We all know by now power of marketing. Last couple weeks shown us what Dash has achieved by marketing and speculative hype. In this post, I will try to give my short opinion about Dash and Steem in respect to the technology and future perspective.
Differences :
- Dash has 2.5 mins block time while Steem has 3 secs block time, it is pretty fast and instant isn't it!?
- Dash transactions have fee while Steem has none. I suspect Dash will come to the point where Bitcoin is now! Small transactions will cost higher than amount itself.
- Dash has masternodes, no-one knows how many of them owned by founders while Steem has delegates (witnesses) elected by community, more transparent.
- Dash is working on evolution where they introduce usernames, savings accounts, marketplace, etc. while Steem already has usernames and savings account, many more.
- Dash has private send which is simple coin-mixing service which gives user some privacy (not complete privacy though), while Steem can implement Stealth transactions which I think, would be indisputable when that happens.
- Dash is working on DAPI, while Steem already has DAPI, you can already access it using numerous libraries written in python, javascript, ruby, go-lang, etc.
- Dash has self-governing model while Steem also offers that but with much more decentralized way. Crowd makes decision which project posts/updates gets rewarded and contribute for the future of platform. In recent article, @charlieshrem talks about self-governing where masternodes decide fund allocation but imho Steem has wider crowd to make better decisions and of course platform is evolving to learn new ways and exploring options, improving governance structure of the platform.
- Steem has even more, built-in social network, communities, escrow transactions, extendable custom operations, etc. which is much more engaging and grandma friendly...well, getting there :)
Challenge
With marketing effort we can show and educate people what Steem has to offer and its future potential. Community is big enough to do marketing decentralized way. Let's us do marketing of Steem, use #steem-features tag to highlight what features you like most and you are excited about and future potentials. If you are designer do some infographics, if you are vlogger do videos which we all can use to promote Steem...
Great post @good-karma
Im traveling to Philippines next month with my gf so i will be posting about our trip and sharing the knowledge i have about how Steemit can be a great way to learn, share and earn a living! Have a great day steemit friends
Great, looking forward to it! And learn something new 😉
One incredible aspect of Steem is that it is a cryptocurrency that will be linked to from search engines, forums, websites etc. People will bump into Steem by accident - when searching for information on something totally unrelated. I think it is starting to show it's power gradually, and once it is rolling, it will be incredibly hard to stop. Inbound marketing...
Exactly, thank you for comment and input! In fact, all we have to do is keep having fun and Steem on! :)
That's good :)
Good point!
That is excellent !
How true is that please?
You can do google search Steem vs Dash and you should see this post being indexed by search engines
Awesome
I'd add one more important feature which makes Steem stand out: Steem dollars.
If you aim to launch digital cash for mass adoption (as Dash claims), doing so with a volatile currency looks quite absurd to me. Of course, you can always convert to fiat on both ends - but then how is it better than PayPal, if you always need to rely on some third-party company doing the conversion and volatility hedging? (Yeah, you can do it yourself but then forget about mass adoption.)
Besides, constant fiat conversion & hedging costs money - who is going to pay for this? The end-user?
For me Dash without a pegged sub-token (and without any plans for one), is no better than PayPal. And it will probably end up being more expensive than PayPal, if we consider all costs involved.
Right now I can use SBD as a payment option, no matter what my views are about future Steem price. With pure cryptocurrency like Dash, to use it I'm required to be a Dash believer (or pay hefty fees) - and that's a big requirement.
And here we have another paradox: if I were a Dash believer, would I want to exchange my precious Dash for a pizza? Even if my beliefs are right, one day I'm going to feel stupid about this pizza. Bottom line, confusing an investment token with everyday payment token is a bad idea.
The steem dollar is only an evaluation of the legacy based fiat. It's only as stable as the world it is attached to. If and when Steem goes main stream then of what use will that be? Souvenirs?
That's the fallacy most of the crypto-enthusiasts make: that the outside world is going to jump straight in and use their currency. It's not going to happen.
Steem (or BTC or ETH) is not a currency, it's a speculative asset. You keep it in your wallet not because you want to spend it but because you believe its value is going to rise (which means you don't want to spend it).
So we have this concept of "currency" which people either don't want to hold (because it's volatile) or don't want to spend (because it's going to appreciate - otherwise why would they hold it?). A perfect illusion.
