So yesterday I heard an interview with Ned Scott about where Steem is heading there are some starling facts in a good way that he mention, some of these are :
- Steem has more transactions then Bitcoin,
- Steem is the first social media tipping currency,
- Steem shall have ICO, tokens that can be issued for anything like Ethereum.
- The signup process is a bottle next with several hundred. day, they are looking at having a fast signon mechanism that would get 10 thousand in very quicky.
This is super incredible. So it looks like from the interview link (https://steemit.com/steemit/@danlupi/ceo-steemit-ned-scott-ann-new-ico-for-steem-40-min-vid-wow), that Ned and his team are looking to scale out Steem in a big way. They also spoke ago the linear reward system, cause right now its a little tilted in favor of whales and Ned and his team have recognized a more linear system, meaning money distributed more evenly. Stay tuned for my next post on this.
So what does the above mean and where is Steem with Steemit heading. Well Steemit as most of us know is a app that sits on the block chain and allows us to easily post new articles and up vote each others stuff. Worst scenario, which I am not a fan of is flag people, I think there should be a better system around this and only the whales flagging is noticed.
It means Steem is about to turn into maybe the 3rd biggest crytpocurrency mirrored more closer to Bitcoin and Litecoin. I don't count Ethereum contact tech in this area, cause its a little different and more run by fat corporations. If anyone has some decent comments around this please post and I would love to discuss. So if Steem turns into no. 3 it will mean a lot of this like:
- You could put tokens on any existing system and then that server, say twitter could use the tokens and then at some point be converted into Steem dollars or Steem.
- You could start a charity and issue like 1 mil tokens and then raise capital to save animals or help the homeless.
- You can issue tokens for shared investments say into property or a business. Now the concept of decentralized businesses via Steem Blockchain is super interesting and is about to explode.
So the tokens or ICOs are like a rule that you set up.. Say you wanted to buy a house, but you u did not have the funds.. you could setup a new token and say the rules are:
- each token gets paid interest in terms of someone renting the property.
- each token moves with the housing market so you get a capital return.
- each token take 12 months to cash out at 1/2 withdrawal per month.
So the ideas are unlimited.. you could start a gaming company and give people a share on the sales or future sales. Its a bottomless. pit. What I am most excited about is the crowdsourcing aspect and how people can raise capital easy and Steem would become the centralized currency like Bitcoin is for trading most or newly all other currencies. I for one will be buying more Steems this week. Best of luck to all. If you liked my article please comment and ask me questions would love to hear from the community.