SCALABILITY OF STEEMIT
Following on from yesterday's successful Hard Fork and huge Congratulations once again to Ned and the Development Team, I wanted to share with you this short video I made earlier.
As most of you will be aware now following the Hard Fork yesterday the rewards appear somewhat to have been reduced dramatically.
This was to be expected, as reward structure has been altered significantly.
Before you get alarmed, this is not bad news, and if anything this is great news for Steemit.
Why?
Let me try and explain.
Currently there is now over 140,000 accounts on Steemit.
Obviously these accounts are made up of a combination of account types including: Physical Bloggers, Physical Voters, Bot Bloggers, Bot Voters and Dormant Accounts.
Setting aside the Dormant Accounts what we are left with are the Physical and Bot Accounts.
Now some will say that the Bot Accounts should be discounted, however I strongly disagree, as I strongly believe that for Steemit to operate successfully there needs to be an element of Bot Voters chomping away in the background.
Currently there are in excess of 5,000 Active Bloggers producing in excess of 2,000 Blogs per day and I assume looking at the Blogs I would comfortable say that the majority are Physical Blogs.
These 5,000 Active Bloggers producing 2,000 Blogs a day is growing and there is clear evidence of this.
Yesterday's realignment of the reward structure was needed to allow scalability as more users arrive to the Platform and begin Blogging.
At 2,000 Blogs per day and climbing we will soon be hitting a jaw dropping average of 1 new Blog every 30 seconds.
This will equate to 2 Blogs x 60 minutes x 24 hours = 2,880 Blogs per day.
It is this latest reward structure realignment that was crucial for a scalability beyond this type of volume.
Hopefully yesterday's Hard Fork has not caused too much stress, anxiety and disappointment as this realignment of rewards will smooth itself out in the coming weeks and months ahead.
As far as I am concerned yesterday confirmed the resilience of the Community to handle what some will see as a shock without any fundamental detriment to the integrity of the Community.
I hope this short video helps.
Thanks again for reading and watching.
Stephen