the bigger picture…
The elephant in the room is "communication."
So, I’ve been meddling with some analogies to describe just a couple of digital currencies on the market today. This list actually began as an email to friends and family members who had questions about this stuff. Eventually I realized (that the email was way too long) but also, what if I post this on Steemit and see if you all can help make these analogies better??
This (below) is a ROUGH LIST in progress of just three currencies. Please feel free to suggest edits, corrections or even entirely different comparisons! So let’s begin…
"Ever heard of Bitcoin…?"
Bitcoin is like AOL
AOL (American Online) was essentially a billboard for the world wide web beginning in 1991. The "gold standard" of the web. Globally, people were introduced to the premise of the internet through AOL and those fun looking cartoonish graphics. AOL had a huge monopoly on web-access because it was first on the scene and became such a household name. However, AOL wasn’t built for much utility beyond that. It was a big 'ol window, but didn't know where to go once it got outdoors (so to speak). Similarly, Bitcoin is like everyone's introduction to digital currency. It's recognizable, cartoonish even, but it actually does not function very well. Bitcoin is actually very slow (by comparison) in processing transactions... you could say it’s a lot like dial-up internet. Still, it’s the OG digital currency and will likely remain a gold standard for years to come.
Ethereum is like Amazon
Amazon.com arrived on the scene in 1994. Amazon had (and has) utility. It took advantage of this global internet network and used the web to advance an online marketplace. People could log on to the internet and tap into Amazon to improve their business in ways previously thought to be impossible. This disrupted industries at a global scale. Ethereum is doing that today... It's a smart digital currency that allows stuff to piggy-back on top of it. Apps like games, financial transaction tools, data storage and dozens more that are growing everyday.
STEEM is kind of like... TESLA? (Maybe?)
Creating a brand new automotive company in the 21st century seemed absolutely crazy. Ford, GM, Toyota and others are just so dominant. But Tesla seems to be rewriting the rules with respect to what a "car" company can actually do. Cars were just the elevator pitch (just as Steemit is for STEEM)... Tesla is changing the way we think about products and the systems required to make them function.
Tesla is also using the internet in unprecedented ways for the purpose of advancing the quality of their products. Elon Musk (CEO of Tesla) is a big believer in BIG data. His company uses the web to compile 100 million miles data of roadways around the globe. In fact, Tesla currently gathers more map data in a single day than Google has been able to accumulate since they began recording streets manually in 2009. (Source.) Today, Tesla is tapping into this massive data pool as they engineer batteries for houses, solar roof shingles, modular architecture, rockets, space stations and other applications. Their mission can permeate all sorts of different disciplines beyond a box on four wheels.
A similarly permeable mission can be found in STEEM.
STEEM (a very new digital currency) is the new kid on the block(chain). Oyy, sorry, I couldn't help myself. Much like Tesla’s vision for energy and infrastructure; STEEM preaches an incredibly efficient and wasteless global network. Unlike Bitcoin, STEEM can process global transactions in just 2-3 seconds. This efficiency is why it can be tied to social media applications (like Steemit) where an "upvote" or comment needs to be processed and updated extremely quickly. Like Tesla vehicles, Steemit is just the elevator pitch for something much grander in scale. In the future, STEEM will have dozens, hundreds, thousands(?) of applications built off of it that permeate all kinds of disciplines.
What do you think, Steemit? What's a good comparison for STEEM?
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