I found amazing statistics that present a great initial step of Steem/Steemit.
Among various measurements, number of transaction is one of important gauge that represents a success of a ecosystem unless it is abused by spams. I will report three graphs as follows: of Bitcoin, Ethereum, and Steem. In short, as of 2016/07/19 Steem already passed Ethereum's transaction scale, and is heading to Bitcoin's.
Charts
Bitcoin: 222k transactions per day and fluctuating between 175k and 250k (Source)
Ethereum: 37.9k txs per day and quite stable near 40k (Source)
Steem: 116k txs per day and rapidly increasing from 20k (Source)
A good news is we have enough room for new transactions (at least 8 million transactions per day).
I believe Steem will pass Bitcoin's number of transactions in the near future!
We're evolving !
No wonder there is a waiting list!
Poor reddit :( I wonder if they can update their system to use steem? Someone more talented than me should make a... Module? Widget?
Reddit did this to itself. It has a somewhat ugly interface and no realistic way to Controll trolls. Steemit saw the potential Reddit had a built a bigger much better system
there is a waiting list because hackers were using the registration as a way to drain funds from the system.
Is there an official announcement of this somewhere?
Most of my peers are still in monkey # 2
Lol awesome!
I attempted to make a funny post to help newbies not be intimidated by whales..
Check it out and let me know what you think :D
https://steemit.com/money/@stealthtrader/when-your-not-a-whale
Cheers!
first official STEEM LOTTERY https://steemit.com/lottery/@willytrader/first-official-steem-lottery
The new evolution is text mining :)
https://steemit.com/money/@filip-martinka/hacking-the-top-100-new-steem-posts-first-text-mining-analysis-for-fun-and-profit#comments
Some people I know think STEEM is just being victim of a pump and dump. I will link them to this!
I think this proves STEEM has actual value, derived from real world applications.
I think STEEM is still UNDERvalued. It can beat Bitcoin any way you choose to measure the two blockchains.
-Transactions per second
-Cost of transactions
-Maleability/upgradability
-ASIC resistant POW (posting content+curating can't be done by bots!)
-Steem dollars! A cryptocurrency pegged to the USD
-Rewarding liquidity providers
-and many more ^^
I agree. I think it's undervalued, as well. By 1000s of basis points.
So many reasons, for example:
I'm so using that!
Great points, but as long as timestamped data is on a public ledger there isn't complete anonymity.
Certain blockchains such as Dash allow for private transactions.
Very true. Can you provide a link to Dash so we can learn more?
http://dashpaymagazine.com/index.php/2016/05/31/what-is-dash/
I recommend signing up to the slack channel, a lot of helpful users:
https://digitalcash.signup.team/
Hey man, I know I'm not the first asking this but I'm impatient about Peertracks/muse... Could we have a small update. Everything ok ?
Thanks @cob
Kind regards
We just hired a UX designer for Troopeers and getting ready for that. I'm going to NYC next week for a bunch of meetings set up by our PR firm.
We also have 2 headhunting agencies that began searching for MUSE devs.
Aren't the transactions internal between steem steem power and steem dollar at? Is this another circle or are these steem vs btc or steem Eth transactions
Biggest gap in their analysis is how SP works to slow down volatility due to the trust in the platform.
Great points!
Thanks for presentation
It's true bots cannot post good content (yet), however I disagree on the curation part.
I invite you to read my blog post here https://steemit.com/steem/@curator/i-made-a-curation-bot-for-steem
This is crazy even if we just look at new users per day, they we actually had to shut that metric off! Well be hitting that amount of transactions in no time IMO. As soon as more users get introduced to the system its going to explode.
I wrote a post on precisely that! The amount of new users and amount of posts for the time being is just overwhelming, and we haven't even started yet! :D
Steemit: The Fastest Growing Social Media | 100k Members Within December or Earlier
Also note that ETH txs are kind of messed up - here the measurement is about something more substantial. In any case, it's a stat that shows a very clear trend of real-life use. Personally, I've said that steem should have a higher marketcap than eth simply because it has far more real life relevance and use. Smart contracts versus posting, well... who uses smart contracts? Posting though - that's happening all the time.
so they obviously went over taking on a lot and all at once, I would like to know the smart contracts realized when lost, to develop the whole world does not take into account the characteristics of people, a lot of omissions
very good post~
It's only a matter of time. Steemit appeals to a far wider user base than Bitcoin because of the ease of use. Once you are able to purchase items directly with steem dollars the transaction numbers should skyrocket. Not to mention this is still a beta project!! It has far exceeded my expectations.
Bingo! Easy = Moon
Even if this doesn't work out I think this is by far the most fun and best gamble I've taken. Wish I had heard about it a bit sooner, but I think we're still all very very early adopters.
For sure! There are less that 30 thousand accounts and not even all of them are active. It's a great time to be a part of this community as it grows.
Agreed. Crypto is exploding, all because of STEEM. Killer app is here, and we are all early adopters. How cool is that?!
And as @craig-grant recently posted, there is a wait queue to even get in as developers most likely implement a new account recovery feature
Great post! Another stats to definitely keep an eye on - the number of transactions per day and the worth of the exchange are certainly very important indicators as they indicative the relative worth of the underlying asset.
One will naturally expect these numbers to keep growing as more people join steemit and show interest in the token. One stats I will definitely keep an eye on over the course of time.
I love this technical data. I'm glad someone else is watching this stuff.. Hope we see more. I'm too busy trying to stop junk on steemit with my posts, so that's my thing.