You are half right in theory and almost right in practice. Why? Because many coins are built on two theories. One is consensus as measured and manifested in the network. This is the side most people see and think of when they think of crypto coins. In this world the only thing that matters is opinion/belief. Fiat also runs on a sort of contract/algorithm as Ayn Rand showed in Atlas Shrugged. But most of it is only implicit and is not directly tied to any commodity like gold. The world would see thing more clearly if we still used gold coins. But anyway the other side of crypto is that the contract represents the free will of the individual. Every crypto has a list of standards that is like a bill of rights that it has to confirm to. These are encoded in an increasingly large body of code, when the code reaches a certain level of sophistication then believe me. Fiat will go straight out the window.
Ug...i love the steem dollar so much. Just like i love market pegged assets...just too sexy.
The way you get mom and dad using it is to have cryotographically secured currencies that LOOK and ACT like the currencies the masses are used to.
Good points, usage is another barrier for crypto currencies and I think with Steem we have higher chances to achieve that...
I agree totally ...
DASH has about 3 million coins on the market, and how many does STEEM have
That's one of my biggest complaints of Dash, it seems a ton of their coins are locked up in the masternode system, creating an illiquid market.
you mean like steem power
Similar, but have you seen how many coins are required for a masternode? It's much different than your average Steem user powering up a few coins.
I think, this number considering number of masternodes, right?! But one can argue that they are also liquid...which would be total of 7.1 mln.
I believe, it is ~49.5 mln steem, I might be wrong about this numbers.
steem is already way ahead of dash in every way including marketing, dash is more noticeable in crypto because it has the least amount of coins on the market , creating a high price
exactly, also most of dash users are only crypto familiar geeks, while Steem community is mainstream users most of which are new to crypto
about 55% of all available Dash is locked in Master Nodes that generate Dash for the holders through PoS.
Wyrd on Dash - Hooked on Stability
Excellent review. I do think Steem could ultimately wipe Dash of the map entirely.
Yes, Steem is decentralized. More so than Dash? Possibly. Some aspects, sure. But there are many ways to compare (and then some more as it comes to programming technicals I can't even account for, but developers such as yourself @good-karma may have much better understanding of).
It should be acknowledged that both systems could be said to have theoretical weaknesses relating to centralization. But frankly, so far all crypto currencies I know of have similar issues and we're still in early development. Risk is present in every case.
Steem is developing faster, with more determination and with a better supporting structure than I've seen in any other crypto-project so far, in the form of the social network itself.
I expect this more advanced form of Cooperative Agorism (as compared to the early Bitcoin/Litecoin model) to ramp up significantly over the next decade. Number of cryptocurrency uses and coexisting communities will increase. Voluntary syndication between these and increasing network stability should follow. -Sideways or slowly declining price moves in Bitcoin would likely help keep focus on alternatives and could speed up that process significantly. Either way, we are making tremendous progress and can expect governments around the world to take very serious counter measures.
Expect skilled competition paid for with money that was taken from you in taxes. Expect subversion. But if we take the measures necessary, expect to win and reap great rewards!
As a programmer, like yourself, it's easier for you to spot good vs overrated things in the cryptospace. I think just like you. I also wrote about Dash tonight and I'm waiting for the haters to show up. I've heard you on the mumble radio show many times.. you're a very talented person, keep up the great work!
Thanks @intelliguy, I'm reading your post now.
I've got the Steem logo on my Twitter avatar, a link on my YouTube channel, it's pretty predominant on my personal website and with the help of IFTTT, my posts get shared on other social media sites.
I've been thinking about playing with some infographics. That could be fun.
That's great @merej99! I have same setup, posts are directly shared to other social networks.
A picture is worth a thousand words, they say, infographics are great way to convey information in much condensed way. :)
I've been reading up on the trends of infographics. Lots of material condensed into bright segments because the average attention span is that of a flea anymore.
hmm... I wonder... if we converted the Steemit white papers into a mix of memes and infographics, we'd probably have too many new members to handle! LOL!
You are right, white paper bit outdated but I like the idea 👍
I am working on a video about Cryptocurrency, STEEM and steemit in Persian, I think one of the ways of international marketing is to provide enough info about STEEM and steemit in different languages, you already made a great effort by making avalibale different languages on esteem, the rest is up to us as native speakers to do the marketing in our own language
Indeed, please do and share your experiences with Steem!
I will :)
hii
Hi @muneesh :)
Great post Bro!
Steem outruns every other system on the block! I think it is a good idea to focus on what Steem already can do. And to show why it will stay ahead, with near future developements.
Would like to read posts about thing like escrow that you build into the eSteem app.
Kind regards!
Thank you! Indeed, imagine whole community promoting and marketing what Steem already offers to world, effects of that will be huge...Even majority of crypto geeks don't realize the potential of Steem.
