The steem blockchain is incredible. While there are many factors that enter into the pricing action, there is no doubt that performance is vital for the long-term.
Today, Steem became set the record for most transactions in a 24 hour period, 1,155,679 while averaging over 1M transactions a day over the last week. What is most impressive is that Steem is achieving these results while only operating at .1% of its total capacity.
I would say that leaves a bit of room for upside growth in that regard.
There is also good news on the Steemit.com front. For those unaware, this is the main steem app at this point with most of the blockchain activity going through it. A week and a half ago, this site was ranked by Alexa at #1,000. Look at where it is today.
It does appear that Steemit.com should break the top 700 U.S. sites in the next couple of days while it also moves up on the world ranking.
Many look at pricing action and get caught up in the emotion there. Blockchain technology is multi-layered in terms of what is important. Try to keep focused upon what is taking place on there. The price will eventually catch up.
If you found this helpful, please give it an upvote and resteem.
great information on steemit thanks fir share information . steemit is rocking.
Agree... Keep sharing the light. Just got into a debate with FB statists who think all this "crypto nonsense" is just a fad that will leave us all "holding the bag".
We need to be aware though that although we know the truth, when statists see their ship of state sinking, their tendency is toward ruthless violence, so be prepared.
Yeah...crypto nonsense....$600B is nonsense.
FB isnt on the hit list as much as Reddit....that will really open some eyes.
Looking forward to 2-3 Million transactions per day in the next 6 months.
...and it will be interesting to watch Reddit (#5) and Steemit converge at somepoint.
Reading the 2017 Plan, Reddit was specifically mentioned in there along with the communities concept.
It does appear the steemit development team is not looking at FB but Reddit and taking dead aim at it.
Ultimately, with a couple hundred million users and no real ecosystem moat, it makes sense to go after that market. There really isnt much to make Reddit unique and, hence, is vulnerable to people leaving.
Why is the steem blockchain able to handle so much more? Also is it as secure though? There must be some downfalls of it compared to others that are not as fast?
That is something I can never seem to find an answer for... whether a transaction is just a monetary thing or does a transaction include all the data of a Steemit post? (Which would eat up mucho block space.)
Graphene blockchain that allows the data to be condensed which makes for faster transactions.
This is great news. I, for one, am glad that Steemit hasn't gone completely mainstream yet, considering the UI could still use a facelift. However, I think that once more of the world get's accustomed to cryptocurrencies and the blockchain, Steemit could be huge.
I wonder if someone will start an app on the Steem network that is more similar to Facebook one day. I imagine that would do very well, considering Steemit is more similar to Reddit.
Already in 703 place, this is an enormous growth. The most pleasant thing in this is to understand that each of us has made our contribution. For some reason, I now recalled the example of a large anthill with the preservation of its hierarchy. Rather, many anthills, In this case, each witness can be compared to a bee-uterus, active bloggers - with worker bees, and spammers with drone. Good luck to you and good.
A great achievement, this shows the public confidence in Steem is increasing, no doubt the future of Steem getting brilliant, thanks for the information.
I think it will be interesting to see how the volume matches up with traditional credit card transactions. Upvoted and resteemed.
From what I read, the network can handle up to 100K per second which exceeds the volume of both Visa and MasterCard together.
I will belive it once I see it real time. ;)
Visa is 150 million a day. So we are getting there, slowly but surely.
When the shift form the "get rich fast" mentality to the "invest in technology that actually works currently" mentality happens, steem will definitely see a price increase. We shall see how long it takes.
I'm a physicist. And I have an honest heart... I'm convinced that steem is the future... Everything says the future is for steem.
Now our society needs to bite the advertising...
Then you will see that Facebook will become like abandoned cities
I think the UI needs to add a lot more to be a viable threat to Facebook.
Heck, it is still lagging Reddit although the communities should help it close that gap some.
Yes, you're right ..@taskmaster4450. but now it's not bad. It needs a little change and needs a lot of support from us
I too think that Steemit is aimed at the moon. One thing that needs to happen to be able to compete as a premier social media platform... well two things - First the UI needs to improve. Second, Steemit will need to take on some advertising. It's that simple. Once the UI gets better though, I believe the real countdown to liftoff will begin.
