Probably not!!
It was only a matter of time before the market realized that STEEM is severely under-valued. And with the STEEM cryptocurrency soaring 112%, January 1, 2018; perhaps, investors have finally allowed common-sense to rule the day and began listening to what “Steemians” and “Matrix Thinkers” like Matrix Thompson of the Pamper Me Network have been arguing for some time now. If you require reminding let's consider the #cryptocurrency investment strategy Matrix Thinkers endorse:
"Judge cryptocurrencies based on their ability to scale, their sustainability and their interoperability. Think like Google (Android), Microsoft (Windows) and Facebook (Like button) and you will better understand and appreciate the business model STEEM is deploying. Search for cryptocurrencies that are building a loyal network of users and supporters whom depend on each other and not the market for their success. Search for cryptocurrencies whose network infrastructure can support rapid growth."
#STEEM is quietly achieving success because it has solved the scalability riddle that confounds #Bitcoin and #Ethereum and angers their users. It is building an ecosystem of software developers, content publishers, influencers and online marketers that leverage the platform to create intrinsic value (wealth) for themselves. Its business model is sustainable and interoperable.
But these are not just words, "we so believe in the STEEM #blockchain, that we, at the Pamper Me Network, will fully consume the STEEM API by integrating our own social rewards platform with the STEEM blockchain and in doing so accelerate content distribution and monetization for licensed Matrix 5.0 users including social media #influencers," says Matrix Thompson, Founder, Pamper Me Network, Inc.
Thompson adds, "it makes sense as we are already on this path, with the development of social rewards technology."
These reasons alone explains why today, STEEM destroyed #Bitcoin on quantity of transactions at 1,382,438 while utilizing only 0.11% of its network capacity. Bitcoin on the other hand, could only muster 497,349 transactions, consumed 100% of its network capacity and failed to process 91,589 transactions. Even Ethereum at 1,180,376 transactions lagged STEEM (while consuming over 55% of its network capacity).
But these are NOT the only reasons why STEEM is undervalued. Let's also consider the following:
- Most transactions
- No transaction fees
- 20 successful hard forks
- steemit.com (their beta social network) is being used
- Steem is supporting the attention economy that drives the Internet (social influencers, content publishers and software developers)
- Two formulas to measure importance
- Steem community feature is in development, soon to be launched
- Delegated Proof of Stake is driving the blockchain
- EOS.io - A new smart contract platform is coming in 2018
- All Users get paid for their work (a better formula to paying only miners that can afford expensive mining equipment)
WAIT A MINUTE ... ETHEREUM IS BEING EMBRACED BY SOFTWARE DEVELOPERS
Yes, it can be argued that Ethereum is being embraced and adopted by a growing network of software developers (especially new cryptocurrencies whom are building their solutions on the Ethereum blockchain). This is fantastic; however, it wont last until they correct their network issues. Right now, the clock is ticking.
SCALABILITY IS A REAL PROBLEM FOR BLOCKCHAINS
From Bitcoin to Ethereum, blockchains realize that scalability is a major issue. In fact, even the founder of Ethereum, Vitalik Buterin has acknowledged scalability issues:
"Scalability sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network." - Quoted in Forbes
Bitcoin has discussed solving its scalability issues with hardforks. The hope is to double Bitcoin’s block size in order for the network to accommodate more transactions. Ethereum on the other hand, aspires to "improve the platforms' scalability, including a shift from proof of work (PoW) to proof of stake (PoS) as means of validating transactions and achieving consensus. PoS is supposedly more cost effective, and Ethereum’s development team is already working towards implementing it," says Nikolai Kuznetsov, Forbes.
STEEM BLOCKCHAIN APPEARS TO HAVE SOLVED THIS PROBLEM
Today, January 1, 2018, STEEM surpassed 1,000,000 transactions within a 24 hour period. However, it wasnt the first time. We wrote about this accomplishment in December 2017 and will continue to drive home the importance of scalability when evaluating cryptocurrencies. Review the charts below and notice the similarities with the performance of STEEM, Ethereum and Bitcoin, January 1, 2018.
Yes, it's true, Ethereum did process 1,115,461 transactions; however, it struggled to handle the load, using over 43% of its network capacity. See below.
Meanwhile, Steem handled the load like a champ, using only 0.09% of its network capacity.
Even worse, Bitcoin used up 100% of its capacity with over 118,968 transactions left unconfirmed.
Now, let's think about that for a second. Imagine you went to your local ATM, deposited $1,000 in your account to cover your mortgage payment, your bank never confirmed (successfully processed) the transaction and your creditor deducted the $1,000 amount owed from your account. Would you be happy? Would you remain with that bank?
Well, this is the future of cryptocurrency blockchains that do not solve their scalability issue. At first glance, and by the numbers it appears that STEEM is on its way towards solving this problem. Continued evaluation of the blockchain will determine whether it holds up to initial potential and continue to execute the given business model:
- Steem is an open source blockchain protocol that any developer can leverage to build social applications that reward users in cryptocurrency
- Reward splitting enables developers to immediately generate revenue by redirecting a percentage of the STEEM distributed through their application to themselves
- Real-time Zero-fee token transfers enable microtransactions, frictionless interaction, as well as lower cost products and services
- Steem is a distributed database capable of storing large quantities of content
- Steem leverages the wisdom-of-the-crowd to distribute cryptocurrency rewards in a fair and transparent manner
- High levels of usability and security through a hierarchical private key structure
- The ability for multiple people to control individual accounts (multi-sig authorities)
- A rewards pool filled by algorithmically generated tokens that incentivizes content creators without introducing friction or cognitive load
- User-chosen account names replace the difficult to remember (and hard to type) wallet addresses used in other blockchain protocols
- Built-in escrow payment support enables the exchange of goods and services with a trusted third party intermediary
WHERE TO BUY STEEM, BITCOIN OR ETHEREUM:
You can purchase STEEM, Bitcoin or Ethereum from HitBTC. Click here or visit https://www.pmncoins.com/index.php?option=com_mtree&task=visit&link_id=42&Itemid=654