I will make posts about #steem-features to talk about some specifics, possible usages of features and #esteem-features tag is about eSteem features. :)
You're welcome!
That is indeed what is needed, let the public know how Steem is the best that the crypto realm offers, now and in future! :-)
Good idea with the tags. Looking forward to the Escrow post for instance, because that could come in handy for a decentralized Steem marketplace I guess.
Have a great day!
Yes, one usage is trusted transactions with escrow which gives assurance for both seller and buyer of services and goods in this decentralized platform.
These direct comparisons will probably convert best. Otherwise it's easy to dismiss someone as being a "fanboy" or investor selling his product.
This is why I love to give away steem in small quantities like 15, 10, 5 even. Because I can!
Try doing that with Bitcoin or Dash. $0.10 transaction with $0.40 fee. FAIL.
Thank you, for your explaination about dash and steem. Nice !
I prefer to see other successful blockchains as symbiotic. While I want to see them dump POW too and solve the problem you mentioned, those are not deal breakers and progress can still be made in the mean time.
Technology aside, Amanda B Johnson (a public face for Dash) is very cool. I meet her at Anarchapulco. Why not study what they are doing right and embrace them as our allies? She really did well talking about Dash at the conference. It speaks volumes to me that they were at a voluntarist conference boldly promoting peaceful and private interactions in society. This is what it is all about if you ask me.
I openly shared ideas with her that may help their platform with what I have learned about our platform.
Yes, I agree with your assessment about having public face. And I also believe we are learning from each other and this post is exactly about that. Challenge that I put out was to encourage more voluntarist to go out there and talk about what they daily use and promote the platform Steem, in the end all these projects will reap the fruits when we appeal to more mainstream users and have some impact on their discovery of these crypto projects.
Very well laid out. The one thing I think attracts people to Dash is the limited supply. Of course the marketing helps. Steem has an army of users that blog so I think we can make a huge impact quickly.
Don't tell anybody about this. Just buy more steem while is still almost for free and available.
Such a great eye opening article. I'm more excited than ever about seem!
I made the right choice voting for you as a witness!
@kus-knee (The Old Dog)
Thanks @kus-knee for your comment and support! 😉
Steem / Steemit already has plenty of great features which rivals Dash, which is why I didn't understand the hype, except that the devs have been making great decisions and communication. So on our camp, I hope the devs roll quicker, and bang on the UX..
Also, a STEEM wallet with savings accounts (which is Steem Power, auto-delegated for curation, which is part of how the savings accounts accrue "interest").
Steem is badly adjusted for using as crypto currency but it can be easily fixed. Also some wallet-focused apps are missing. This can be also quite easily solved. I believe with the right focus, in one month, Steem can be "fixed" and reach Dash marketcap in another month after it. But current roadmap doesn't provide these adjustment so we might wait years because we will first solve secondary issues like mobile notifications and new logo. Don't get me wrong, I like Steem and these things are also needed but I'm quite unhappy because there is strong focus on secondary features imho and poor focus on fundamental adjustment. You can check my other comment here for some more details. Of course, we can wait two years or so to do it but bad timing and delays are pretty costly in highly competitive cryptoworld environment.
I share your thoughts on the matter, thinking that we're not really playing to our strengths. But what would that focus be?
What I see the problem is, only Bloggers are earning in Steem and they only sell and never buy more to hold.
When there is marketplace then one can say that money circulation will be completed! So we as developers working on ways to build more utility projects
And if we add a debit card, people can earn, transfer to their card and use it where Visa or MasterCard is accepted. Like wirex, xapo or upcoming dash card. Steem features are amazing when people take time to compare with what is out there. I'm continously doing meetup and 1 to 1 meeting on my side and I love when non-tech see the value and join.
In short: Steemit has a great future ahead and nothing can stop us
Totally.
we get free Steem & SBD from Steemit
I think both Dash and Steem have the legs to go further than other coins for sure. Now looking at PIVX too. Exciting times ahead as the jungle of cryptos sort themselves out. Those with long term investment, technology and development models will do better. Just a matter of working out who is the real deal and who is not. :)
I never thought steem would have stealth transactions.
That would be cool!
Thank you for sharing these information with us
Good idea. I am working on marketing what I can best. Thanks for the info!
Upvote and twitter
Disclaimer: I am just a bot trying to be helpful.
Confidentiality is the only missing ingredient. That and building Escrow into UI. I hope investors outside of Steemit get to read this post.
