Can EOS disrupt Steem?
I've encountered quite a few blogs that predict that EOS will disrupt Steem. Dan Larimer even hinted that he would launch a "Steem 2.0" that fix the errors that he made when launching Steem for the first time.
Now, for the sake of transparency, I own a significant stake in both Steem and EOS. With that being said, here is my take on this issue...
Application Specific Blockchain VS General Purpose
To begin, EOS and STEEM are completely different beasts. The former, is designed for people to creates dapps that runs on a fast blockchain. It's made so that it can run decentralized exchange, social media, supply chain or even cryptokitties without transactions fees and blockchain bloating.
STEEM on the other is blockchain that specialized in media. Social media is a tricky thing and Steemit Inc now has 2 years under their belt...that's a long time to acquire specific knowledge on the intricacy of social media on the blockchain.
Competition Is a Good Thing
Because EOS might have a social media app, it doesn't mean that STEEM is in trouble. If anything, as an investor in STEEM I am thrilled that competition is coming...it is sorely needed. First, it's a validation that there is a huge need for social media dapps that pay its users for participating. Secondly, it will push the Steemit Inc team to double their efforts to stay on top of their game.
More competition will come on the front-end side to make it more user-friendly as well as new ways to approach these challenges.
Can EOS disrupt Steem?
EOS will disrupt Steem by the simple fact that there will be competition. But if you mean completely displace and supplant, I wouldn't bet my life on it. Building a long-term viable social media business on the blockchain is very complex and comes with a lot of curve balls. People constantly try to game the system and it's impossible to know how people will act once you introduce a new algorithm.
Conclusion
Please let me know below in the comment section what you think of this situation. Are you excited or fearful of competition?
I agree there will be a competition which is good for the system. The competition will put both EOS and Steem on their toes.
I believe both will continue to improve cos of the competition and both will continue to do well.
I think all STEEM holders should be concerned about EOS, just as all MySpace stock holders SHOULD have been concerned about Facebook. I'm not an expert but from what I've seen potential SMT projects could decide to launch on EOS instead of STEEM, a blockchain which appears to offer more scalability and advanced features. On top of this Dan has already said that he WILL be launching a social media competitor on EOS. STEEM is great but there is room for improvement, and those improvements will possibly be better on a new platform rather than trying to implement them into one that is already running.
I think the application specific nature of Steem is a huge benefit. With EOS you have an additional step/intermediary to consider.
My gut impression is that once the SMT toolset is available (& hivemind too), I as a non developer content creator could probably have a community and token up and running with no more effort than putting up a WordPress site.
Running a token directly on EOS is much more complex as it is a very broad, non specific operating system. So to be any real competition you need someone to develop a Steem competitor on EOS that in turn allows token issuance and customization of its own. So why not just remove the intermediary and go straight Steem blockchain?
The only thing to consider is the coin value . If bloggers can make more due to higher price of the coin, then bloggers will follow the money.
Hopefully steem will get it's proper valuation ater smt so this won't be a big factor
A huge part of this is Instant Registration and Steemit being able to advertise.
Once fixed, it should be a new ballgame.
Content creators doesn't really care that much about the money. They mostly do it because it's fun and engaging! That it's something new that is pushing human evolution forward. The for the money people will usually stop creating very fast.
I agree; Community building can be very easy on SMT and hivemind. It may be necessary to claim to be a separate entity with it's own internet domain but essentially all the mechanisms can reside on Steemit, STEEM and little else needs to be created. SMT is optional but obvious motivator to create a Community... even if @ned can't endorse this openly or connect the two officially due to "regulatory issues".
Exactly. Considering that every second now could be worth money. Does anyone have time trying to play 2 year catch-up with Steemit? At the same time they are doing that the ability to attract real content creators is a hard task that takes a long time to develop. People are very loyal and tribal once they start to like a specific platform. Unless something totally new comes out that is a massive game changer.
As both tokens are on ethereum chain they may integrate both into a social media setting.
Ie. Both tokens could be accepted as rewards or used in otherways exchanged converted etc.
Some ethereum kinship...
Both on Ethereum? STEEM is it's own blockchain and EOS is launching it's own in less than a month...
Why do you buy them with ether?
Due to ethe network etc,
What you seem to forget is how big this market is. There is no real competition. Also most of the advanced features isn't really needed. Content creation that it works is 99% of the game. The rest will fix itself. If EOS creates a social media competitor then it will also increase the value of Steemit since both these services will be on the cutting edge.
I feel like this will be healthy for Steem and we can see how strong they both stand against each other . But I hope Ned doesn’t loose focus of Steem once EOS is officially released . I think it’s going to be a healthy competition and they might numb heads but it shouldn’t interfere too much because this is a decentralized platform and that is a more of a coin ?
To answer the question, I'll say yes EOS will disrupt steem if everything goes well as planned.
If you look at the EOS blockchain, the hype about it, its speed, the dapp running feature, etc, you'll have to say yes! EOS will dwarve steem.
But then, Steem has it's own purpose and its own advantages over EOS. If it's about the running of a decentralised social media, it definitely has the first mover advantage. We're yet to see what SMT offers too.
However, it's worthy to note that the EOS blockchain has not yet been launched even though the testnet and different dawns has been tested, so everything is just pure speculation for now.
Fingers crossed. Let's wait for EOS to be launched and for it to start performing well, then we'll all see which one is more better than the other in which aspect.
Happy Steeming
I think I feel uncertain EOS and STEEM may not be on the same terrain, I mean it may even need the two to thrive or the two to fight to the death, but I won't say I'd be certain, I think there is a 60% chance of competition
well well well.. I think the features of the Eos blockchain(if they will be actually implemented) are enough distortion. Unheard scalability features..Mad transaction speeds..zero fees..And other amazing features..
For me, i believe the distortion will take quite some time because it will take a bit of time for Eos to get balanced on the market but when that time comes its gonna be not just the bane of steem but other affiliated cryptos as well..
EOS is a platform for dapp builders with features never seen before, but it will go thru some dark periods; impossible to for-see the results of next few months ahead..
Obviously it has the potential to wipe out a lot of other alt-coins.
Yeah same idea I got.. In the end. It's going to be one big time bomb!!
Why doesn't Steemit jump the gun and make some changes now, before EOS goes live. That is assuming that Steemit needs some changes.
I'm really not an expert in this but I have read so many posts identifying where changes need to be made. I feel they should at least be addressed. There probably are a few good ideas which would make Steemit better.
Competition will be very beneficial for all. I love Steem but hope some of the bad behavior can be curtailed.
I believe in steem and its applications, EOS will likely fail, it may look strong at first but the end will be far less than expected.
It will be interesting to see if EOS will be able to circumvent some of the problems we have here. Or if they will find similar results. Looking forward to joining when they get online!