Why Digg Failed: Can Steem Escape This Path?
Since Steem is a blockchain-based Digg-like project, it's very interesting to read the story of Digg's failure.
"Digg always wanted to be the democratic alternative to the oligarchic media in determining which stories got the best exposure. The idea was simple: Anybody could submit a story, then anyone else could vote it up or down. The cream would rise to the top, and the great masses could have their stories selected by the crowd.
It was supposed to be a "People's Choice Awards" for news and content.
Unfortunately, the initial design was fundamentally flawed."
Read the full story: http://www.computerworld.com/article/2506833/web-apps/elgan--why-digg-failed.html
The problem is when they rig the system to promote their own interests and get caught. This should not be possible with a block chain based system.
How can we be sure that Steem creators and steemit.com owners will not promote their own interests?
Because the system would have to be rigged in the code...which is freely available to anyone to audit or investigate on github:
https://github.com/steemit/steem
This makes sure that there is the ability to check that the software is in control of the system.
An issue can and will exist if steem becomes immensely popular and whales can control what posts make it to trending.
There are two major differences between Digg and steemit though:
There are similarities, yes, but I believe the good aspects outweigh the bad ones.