The interesting thing is the amount of data of every transaction.
Steemit transactions handle an enormous number of posts with pictures, long comments.. This is a really bigger information amount than the 1MB every ten minutes handled by bitcoin. Surely we are speaking about different blockchain implementations with different uses.. But anyway, the incredible amount of data that STEEMIT can move is really really interesting.
If this capacity could be adapted for handling monetary transactions this would really create the possibility to replace traditional values transaction volumes. Of course this is pure sci-fi - I am not a developer and i don't know nothing about how to program a token - but surely Steemit offers great prospectives for ambitious developement roadmaps!
Well done STEEMIT!
Not just traditional transaction volumes but also traditional transaction structures. Although I'm terribly IT challenged and only a week old on Steemit - therefore still trying to figure out how the forum and blockchain technology work - I'm beginning to believe that Steemit can enable other disruptive creations. I've experienced first-hand how mobile technology challenged and transformed traditional banking in Kenya by leapfrogging many of the erstwhile norms. Most Kenyans don't have bank accounts yet they are able to send money across the country safely, cheaply, without guarantees and in seconds. Now add the volumes, the speed, the detailed and accurate records I've seen mentioned with regards to Steemit and the limit's beyond outer space.
I love the Alexa ranking as an independent indicator for steemit's success.
Do you think EoS poses any risks to Steem?
I am VERY new to Eos but I heard people talking about it running a "facebook like " site with amazing capabilities.
It is highly possible....there will be many different blockchains.....
EOS could well enter the social media arena....
It's very likely that the death of both steemit and Bitshares would come because of EOS.
Very hopeful and promising info. I have been here 6-7 months. I used to not the platform but it keeps getting better and better. I am loving it now and I think others are too.
Nice blog. I think i saw something few hours ago something similar on steemit feed. Is it possible that few people have similar ideas. Anyways good info on steem but someone already posted earlier it few hours ago steem online data
Steemit will be a total disruption in social media.
Maybe next year, if not, 2019 at last.
The future looks bright here
I check the Alexa rank almost every day and it's always going up!
2018
Hello again @taskmaster4450
Another post with the optimism we love about you. I too am an optimist for Steem... and for Bitshares for example.
I read the comments and saw the one about the UI needing improvement. That is definitely true. Another thing to do is to make sure new users can get some sort of streamlined not boring tutorial on how everything works.
I find onboarding here is terrible and people tend to give up before understanding it.
What I mean is, as people are lazy, this isn't mainstream material yet.
Good post as always. Upvoted.
Cheers
Yes the next fork will help with some things. The sign up process will be streamlined from what I read and the communities will be added ala Reddit type situation.
I am not sure steemit will ever be a facebook type platform...It doesnt sound like they are focusing upon that.
The potential here is incredible, isn’t it, taskmaster?
I tend to think so....I am somewhat bullish on STEEM....LOL
While that Block’tivity chart is indeed impressive, the second pie chart is an eye-opener:
http://www.blocktivity.info
Very true...plus the third.
When you consider the amount of daily traffic versus market caps, at least by this metric, STEEM is way under valued.
beautiful, u got new fan here
you are abeolutely right
if Alexa says it then it forsure true!! lol Great post
Exellent post my friend
just out of couriosity: is the high capacity of our blockchain (i write "our" on purpose, as from my limited understanding everyone holding steem owns a small part of it) a result of the extremely high block generation frequency or is there another "trick" involved?
3 second block times helps...it also was designed as a graphene based blockchain which allows for compression of blockchain information giving it faster transaction times.
Appreciate the time and effort you out in to share this man. It really does seem like the future! Getting a bit over facebook and reddit
#1 in activity? Wow! I didn't realize that.
Resteeming
New achievements for steemit...It is going to break all the records..
Definitely getting ahead. lol. Great news ! The transaction part is crazy - this is how the future of blockchain looks like - I cant wait to see EOS in action.
Good nice post. Upvts
Wow! really looks incredible
wow, i want to see this numbers when the users are in their billions, for sure its setting the pace