Steemit.com is still too complicated to be grandma friendly though. For that to happen, it has to be as easy as PayPal - register, link your fiat bank account / credit card, start making transactions.
You are right, we are getting there :)
Escrow is implemented on eSteem and I am sure other UIs are also working on it.
What did Dash do to get to reach so many people? Can Steem do something similar?
steem has a bigger community than dash, but dash has less available coins
That's what I was thinking, I'm not even sure the two can be compared because Dash has a limit for the supply. I love Steem too but I don't think it's a good idea to compare them like this because they are very different concepts.
It should be noted that the recent activity in Dash (pump to 100+) is more than likely unsustainable. There is talk in the cryptospace that there is market manipulation, specifically someone laundering coins through privacy coins creating that spike of transaction volume.
Anyone with other input is appreciated.
Lot of crypto holders, small (like me) and large were looking for a stable crypto that wouldn't be subject to so much speculation with all the news in cryptos. I moved all of my non-mist wallet Eth and all my non-vaulted BTC into Dash and am happy its $USD valuation is hanging pretty close to that $100. It is my personal hedge crypto.
I hope it continues to serve that purpose for you. :)
Current US $ valuation on coingecko? ~$96 USD.
https://www.coingecko.com/en/price_charts/dash/usd
Mental note - don't buy Dash till further notice :D Thanks!
This is common in this space, marketing and speculative hype of upcoming features. And rest is networking effect...
The Dash community have dedicated money that is spent on educating and doing PR every month.
What does Steemit PR consist of? Should that be the priority?
Not sure right now. Ned has done a lot of speeches and such in the past. I know there has been efforts. But I think we could definitely learn from Dash and maybe emulate their PR concept by selecting representants, which are then paid either in accumulated money or with votes.
They created a tx processing model with Master Nodes that allows very quick txs even with their blocktime and still leaves room for those that prefer to mine Dash through ASICs using the X-11 algo. They have done much right.
Dash has debit cards and is available at BTC ATM. Community-wise, I think Steem has bigger one but Dash's community is very active as well. Both has different strengths and weaknesses.
There's another important difference: Dash is marketed as a currency and STEEM as a social network. IMHO this is a huge opportunity being missed. But perhaps there are strategic reasons STEEM as currency is not being sold more aggressively right now.
In my opinion there can be any number of apps that can show strength of STEEM as a currency as well. For example, eSteem desktop soon will allow you to use it solely as a wallet....
@abit @smooth i am not often using my 100% vote but this guy deserves all of us to throw money at him.
Great post. I agree the right marketing and dissemination of information can really help steem get out there and make a difference.
I see Steem and dash having two separate purposes. I believe they both will be around for awhile and keep growing. I like the uniqueness of Steem. I am new to the site so I do not know of how it may have evolved to it's current point, but hope to see ongoing changes to benefit the users. The easier it is to learn the more people will be attracted to Steemit.
I say let's hire Amanda B Johnson :)
We have more than one Amandas here in Steem Community :)
I agree. The underlying idea was meant to be put forward :)
In some ways, yes. But we could use dedicated and transparent money going into PR rather than on a post to post basis. I'm not sure that we have this as of now. (If not counting Ned)
It is very clear what is the superior cryptocurrency here. Only thing that is going for massive price increase for Dash is low amount of coins. 7mil vs 250 mil is very different, that reflects on the price. Massive premine of Steem is also something to consider.
Great posts and comparison. The advantages of Steem are obvious but unfortunately the majority of people doesn't know about it. I agree that once we start some marketing we can expect a huge increase of people joining. The only thing we need the develop is a way to use Steem in the real world (like Bitcoin, Dash). Our technology can be the most advanced but nobody will care if they can't buy/sell things in the real world market.
Indeed, I know few developers and entrepreneurs working on ideas and projects which I think should move development on that front
there is a little risk for Steemit and for Steem too: waiting too long before investing in marketing. The beta version seems to be tight already for Steemit. I know there is a redesign scheduled in the Roadmap2017, but in the meantime people arrives here from Google and see a bare frontpage and a decreasing of Steem price in a year.
Ok, I'm sure the team knows this very well.
Yes, it is not investment advice at all! It is my pov on technological level...
I have been saying for awhile now that Steem could learn a bit about marketing from Dash. I think decentralized marketing is great but it doesnt hurt to have some more organized, clear direction that everyone can then rally around. Thanks for the post.
I know I shall be shot for this - Steemit needs advertisers, just like Facebook with a decentralized advertising sales force to sell advertising that puts in hard dollars.
