There are two main reasons why I think that Steem is one of the most exciting things online since the Internet (the www) itself. Both combined result in a very positive outlook for the chain. One of both reasons may be less obvious to many though.
The first reason is how the social aspect of Steem can change lives, empower people and change the future of many, especially of the early adopters and those living in less privileged societies.
The Steem blockchain will most definitely improve the vertical mobility of those now at the bottom of the ladder and those with access to cheap mobile phones and plans, but without actual tech know-how or opportunities.
Steem is one of the potentially most disruptive social networks ever.
The second reason why I am bullish about Steem’s futures is because of the infrastructure offered to the community and the upcoming SMTs.
When I say infrastructure I do not necessarily mean the speed of the blockchain but, obviously, it is an important element in everything else. As important as the no fee transactions and the witness confirmations within 20 seconds.
The technological excellence of the blockchain is a vital pillar of Steem’s futures even, an infrastructure which allows Steem to possibly become one of the main Web 3.0, decentralised Web 3.0 platforms.
What is Web 3.0
Web 3.0, nowadays often referred to as the Semantic Web, was first coined by Sir Tim Berners-Lee in 2006.
I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A "Semantic Web", which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The "intelligent agents" people have touted for ages will finally materialize.
Sir Tim Berners-Lee, “Weaving the Web” (1999)
Sir Tim Berners-Lee though thinks the semantic web itself is a component of Web 3.0 in which the semantic web serves as an integrator, easily (machine) readable data which can be parsed.
Sir Tim Berners-Lee via Paul Clarke In more recent years, the term Web 3.0 has slightly steered away from the original expression as coined by Berners-Lee and more and more become the name used to determine an Internet with less centralisation.
Just like blockchains, a decentralised Web. A web powered also by semantic standards.
In the world of blockchain, and crypto currencies, there are several players in the emerging Web 3.0, the Infrastructure Internet. The most known is undoubtedly the Ethereum network, the network which was brought to its knees with cryptokitties recently.
Another emerging blockchain network, and thriving community already, is Blockstack. Blockstack is a decentralised network which allows apps to run in a browser, completely decentralised and without any specific need for hosting as such. Blockstack recently raised $52m from its ICO. You may know the Blockstack network from the popular OpenBazaar marketplace.
When SMTs will be introduced to the Steem blockchain, the network, powered by witnesses, will provide the optimal platform for entrepreneurs to build verticals on top of the excellent technological prowess of the currently fastest blockchain available.
Complete with Steem’s rewards mechanism and an internal market for new tokens launched on the Steem blockchain.
The Steem Community is Already Building This “New Internet”
One of the things I don’t see mentioned often enough in the meta echo chamber, that is the current Steem(it) community, is how the Steem ecosystem is already building this new Internet, even before the launch of SMTs.
The most interesting aspect is that the Steem community is actively replicating the Internet we know completely in line with everyone’s own technological capabilities.
We have seen many communities emerge around #tags, communities reminiscent of earlier Internet platforms, some of which have gone on to become Giants of the Web.
A perfect example of this is the recently introduced #SteemFleaMarket, an obvious attempt at bringing an eBay-alike auction platform to the Steem community.
Important to remember is that Steemians have build this attempt at an eBay replica on top of the Steem network already, without having access to the SMT technology. Another community revolving around a tag is #steemgigs, a Steem-based microjobs community. Also built without access to the SMT tech.
The Steem ecosystem currently also already hosts its own YouTube alternative, dTube, a SoundCloud alternative, a decentralised 9GAG alternative. The Steem blockchain is also the proud host of the only platform rewarding open-source contributions, Utopian.io.
A ProductHunt alternative is also in the works, as is an Etsy alternative marketplace for creative sellers and DIY products.
Image via @steemhunt
While these, as well as content creation and even an adult entertainment network, seem obvious verticals to build directly on the Steem blockchain it is entirely possible that some day there may be a Steem SMT for the #runforsteem running community which rewards achievements with upvotes. Steem may even see cryptodoggies, aso aso aso.
Steem has already seen its own pixel site, a nostalgic throw back to the MySpace era and Alex Tew’s Million Dollar Homepage.
While many may laugh at these efforts, they are the evidence that Steemians are creating, and replicating, the Internet as we know it.
Contrarily to older blockchains, Steem’s speed and DPOS organisation have been battle tested already, without even breaking a sweat.
Thanks to the community and the technological prowess of the blockchain, as well as the Steem’s guardians, both he witnesses and Steem Inc. the future is bright for the Steem ecosystem.
While many may at times argue, with Steem Inc the community benefits and excellent parent who are fully focused on making the blockchain the best available platform, all while learning from history and the (social media) giants which have preceded Steem and Steemit.
At SteemFest², Steem Inc’s CTO @sneak was very prolific in emphasizing the company’s focus on learning from the best and focusing on building a platform not for one site but for thousands of sites.
On goal:
If steemit.com stays the only gateway to the steem blockchain, we failed at our job.
On using Steemit themselves:
We disencourage [our] people to use it, we are building a protocol, a decentralized platform. We need to make sure that the Steem blockchain is powering thousands of websites, not just 5.
On learning from failure:
Standing on the shoulders of giants, we can learn from 500 failed networks.
@sneak's SteemFest² talk
More than 25 years after the first website went online, with excellent guardians, a community which has already shown and proven its entrepreneurial spirit and one of the technological best and fastest blockchains operational right now, the future for Steem is bright and it is difficult not to be bullish about it.
Add to that that currently no other blockchain ecosystem can claim to be as anthropologically sound, and solid, or capable to revolutionise the online media’s revenue model, as Steem’s rewards structure, which is most definitely Steem’s second most important asset.
Its most important weapon being its entrepreneurial community.