My Thoughts On A "Steemit 2.0" On EOS
I would like to start this short opinion article with a full disclaimer: I absolutely love @dan technical genius and, on many points, our philosophical views are very similar.
With that being said, let's give you the Tl/DR version first:
I don't see any significant future of a "Steemit 2.0 clone on EOS"
Now The Long Version
If you followed EOS development and narrative during the last few months, you probably observed a recurring theme: re-loading Dan Larimer's former projects, BitShares and Steemit, on a new technical foundation. Basically, on EOS.
As a technical exercise, and as a PR stunt to show the capabilities of the EOS blockchain, I totally understand the idea. I think it would be really nice for EOS potential adopters to see real-life projects implemented - and working.
But as a business operation, I hope Dan and his investors are not setting up big hopes for this.
Because, beyond the technical layer, in any projects there is another one, equally important: people. Or, in our case, early adopters of the Steemit.com platform, from investors to authors and curators. Moving around this layer is way, way more difficult than moving the technical layer.
I still remember a situation from ten years ago, when Facebook was just exploding. On many PHP scripts sites there were literally hundreds of ready-made "Facebook clones". It was pretty much all the functionality of Facebook (of course, without the gigantic backend processing capabilities they have) in an instantly available form. All you had to do was to download the script, spin up a MySQL db and there you go, you have your own Facebook.
Did you ever hear a success story based on one of those scripts? No?
I thought so.
Because there wasn't really any.
We are in a similar spot right now. The "Steemit 2.0 on EOS" will be just another "Facebook clone" script.
The human layer is very inertial. Once they got the taste for something, it takes a lot of time and money to move this layer to another thing. Steemit.com is already 2 years old, and although it didn't reach a critical mass (compared with giants like Twitter or Facebook) it still has a sizable amount of regulars. In my opinion, we're talking about a core of more than 80k regulars.
This is not even remotely enough for taking on Twitter (not even Medium, for what matters) but it's enough for having consistency and potential. STEEM is still hovering around $200-$300 million market cap, which is not to be ignored. That amount of money is also inertial and it takes a lot to convince people invested to move around their assets.
If you don't believe me, just try to remember the ETH/ETC split. ETC is still on the market, is having a $1.5 billion market cap and it's a top twenty crypto asset.
So, even if "Steemit 2.0 on EOS" will get some traction, I wouldn't see it doing that good, in terms of business.
Yes, it may be a good PR stunt - even a necessary one, to showcase the capabilities of EOS - but I don't see it overcoming Steemit.com in terms of popularity, impact or exact market cap.
Thoughts?
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
you have some good points here my friend
Community is a key part and Steemit has a good one. Just see how many turned up to the London Crypto Show. Building that from scratch is not easy
After Steem was created the first time, there was nothing technically hard about it. Recreating it technically, is a nothing-burger.
But the fanbase... the best you can hope for is to get 50% of the old market onto the new platform.... which will kill both.
Dan really needs new ideas to make any impact. Which is kinda hard when you are trying to get your new project ship-shape.
I've said this from the start. Tech can be bolted in and bolted out. A userbase can't.
Thanks for this, this is certainly one of the better - because calm - contributions to the Steemit vs . Steemit 2.0 discussions. Together with the devaluation of the Steem token there is a little panic building about Steem 2.0. I agree that Steemit has a well developed community and a building eco-system.
But then EOS has established a quite lively community itself by now, and the many dapps, games etc. will be a good source for discussion and chat, so community might build well and swiftly. And then STEEM as the blockchain and in particular Steemit the platform, are fare away from what Facebook even in its earliest days had to offer, and i am sure what @Dan intends to do is far beyond of a simple copy, he knows the system as no other, and if anyone can make improvement it's him.
But still i don't see a need for panic, as said the community is there, and to repeat my mantra, competition drives business and i'd say Steem and Steemit are in urgent need for some competition.
I agree about Steemit 2.0. There would have to be some pretty compelling reasons to get me to just leave STEEM, now that I have time and fiat invested here. Potentially, there would be a chance to have a foot in each door, which would make more sense to me than just jumping ship. It takes some time to develop a sense for things, and then decide if you can deal with what's there, and then make it work. It can't all happen in a blink of an eye. And with it so new, it is still untested and will have some catching up to do technically, in usability, in user base, in community, and in governance.
EOS (block.one) has a bigger issue than creating a Steemit 2.0 to showoff its capabilities compared to Steem. If they don't deliver/convince on their marketed much better solution to Etherium, attempting to create a better version of Steemit will go totally unnoticed. With or without community (and in their case it's without).
I fully agree with you, a "remake" of a great hit does not used to be as good as the original version... and I cannot see the reason @dan would like to do it anyway...
Steem on mate!!!
Has the 2.0 launched yet?
I heard EOS already has more transactions than Steem.
Yup. These are right assumptions but steem has to introduce new features quickly to increase its user base in order to ride on first mover advantage