When will you be releasing more trends, is it weekly, or ?
I have no plan for regular release yet (but I provided original source link for your own research).
Probably when Steem exceeds Bitcoin in terms of tx numbers, I will post another :)
Dan always told people that Graphene technology will scale, withstand heavy volumes and find consensus more quickly than other types of chains. He has been right about most things I have ever heard him talk about. Very difficult I'd imagine to argue with him on blockchain tech... :P
Proves among other things that it is hard to beat FREE (transactions).
STEEM is quickly becoming the cryptocurrency monument that will open the whole world to the magnificence of such quality product and openly equitable sharing potential for all! Namaste :)
Im rooting for STEEM to the #top @clayop
Go Steemit!
Oh yeah! We are NOT far away! Bitcoins took off literally over night, and so will Steemit.
there is no point in comparing the transaction volumes.
bitcoin was made to hold value and transfer money safely over time.
BTC has done that over a couple of years now.
let BTC keep the money safekeeping and transfer stuff.
i think steemit and steem will have other and greater use cases.
I think you are all forgetting, that Steemit has been hacked not 5 days ago?
so keep calm, and start posting useful posts to steemit....
Yin
Yang
Seeing as how you just made 8K plus on this post, I hope a bunch of new transactions are you being a responsible whale and upvoting the underappreciated comments, like this one.
Is an upvote a transaction?
Yup. Give me one please.
If it is limited to 8 million transactions per day, will this limit the Steemit platform? Imagine more than a billion users like in Facebook and every user does one transaction per day.
Steem can do a hundred times more :)
I think that the way SteemIt works that we would be passing by everything else relatively soon. SteemIt is constantly broadcasting. Its a powerhouse blockchain!
Is Bitcoin's block size still stuck in 1MB?
Ha! Cheeky! And always will be at this rate!
Nice to see that graphene/Bitshares tech does the trick. Let's see if it can really go up to 8x10e6! :)
Isn't this just a consequence of the high volatility and a lot of people speculating on a sharp increase/decrease of the price?
Congratulation Steemit, you Rock!!
I feel so blessed by being in this platform, and even more now that no other people con sign up, I got here in the right time
Great info thank's for uploading! Got a question though, do you believe that an investment in Steem is an investment in Bitshares, or even vice versa ?
It is also close the day to overtake catch up with the Ethereum.
Even beyond early and hope that the scale becomes larger market capitalization.
Now, in the encryption currency has been rooting for STEEM than Ethereum than Bitcoin.
I agree with you on this, i think steem could, reach big in future.
So i hope all still trust this. As long there is trust there is hope.
Same was when BTC was new, everybody trusted it, but it take a long time.
steemit outstanding phenomenal
I believe will pass BTC too, so much potential has now, steem rocks
To mention this is still a beta project!!
Thank for this great post bro, this is completely normal, the evolution of steem is unbelievable, yesterday when i was talking to traders on poloniex i feel that they want to eat steem not just traded and my prediction for steem that will be better than eth and SBD will be better than DAO in just couples weeks, people are investing in steem and they are just start , so you're right Steem will pass Bitcoin's number of transactions in the near future.
Can i ask you something? As much as Steem coin rises, blogers' profit will be set?
anyone seeing get pass Bitcoin?
I do not, as steem cryptocurency wans't made to compete with BTC it is suposed to give you power on platform and possibly transact in platform. Its like messing with apples and pears both are fruits, but aren't the same. Steem is like electricity it is supposed to be used for illuminating people. All things about transactions outside of platform is realy worrying for me as I see lots of specualtaion going on with steem price and selling, but its free market and free market is know to work its way to the truth and for steem I hope its shows truth faster than usuall. Lots of people are working it on fast premises just for earning more BTC(one more point, but I have no knowledge about his but seem logical, that this trading as inflation might transfer slowly to btc and ether and therefore correct value of those currencies also).
Full Steemit ahead.
i'am not sure with your opinion :D
Incredible this has taken off like this... can wait to see what numbers will look like down the road.
wow .. in an instant steemit shot at No. 2 in the market
hopefully not last long at the top :)
Imaginez qu'un jour, Steemit dépasse Facebook, ce serait un truc de dingue...
En même temps, je doit vous avouez que Steemit est transparent par rapport à YouTube sur les gains.
We are watching the born of a new paradigm, really i feel happy of be in
good news,thanks for information
Some people I know think STEEM is just being victim of a pump and dump. I will link them to this!
The transaction numbers in this post are misleading. Just made a new post explaining why here: https://steemit.com/steemit/@kyletorpey/note-steemit-transaction-numbers-are-misleading-it-s-not-about-to-pass-bitcoin-in-a-meaningful-way
It's already in the top 3 market cap which is amazing!
may be yes, may be no
The latest news is
Membership to Steemit.com is now under invitation only because of unexpectedly high sign up rate. Submit your email to get on the waiting list.
Interesting post, mate. If you had to put a number on it, how long do you think it'll take before the number of transactions passes Bitcoin's? Do you think it's dependant on the scale at which Steem continues to grow?
Soon.. really soon IMO :)
We could take guesses and see wh gets closest. I bet 12 days. Aug 2st will be the first day and it will never be less again. Bitcoin is maxed out.
You'd need trending data, multiple data points over time. And, frankly, Steemit's growth has been so meteoric it probably wouldn't be very reliable data anyway.
I hope so!!!
This is awesome! If you want an explosion of transactions, just get people addicted to a cryptocurrency that makes them money every time they share a thought!