Background:
Today I listened to the Steemleo podcast by @khaleelkazi , which he discussed the paradox we are experiencing now with Steem a cryptocurrency blockchain which is new technology. Historically new technology goes through a stage when the founders and early investors can see the potential of the product but the market doesn’t. The technology may be cutting edge with great promise and utility, but still the price languishes in lower ranges.
I remember when Apple, Amazon and Netflix were thought of as failed projects, with very low stock prices despite the promise and demonstrated utility of their products. The market didn’t see their value. They were new, no one was promoting them and their revenue streams were small with negative cash flow on their balance sheets: “red ink” as we use to call negative cash flow in those days.
But despite those bad times, there were investors who believed, held into their holdings and some accumulated more. They believed in the potential, the vision and the technology. It took a few years, but eventually those companies became industry leaders and their early investors were rewarded.
Review:
As I look at Steem I see more developers, more applications, more utility then 90% of the coin projects in existence. I came to Steem after six months of searching for good investments. I was amazed then and I am more amazed now. Sixteen months ago Steem was head and shoulders ahead of its competition. Most projects only talked about eventually having a decentralized application on their blockchain with users. Steem had several applications on its blockchain and several hundred thousand users then. Now Steem has over 200 Applications and over one million accounts.
When you go to the State of the Dapps an unaffiliated website which catalogues all the decentralized applications on any blockchain, Ethereum is a major player. But Steem has three of the top ten Dapps in all of crypto! Steemit, Steem Monsters and Next Colony are in the top ten! Steemit is the second largest Dapp in all of Crypto!
If you look at the top twenty Dapps in all of Crypto Six of them are on the Steem blockchain with D-Tube, Partiko and Steemhunt being Steem’s 4th, 5th Applications in the top twenty.
If you look at the top 30 Dapps in usage we have nine here on the Steem Blockchain; Actifit, eSteem and Busy being the 7th, 8th and 9th entries. Nine of the largest Dapps in the top 30 Dapps in all of Crypto are here on the Steem blockchain. If you look at the top 100 Dapps in all of Crypto the Steem blockchain has 18 of the largest Dapps in all of Crypto.
I ask you to step back and think about that for a few minutes, but I want you to think about it in this context:the majority of cryptocurrency projects have zero working Dapps! They have promising technology in the works, but no functional products. Which means zero users. Steem has 18 of the largest Dapps in all of Crypto. Add D-Like, Smartsteem, nTopaz, TokenBB, Steampeak, APPICS, Minnowbooster, SteemPress, 3-Speak and dPoll to the list of names above and you probably have one of the largest collections of working Dapps on any blockchain other then Ethereum.
Now, I want you to take a deep breath and look at Steem-Engine, a blockchain sidechain with over 40 tokens on it. There are some amazing projects on that side chain Palnet, Steemleo, RealityHubs, CreativeCoins, Sportstalk, Splinterlands and Steemcoinpan to name a few. This blockchain side is another cutting edge development, which is on the wish list of hundreds of other coin projects out there in the crypto universe, but it is a reality here on the Steemblockchain. Remember Ethereum and it’s ERC Tokens and the tremendous utility with all the ICO’s run on that blockchain? Now reflect on the fact that the Steem blockchain has a functional sidechain and is created with technology capable of carrying all the transactions on Ethereum without the lags and delays experienced there.
Conclusion:
New technology companies common go through periods when they are struggling to survive with insufficient user base, negative cash flow and poor valuation. They have to survive the phase of introducing and debugging their cutting edge technologies or ideas. Then grow their cash flow and user base. Steem is a cutting edge blockchain with new technology struggling to live up to its potential. But Steem has hundreds of functional applications, thousands of actual users and 18 of the busiest Dapps in all of Crypto. Steem has already achieved things that the majority of cryptocurrency projects can only dream of right now. Steem is much more the just virtual potential, Steem is virtual reality.
When people ask me if I have faith in the future of Steem to be a great blockchain. I say Steem is a great blockchain. It is an undiscovered treasure, we are lucky enough to be here in the beginning years, we can hold and accumulate Stake here and be part of something historic.
✍️ Written by Shortsegments.
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RealityHubs is a review platform where users can post on this site their perspectives on things people use in everyday life, thus Reality Hubs. This is very broad category, thus it is attracting a lot of users.
You can read about it in this post RealityHubs! .