This is unlikely to happen in the next year but how about five/ten years from now?
I believe Steemit’s decentralised structure poses an enormous risk to Facebook. Unlike Facebook, Steemit runs on its own Blockchain-supported currency facilitating a structure that allows content to be rewarded in the form of Steem Power and Steem Backed Dollars.
From a non-technical point of view, the difference between Facebook and Steemit that stands out for me is the way in which the success of the platform is shared.
Facebook was developed by a small group of people and those people alone have gained from its enormous success. The benefits of Facebook are, in my opinion, skewed in favour of the owners.
Steemit is very different. Steemit’s founders set this incredible machine in motion and while they deservedly have gained the most from the success the platform has enjoyed, they have opened Steemit’s bonnet to the world and allowed it to flourish in a decentralised environment.
By doing this, two things are achieved.
Firstly, instead of a small group if people being instrumental in the success of Steemit, everyone can play a part. 100,000 heads are will always be better than ten.
This to me is a much more effective way of building a successful network like Steemit. I can obviously appreciate the success of Facebook and what it has brought to the world but I think Facebook, like so many other social media companies, may be seen as operating under legacy systems at some point in the future. If that time comes, what will they be able to do?
Secondly, everyone can share in the success of Steemit by making their contribution whether it is as an author, a curator, a witness, etc. I don’t see Facebook’s ever being able to do that.
I do think this is very much early days and Facebook is not in any immediate danger, however, it is only a matter of time before users of Facebook and Twitter can’t ignore the rumours of the decentralised world and what it offers.
If my Facebook app could collect dust it would be barely visible at this point. Steemit has a hook stronger than anything that has drawn me to Facebook.
Thank you for reading.