You are viewing a single comment's thread from:
RE: Steem: Getting Attention In Business Insider And A Crypto Fund
So the question becomes, blogging will get Steem but so far, will Steem not being a Smart Contract blockchain hurt Steem longer term? What's your thoughts on the matter?
I see no problem with Steem not having the smart contract ability at the base layer. Those that do are looking to layer 2 solutions to scale anyway. Steem is just the reverse, the base layer is absent of it but the SC function is on the 2nd layer.
This is what allows Steem to be fee-less on all transactions. The others have to account for every possible transaction hence the per transaction charge.
Steem just is fee-less and if something fits outside the base layer mold, it can be structured on the second layer. An application like Steem-Engine has the flexibility to contour a token however it wishes. Thus it could require one to hold ENG tokens, charge a monthly premium, or even instill a per transactions fee. Their code is completely seperate.
Steem is a specialized blockchain but as we have seen, the innovation of people means it ends up being more than just a blogging platform.
Another example of putting SCs on the base layer being a bad idea is VeChain. They developed a two-token system just so people would pay less fees. VTHOR is the gas token and you can either buy VTHOR or earn it for free by owning a masternode. They hoped that selling Thor Masternodes would prop up the price of the governance token (VET), but only so many people bought those nodes and when there was nobody left to buy, the price of the VET token predictably collapsed. So if your goal is to onboard big awesome MNCs and the like, you better keep it fee-less on the base layer. Nobody wants to pay a fee for every single transaction. That's just insane!