Furthermore - advertisers will buy space with cash - not Bitcoin so the mechanism to develop is the means where dollars are turned into Steem or Steem Dollars
In order to do this - viewers other than the Steemit community must be logged so that true value of a piece is shown with its full viewer potential.
The problem to overcome is the 30 day edit limit or advertisers must realize that when they buy a space on a post it is forever. A post forever is a very valuable thing.
What sort of form would advertising sales space look like a horizontal bar at the top? A vertical bar on the right or left?
The space sold should be limited to only one ad per post after all, we are artists and content providers, not anything else
These are some of my thoughts and of course the content provider should receive some if not most of the advertising revenue
Thanks for sharing your thoughts Jeff! I think promoted section is exactly for that purpose and I suspect in future we will have more projects and companies will be interested to advertise their products and services to our growing community and UI can be improved to represent ads better...
.
Best blog about STEEM since a while, Thanks @good-karma
Really excited to be on Steem. I'm still trying to grasp the whole concept of how things work but it seems VERY promising so far!
Welcome @vadevious! Let us know if you have any questions, community is very helpful to address any concerns and issues
Its a bit of a challenge to come up with a way to introduce people not familiar with crypto-currency to the platform. I am working on a from that can be used and modified by the community to help bring followers over from other platforms.
When I upvoted the post to $177.63 it had 1 view (steemit) !!! WTF? What bug is this? Or just all commenter's used esteem app? (can't believe that)
Views had glitches few hours ago I now see that it is fixed. This is most viewed post, exciting to see engagement and comments :)
Good one @good-karma - I had some talks with blockchain experts at CeBIT and all said DASH is a hype that is based on marketing only - will not last long - too many things unclear - also the mysterious launch and who was able to mine in the beginning says a lot :-)
Steem can beat BTC, DASH and rest crypto easily if:
Also these should be added/modified:
I'm surprised that nothing of this AFAIK is not part of roadmap but there are many pages of changes that are secondary.
Things are improving fast and Steem is only 1 year old... more improvements are coming. eSteem is mobile app for Steem available for Android and iOS as well as has desktop app 😉
Yes, that's all cool and lot of work has been done but I rather meant minimalistic simple and secure wallet without extra features like Steemit content - eSteem app is content focused. Steem has probably best blockchain tech in terms of performance inside but will not be ever used as BTC or DASH with this killing inflation and without simple wallet apps. I believe first two and the sixth point can be done within one month and the rest in one year. Everything else can wait until this is done imho.
You are right, I know few developers who are working on
wallet onlytype of apps. And in future eSteem can also have wallet only app where all other social features are stripped out...I like the way you put the situation. I don't know why people buy so much dash at that price, but they can do what they want with their money. I wanted to ask you what about the hard fork? I didn't see any post about it. Or there was no hf this time? You are doing a great work, and I will use that tag you provided in my posts! All the best @good-karma!
Thank you for the comment, looking forward to your new posts! :)
Hardfork was postponed, please read @steemitblog post
Ok thank you very much for your fast feedback. I will read that post. Cheers!
Marketing is important, think we all agree but we need to be ready, vision, mission, comms strategy need to be clear and formulated by the INC. An Amanda would be good or at least a Steem Face rocking stages!
Finally I was able talking with blockchain experts at CeBIT yesterday. I am now a even stronger believer into Blockchain and especially Steem! I learned also that Steem has a much better background compared to DASH which you outlined. Not to mention the way DASH launched and the mystery of the instamine. I am pretty sure Steem has a bright future while I doubt DASH has. DASH has a perfect marketing machine - that is it. I might be wrong but I hope Steem will soon pick up some heavy Marketing Campaigns - I am ready! I am posting already most across a lot other social channels and platforms. Sorry for typos, am jumping around the trade show 😎
This is my best attempt at a fair comparison between searches for Dash and searches for Steem.
It is interesting that Steem got some initial interest much, much earlier than Dash in its lifetime. Steem in my view has way more potential and could get going much faster than Dash ever did. When you compare transaction rates, Dash is trivial. Steem has every crypto bar Bitcoin beaten by that metric (and Dash has votes too, so it's a fairer comparison than with other cryptos).
Yes and don't forget Steem is only 1 year old
Very nice and easy to understand the difference between the two currency
thank you so much!
Glad you like it, those are my pov and I'm sure most here have different opinions and can point out more differences...
Great post! This is super informative content.
-Sharing on my FB & Twitter accounts.
Thanks @slickwilly, appreciate it ;)!
Very good. Thank s.