Small Steem idea
Steem has a lot of features compared to most of the other blockchains.
If you go and take a look on coinmarketcap, you will see that there are a lot of blockchains which only support sending and receiving tokens. This is basic stuff and Steem can do much more than this, with instant free transactions, so what is holding it back?
Why Ethereum, BitcoinCash, Stellar or Cardano are growing much more than Steem does?
I guess the answer stays in the ability to send and receive money, right now, on whichever of these blockchains you chose, without requiring a sign up, or handling multiple key levels.
If we just make Steem accept this in parallel to the blockchain as it is right now, if we implement the possibility to create addresses (public/private as in case of ETH or BTC) which we can generate, and then use to send and receive money, without the need to sign up, then Steem will be a strong competitor to any of the other blockchains which work as payment methods.
I know this proposal involves bandwidth limitations, but let's implement a small set of rules to discourage any attacker. As in case of SmartCash, let's add a small fee for the transactions made from these addresses that do not contain any Steem Power, and the fee will be burned up, so it will compensate a bit the inflation that Steem currently has.
These generated addresses should not be able to hold any SP or interact with the rest of the blockchain as it is right now (I mean not able to cast a vote, post any content, or interact with the posts) but only make tokens transfers between one another, and between the registered accounts.
This way Steem will act both as a social network and a strong competitor for the other payment blockchains
I am looking for your your opinions!
Some posts that you might be interested in:
Sorry for being blunt but I think that, despite your good intentions, I see this as a very bad idea. "Zero transactions fees" is THE best argument to promote the steem blockchain and you propose to negate one of its main competitive advantages.
Thanks to steemconnect it has become very easy now to onboard people for whoever has a bit of steem and SP to share with friends. I plan to onboard 30- 50 people in the next 3 months. I'll pay from my pocket the account creation fees (0.1 steem) and the delegation (35000 VESTS each) and these guys are going to become full members of the steem community complete with he ability to post and earn and transfer and pay like every other user.
And I'm only a "dolphin III". If a significant number of the more than 1000 user wealthier than me were to do something similar we could embark another 25 000 real people (not spammy accounts). When you only have about 200000 active users, 25000 more would show already. All we need it's a bit of "momentum" the "get the snowball rolling". After we go over "the tipping point " it should be much easier. And we cannot be that far from that tipping point.
I guess I wasn't clear on my post. I don't say that we should add fees to the current transactions that Steem supports, but to the parallel blockchain that should be supported by Steem.
This way, the people who do not want to create actual Steem accounts and power up, will still be able to send and receive money very easily, maybe even easier than on Bitcoin and Ethereum.
I see this as being the only thing which Steem is missing compared to other major blockchains. The capacity to generate and use addresses instantly...
Stellar, Cardano, Decred, Bitcoin Cash fare better because they offer something simple: they are cryptocurrency systems. This is "hot" right now and has been for about 3 years. The rest is marketing.
Steem fares less well because it's positioned as "social media ". It's all about marketing. Social media is "passé". People are lazy. They can't keep focus for more than 2 minutes. They can't be bothered to go deeper.
Accumulate STEEM at low prices (buy the dips). Bring original content creators to steem. Explain what steem can do in institutional settings. Bring Steem on exchanges where it can be bought and sold for fiat. Bid your time.
You don't win these contests by "dumbing down" and selling out your spirit. Back in the 2000 there was this book that was much talked about "Good to great" about widely successful companies. The following decades have shown that overall the theory peddled by that book was crap - the authors were fooled by "survivor bias" and mistook correlation for causation.
But not everything was crap. One of the useful concepts that the authors used was "the hedgehog concept"
When you got something right and people don't see it, you don't give in, renounce your superior concept and become like everyone else.
On the contrary, you do a hedgehog, focus on execution and bid your time.
Steem is hands down the best blockchain system currently in production. Don't get distracted by trying to compete with inferior products on their terms.
Focus on implementing RocksDB and preparing for massive scaling and implementing "sub-domain semi-trusted execution " to support SMTs and thus both ICO s and communities.
Bid your time. People will end up by discovering "the diamond in the rough"
So you say that there are better things to focus on right now, I can agree with this, but I still find the possibility to generate addresses and make instant payments without needing an account, a very helpful feature. And from there it can go and develop eventually as a privacy focused blockchain, like Verge or Monero. I guess this should be considered after the next two hard-forks :)
People just need that, in my humble opinion.
I disagree with you but having a variety of ideas is clearly a plus ! :)
If steem were to give people the ability to make instant payments without an account then "easy come - easy go" : the kind of people you'd attract would be people that you don't need nor want, people who do not care about steem nor the community, who are just into shuffling some money (which they can anyway do in dozens other systems)
Friendly key management (using an easy to remember human handle and a password) is a big plus for steem - with this you attract "normal people", not "cryptotards". We need to attract normal people, not crypto enthusiasts who look for the fastest crypto payment network. If we go into quick generation of key pairs we are actually regressing, not progressing
Yeah, but these "crypto tards" are the ones that use massively the top chains, and then they will be the only people who will pay fees. I see it as a win-win scenario. And yet, this kind of people are here too anyway. There are a lot of people on this blockchain for the get rich quick, and some of them leave as fast as they realise that this is not possible.
My point is that we need to attract new investors, and many of them may not be okay with having a transparent traceable username on a social network to make transactions, but more of an instant key for making payments and receiving funds to it from exchanges. And since they will be using this key and the Steem blockchain, they may get tempted to finally make an account and power up some Steem, which they may have never went for in the first place on the current structure.
I appreciate any kind of opinion and criticism since it reveals potential flaws of implementing this option :)
This idea you propose would seem to make perfect sense at first glance, I will give it some more thought but on the surface it looks like a viable approach as best I can see.
Thank you for your reply, I really hope it will be able to improve a little bit the use cases of Steem.
upvote for me please? https://steemit.com/news/@bible.com/6h36cq
One of the many changes that could and should be implemented in some way to make Steem and steemit better.
Unfortunately the velocity of the Steem development is pretty low these days, but I am sure it will improve with time :)
Let's hope that it will.
I strongly agree with you steem should implement this. I think its pretty good feature that steem should adopt.
Thank you so much for sharing such a amazing opinion;)
The idea is good and should have been implemented last year as the CTO announced it last year at Steemfest (jumped direct to the wallet announcement):
I have watched it entirely, but I haven't noticed where it points out a feature like that. What words does @sneak use to define this feature?