Introduction
Blockchain-based social media has grown significantly, with platforms like Steemit and Hive emerging as key players. However, as a fork of Steemit, Hive often gets compared to its predecessor. This blog explores why Steemit remains superior, based on its history, usability, incentives, and leadership.
Steemit's Key Advantages
A. Stronger Brand Recognition
Pioneer in Blockchain Social Media:
Steemit was launched in 2016, making it the first platform to reward content creators with cryptocurrency. Its early start gained media attention, partnerships, and a loyal user base. While Hive emerged later (in 2020), it lacks the same historic value as Steemit.
Cultural Awareness:
Steemit's name is widely associated with crypto and blockchain enthusiasts, benefiting from the "first-mover advantage." In contrast, Hive’s branding often requires explaining its connection to Steemit, which can be seen as a disadvantage.
B. Ease of Use
Simplified Onboarding:
Steemit offers a straightforward registration process, allowing users to create accounts directly without complex setups. In contrast, Hive often requires users to rely on external platforms like PeakD or Hive.blog, which complicates the experience.
Integrated Ecosystem:
Steemit provides a cohesive environment where blogging, commenting, and earning rewards are seamlessly interconnected. New users often find Hive fragmented due to its reliance on third-party tools and wallets.
C. More Established Community
Legacy and Loyalty:
Steemit has an established user base that remained loyal even after the Hive split. Many early adopters of blockchain social media continue to support Steemit as the original innovator.
Community Features:
The simplicity of Steemit's interface fosters better engagement. Communities and content curation are easier to navigate, reducing barriers for interaction compared to Hive’s somewhat complex systems.
Tokenomics and Incentives
A. Steem Token's Liquidity
More Exchange Listings:
The STEEM token is available on major exchanges like Binance, Upbit, and Huobi, offering users better liquidity and trading opportunities. HIVE, while also listed, has a smaller market presence and trading volume.
Accessibility to New Users:
Steemit’s token integration makes it easier for newcomers to engage in the ecosystem without needing external wallets or conversions. The STEEM Power (SP) model also ensures a balanced incentive system for both creators and curators.
B. Reward System
Transparent Payout Structure:
Steemit’s rewards are distributed in STEEM, STEEM Power, and SBD (Steem Backed Dollars). This multi-layered approach provides flexibility for users to either reinvest in the platform or cash out.
Curator Rewards:
Steemit has fine-tuned its curation rewards, ensuring that users who upvote high-quality content are adequately incentivized. Some argue that Hive’s reward mechanisms favor certain user groups, creating perceived inequalities.
Leadership and Vision
A. Justin Sun’s Role
Prominent Leadership:
Despite controversies surrounding Justin Sun’s acquisition of Steemit, his involvement has brought visibility and resources to the platform. With Sun's influence as the founder of Tron, Steemit has access to a broader blockchain ecosystem and funding.
Vision for Growth:
Under Sun’s leadership, Steemit has explored integrations with TRON’s ecosystem, enhancing scalability and transaction efficiency.
B. Development Support
Active Updates:
Steemit continues to receive technical updates and community-driven improvements. Partnerships with other blockchain projects indicate ongoing support and development.
Consistent Communication:
The Steemit team frequently engages with its community through posts and updates, demonstrating a commitment to transparency and progress.
Critiques of Hive
A. Fragmentation of the Community
Hive’s creation led to a split in the user base, causing some friction within the blockchain social media ecosystem. The division diluted the collective strength of what could have been a unified community. Steemit, as the original platform, retains a broader appeal.
B. Overemphasis on Decentralization
Hive's decentralized governance is often praised, but this can result in slower decision-making and a lack of clear leadership. In contrast, Steemit benefits from centralized guidance, enabling quicker implementation of changes and updates.
Hive's decentralized nature has also led to accusations of "whale dominance," where influential users control the narrative and rewards.
Conclusion
Summary:
Steemit continues to outshine Hive in several ways: its pioneering history, ease of use, strong tokenomics, and active leadership. As the original innovator in blockchain social media, Steemit sets the standard for content monetization platforms.
Call-to-Action:
If you’re exploring blockchain-based social media, join Steemit today to experience the advantages firsthand. Your voice and content deserve a platform that values originality and innovation.