State of the industry
Facebook, Youtube, Instagram and Snapchat are all battling for a market share of the most valuable market in the world - the market of time, each one of these companies gain based on the the number of users they being to their platforms and the amount of time those users spend browsing and consuming content. For the first time in the history of the planet Steemit has come along and we are able to distribute value in a completely different way, allowing the users to also gain from the system itself without the requirement of advertising.
In 2014 there was an article on Business Insider stating the CEO of Snapchat Evan Spiegel predicts the spectacular downfall of Facebook similar to that of Yahoo in the early 2000's - it is my belief that Steemit and the Steem blockchain projects will be the ones to capture this value moving forward.
For some perspective currently Facebook has a market cap of around USD$520.618B (at the time of writing) or in comparison thanks to a recent pull back of the market the total market cap of all crypotocurrencies in existence this shows that we are right at the beginning of the potential for the platform and any market share/user base gained will be hugely beneficial for the currencies. The original idea of giving the power to the people is still sound and the founders of course have the most potential to benefit. They provided us with the brilliant idea of Steem and the platform that brings us all together so it is absolutely deserved.
In percentage terms Steem and SBD market caps together are only 0.2% of Facebooks value at just under a USD$1 Billion market cap!
Development of the Steem Blockchain
In the short time I have been here I have seen more and more of the Steemians who are retained by the platform are retained by the feeling of community. You only have to see the success of initiatives such as Steemfest or to see just how much support the community has for the platform and its place in greater society.
I have seen a great war of words and values between @berniesanders and @haejin come to a truce for the benefit of the community. As more users come to the platform more and more of the veteran users are realising the huge potential of making this place a positive one to be and to spend time on.
UI development and HF20 have great possibility to expand the blockchain to more of the internet and make it easier for newcomers to understand and parkate straight away. If we continue to support the work of the original founders @ned and the rest of the @teamsteem then we as users of the platform will have significantly more input into the future direction. Steemit allows for channels of communication with anyone in a similar way to the Twitter of yore. You only need to see the updates and developments from user feedback that Elon Musk has implemented through listening to his customers directly and how that impacts them to realise this potential too.
How this compares
The Facebook user growth chart since inception in 2004 shows that it hit 500,000 users in 2010, 6 years after inception. It looks as if Steemit just topped 500,000 users at the end of 2017 and its only been around for 2 years! Great progress!
The ranking on AWS graph:
Steemit has been pushing through the AWS ranks like a bullet, just last week it was around 1600 worldwide and is now at 1299 (at the time of writing). Great progress
All from a platform that is still in Beta!
The more I delve into cryptocurrencies the more synergies I draw with the share markets. To announce an ICO is simply an unregulated form of raising capital. Much like going public as a company can through raising capital in an IPO. If we consider Steemit inc. as a direct competitor to the likes of Facebook and the other social media incumbents and if the current growth of the platform is sustainable then the potential of the Steem blockchain is huge as the social media industry is ripe for another disruption.
I wish the development team all the best for 2018 and the possibilities in the future. Many of us will continue to sing your praise especially if we are allowed to continue having an input into the development of the platform and the community.
If anyone would like to contact me to discuss the state of the world, the future of work and Steemit generally, you can find me on any of the following platforms or leave a comment below. Look forward to hearing from you.
Or ping me on steemit.chat
Recently I was in Adelaide and caught up with a few of the #teamaustralia community, as @mattclarke said it is the fact we are all human and able to spend time together that makes this community all real.
I look forward to meeting any fellow Steemians and hearing your ideas for the future. If you are currently in Sydney and would be interested in a meetup are also welcome to contact me. Lets build what we are all here to stay for, the genuine community.
True. If Steemit in two years equals Facebook growth record in six years, given its great financial reward system it means that Steemit in another four years should be getting close to Facebook. It's only a matter of time, really, for it to catch up. We should all keep up the community work.
Don't forget the concept of social media is mature now while it wasn't in 2004 when Facebook was launched. Steemit, dtube, dsound. They are just remakes of existing familiar concepts but build on the blockchain.
It really does feel like something new and exciting, thanks for reading and look forward to hearing more from you in the future.
informative
Great overview of Steemit and its potential. It's crazy to look at the rate of change of growth of Steemit in comparisson to Facebook, as well as how big the market cap could potentially be.
I am planning a lot of work to promote Steemit across different channels - advertising, Youtube videos, blog posts on other sites and more. I feel like a lot of people are too taking that approach, which is great because it means that more and more people are coming to the platform.
I just followed you on Instagram, would love to chat more!
I like your approach to analysis @lukebrn thanks for the follow and look forward to seeing more of your thoughts on the state of Cryptos generally.
Thank you! Glad to hear it, I have plenty to say!
Good story 👍👍👍
The greatest part of the crypto is an opportunity to be VC investment firm!... Basically, we have an access to invest in the early stages of the next Googles, Amazons, Saleforces and so on. But pls, do some due diligence to identify your own gems in the stack of garbage projects. SteemIt might be one the unicorns to really change your life. No guarantees, but still a decent probability of success!
I absolutely agree @p2port.com best of luck in the mania!
Thanks @afifbou
Nice article
Thanks @christinb
Steemit is growing very fast, just as u wrote if we should compare steemit and Facebook growth data we can see that steemit is on a fast lane to success
I think we will see an even greater rate of adoption once HF20 goes live, thanks for reading @ituasamuel
Steemit is really an awesome platform and we are so lucky that we're on board early. Keep on steemin!
I agree @ninyax! Keep it up!
Indeed , true things to admit , but i can say in the future that big companies , i mean really big , will stop using fiat and start using what we call crypto . It is much safer and faster due to high risk existing out there .
Great points you made .
Once it the industry starts to settle there will be some big winners and also some losers, the winners are going to be the best ideas and applications of the blockchain! Keep your eyes peeled! Thanks for reading @natanaelbara
Interesting read thanks.
My pleasure @martiniman thanks for dropping by!
Great article mate, I’m a goose and now I can understand how all this works a bit more
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