As follow up to yesterday's post, "Don't Sleep on Steem: Better than EOS!", I wanted to share some of my sources, in order to inspire and enable us all to inform friends and acquaintances about the power of Steem.
First, I have here a screen shot from Dappradar.com, and it shows the top 8 blockchain decentralized applications, organized by number of users in the last 24 hour period.
Please Note:
Dappradar does not include dapps on the Steem blockchain.
QuasarX is not a top dapp, they paid to be at the top of the charts.
Dappradar: Number of Users
Next, we have a screen shot from Blocktivity.info, which shows the top 17 blockchains starting with the highest number of transactions per week, to the lowest.
Blocktivity: Transactions Per Week
One thing I didn't say in my video was this, we know that Steem has over 1 million unique accounts, however some are inactive, but we can infer roughly how many active users Steem has using the Blocktivity transaction data, here is how:
- Steem has about 850,000 transactions/week and 120,000 transactions/day
- Every post, video, photo and comment is a transaction
- Every user can upvote themselves a maximum of 10 times/day (not precisely true*) on the Steem chain
- Not every user posts 10 times/day: I post 1-5 times, including comments.
*Can Steemians post more than 10/day?
Technically any steemian can post more than 10/day, but I suspect that is rare for two reasons:
- Posting more than 10/day is a lot of work!
A) When you post that much, the content quality suffers, and so your financial reward suffers.
B) Spam content will hurt your payouts, follows and resteems, leading to a worse result for more effort. - Spamming content in order to self-vote is strategically disincentivized.
A) While you can post & upvote yourself more than 10/day, your voting power diminishes with each upvote. Therefore, spamming content in order to self-vote is not a sustainable approach to generate revenue.
Therefore because of disincentification, I suspect it is unlikely that many accounts are posting more than 10/day, and so I really think, but cannot confirm that this is accurate.
We can use this data and some conjecture to speculate about the rough number of active users active on Steem blockchain.
Tracking Active Users with MATH!
Low Estimate of Active Steemians:
- If we have 120,000 posts on Steem daily, and if every active account is roughly limited to a maximum of 10 posts daily (which is NOT entirely true), then we can conclude 120,000/10 = 12,000 active users.
High Estimate of Active Steemians:
- If each active user posts approximately 5 times daily, including comments, which is true in my case, then we can conclude 120,000/5 = 24,000 active users.
Limitations of my Analysis:
This data is not entirely reliable because of several limitations which I will now discuss.
First, I have no way of knowing if certain individuals are spamming the network, posting more than 10 times per day. Yes, such individuals would hurt their own ability to earn and grow, but that doesn’t exactly mean its not happening.
Second, this data cannot address the fact that some users will post today, and not tomorrow. This means that we might have 24,000 active users today, and 24,000 different active users tomorrow, for a total of 48,000 users who are active on the week.
Third, I have measured the active users based on accounts who post transactions to the blockchain (i.e., comments, posts, or upvotes) daily but this metric necessarily excludes any visitors who view the page, enjoy the content, but do not or cannot not comment or upvote. This is important because unlike other decentralized application platforms, internet users can visit and enjoy Steem without having their own account, but one requires an account to vote, resteem, comment, or blog (a.k.a. “transact”).
There is for sure some number of people who interface with Steemit that do not have a Steem account, and so cannot comment, but are they "active users"? I'd say so.
Summary:
Dappradar tells us that PRA Candybox is the most successful dapp from ETH, EOS or Tron, and we know they have approximately 11,000 users.
Blocktivity tells us that Steem processes approximately 120,000 transactions per day, and applying that data we can infer both low and high estimates of the active number of users on the Steem chain.
Both the high AND low estimates of active users on the Steem chain imply that Steem has greater adoption and usership than any other major decentralized ledger platform solution; greater than Ethereum, Tron and yes, even greater than EOS.
Or said another way, the dapps in existence on Steem are more actively used today, than the "best" dapps offered by Tron, Ethereum and EOS.
Conclusion:
I suspect, all things considered, Steem actually has between 50,000-100,000 people who use the blockchain regularly, let's say on a weekly basis. Not everyone posts EVERY day, some just post weekly, and then probably between 10-20% of our viewers are those people who do not even have a Steem account, but they visit the site and enjoy our content.
Comments & Questions?
If you read this, and you know of some website or way to better answer this question of usership on Steem, please post, comment and share.
What do you think of my math? Am I missing something? I am convinced Steem is the most widely adopted and utilized platform with the decentralized ledger space, are you?
That is all for today, thanks so much for your time and attention, have an amazing day and God bless.
