With all the exciting stuff that is going on around here, it is tough to find something that really knocks your socks off. Yesterday, there was an announcement along with a video that really sent things into the stratosphere.
For anyone who is not 1000% convinced that Steem is one of the best things going in the blockchain/cryptocurrency space, this is might really open your eyes.
We have a new application on Steem called Cache. According to them, they are:
Cache is a social (and sometimes anti-social) cryptocurrency trading game, all set in an 8-bit dystopian cyberpunk universe.
Now, to be candid, I honestly have no idea what that means. So why am I excited?
ETHDenver is the world's largest cryptocurrency hackathon and Cache (@cacheverse) is the 2018 winner.
That means that the 2018 Winner of ETHDenver is on Steem.
Isn't that a kick in the pants?
The team decided to migrate away from Ethereum to the Steem ecosystem. But why would they do this?
Erik Johnson, one of the creators, appeared on the Steemit Podcast and explained why.
Before going any further, I learned over 3 decades in the sales and marketing game that the best taglines are given to you. Marketers like to think they are creative but, the best ones, listen, test, and get feedback. If you sit around long enough, paying attention, you will hear the line that catches it all.
So what is the creme de la creme of that captures the essence?
Fast AND Free
This is the grand essence of what is setting Steem apart and why Cache decided to migrate to Steem. Here we have a blockchain that is fast while the transactions are free. This is not common out there.
The Ethereum blockchain has neither. It is very slow with the capability of only a couple dozen transactions per second. At the same time, gas is required on the blockchain along with mining fees. Depending upon the activity, the mining fees can get rather expensive.
EOS, on the other hand, is very fast. The speed was designed to be close to the speed of light. From what I understand, you are looking at blocks time of half a second. The drawback is they require RAM and CPU. Neither of these is free. Like Ethereum, EOS found out in their first month or two what can happen. The price of RAM shot up making it expensive to transact.
Before going any further, I will state that does not mean these blockchains are done or anything close to it. These things evolve and Ethereum, for example, is already working on switching to DPOS and away from POW. Nevertheless, the results are unknown at this point.
Developers like Erik are concerned with creating, to quote him, "an amazing user experience and Steem provided it". This is something we need to take note of because this is what developers are concerned about. Users want things fast and for less money. That is simply how we behave.
This is the other aspect to the ecosystem that is attractive. Just looking at the Steem applications ranked on the State of the DApps, we can see how the users are loyal and dedicated. I haven't looked in a couple days but last week there were 10 Steem-based DApps in the Top 20. This is remarkable for a blockchain that everyone is over looking.
Our community is strong because the developers are creating applications that people want to use. People are enjoying Splinterlands and Drugwars. Steemit, Busy, and Steempeak (along with the different mobile apps) are being used for bloggers. DTube is there for video creators. Actifit and Steemhunt are two examples of businesses that have a community forming around them.
One of the biggest takeaways from all of this is whatever Ethereum can do, Steem can do most of it better.
I feel one of the most important developments over the last 6 months was the creation of Steem-Engine. This is the brainchild of @aggroed and @yabapmatt. They took the smart contact technology created by @harpagon and ended up producing a token factory. This provided Steem with the same capabilities as Ethereum with the ERC-20 protocol.
The Cache token is going to be created on Steem-Engine using that protocol. Attracting a project like this would not have been possible 9 months ago. With this valuable resource, there is little incentive to use ERC-20.
Remember, being on Steem allows for transactions that are Fast AND Free. Couple that with a community that is regularly putting more applications in the Top 20 according to State of the DApps, you have a combination that is tough to ignore.
I suggest everyone remember this when looking at the ranking of STEEM on coinmarketcap and wondering what is wrong. This is just another example how markets have a mind of their own and often do not reflect what is taking place.
It is also a good idea, if you come across a developer on another blockchain, to mention this to him/her. Simply ask, is the blockchain your project is on Fast AND Free?
Bet the ranch that if Erik and his team looked at Steem while developing on Ethereum, that others are doing the same thing.
The floodgates might be opening.
Check at the cache game at https://www.cache.gg/.
The @cacheverse introduction post can be read here:
Here is the Steemit Podcast interview with Erik by @andrarchy.
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