Okay, so there’s been a lot happening over the last week or so and I having been across the comings and goings on Steemit in that period. Looks like I’ve missed some “handbags” (as we like to call it) between @ned (CEO of Steemit, co-founder of Steem) and @dan (co-founder of Steem, brains behind DPOS, Bitshares and CTO of EOS).
I don’t want to get into the “he said, she said” of the Dan/ Ned falling out but I think it’s fair to say it’s been brewing ever since Dan stepped down from his position from Steemit.
Now it seems that Dan will develop his own version of Steem and ‘right some of the wrongs’ of the platform as he sees it.
I love it.
Competition in the blockchain social media space is severely lacking. About 18 months ago, I hypothesised that Steem would open the pandora’s box and we would see a host of alternatives to Steemit, that reward contributors to the platform in cryptocurrency.
Two years after the unveiling of Steem and there aren’t any real viable alternatives. It's been a Steemopoly.
This shows just have cutting-edge and specialised this technology is. Pretty much anyone can have an idea, create a token and raise some cash. However very few people can deliver a product that people use and scales.
We all know that Dan is one of those people. So any competitor platform he creates on EOS will need to be taken seriously. EOS have very deep pockets and Dan has the technical know-how to deliver.
So does this mean everyone should abandon Steem for Dan’s alternative?
I think not.
Dan while clearly one of the elite engineers when it comes to building blockchain technology does also come out with some left field ideas that miss the mark. I also I think the issue of concentration of wealth, power and influence is not one that can be engineered away. There is a danger of over-engineer a solution to what amounts to human nature. Ned on the other hand is more hands off (usually). SMTs is his big idea, it will be interesting to see how that redefines Steem.
Also Steem has a two year headstart in terms of network effect. Even I, as objective as I try to be able my crypto investments have a soft spot for Steem. I know how the Bitcoin maximalist feel about Bitcoin as I have a similar feeling about Steem when it comes to the blockchain based social media space.
However I believe that competition brings out the best in people. I’m sure Ned will have the bit between his teeth to ensure that SMTs are a success. I’m equally sure Dan will try to pull out the stops to show-off EOS as the ‘platform of platforms’ using a 'Steemit alternative' as a shop window..
All I can say is… let the games begin!!