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RE: Could Steem Be The Gateway Drug To Mainstream Cryptocurrency Usage And The End of Central Banks and Government?

in #steemit8 years ago

nice post @dollarvigilante
About Soros you' re right, Soros who Funded Color Revolutions, Who funded the Disinformation Of The Panama Papers, Who Funded the Refugees to Europe and much more. I'm not totally sure if he was real bond vigilantes though...

Steem can in fact end up being the gateway drug to cryptocurrencies but the main reason is also technical. It's the first blockchain / crypto combinaison that allows this high scalability since it's based on Bitshares technology.

It's a matter of "Transactions per second" and transaction fee (Steem has no transaction fee) :

  • VISA handles on average 2 to 4000 transactions per second (tps) and has a peak capacity of 56000 tps.

  • Bitcoin is for instance restricted to a sustained rate of 7 tps due to its protocol restricting block size to 1MB.

  • Paypal has an average of 115 tps.

  • If Reddit were operating on a blockchain it would require an average of 250 transactions per second.

  • Steem is capable of at least 1000's of transactions per second and is built on the same blockchain technology as BitShares which has publicly demonstrated to be designed from the ground up to process more transactions every second than VISA and MasterCard combined.
    To achieve this industry-leading performance, Steem has borrowed lessons learned from the LMAX Exchange, which is able to process 6 million transactions per second.

  • Steem uses a Delegated Proof of Stake consensus mechanism and is built on the Graphene toolkit which is capable of 100,000 tps...

You can also check my post on Why steem need Asia to scale and how we plan to grow in China

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Great information for everyone!
After reading just this information it's a no brainer @ekitcho
Love the clean cut clear info right to the point!