Sooo I've been cross-posting my shit to #steemit
the last weeks, which has earned me more than $10,000 (currently) worth of its own built-in crypto-coin.
is (also) a new decentralized social network, I guess it's worth some inspection and discussion here. Instead of pods, it's blockchain-based, that means any entry point would use the same logical database (aka blockchain). On technical grounds, it seems to work really well. The main entry point is steemit.com, though there are also other "content explorers" (or block explorers
in blockchain-speak), like steemd.com and probably more. A local client would be (for me) the most preferable way for access though.
The blockchain engine under the hood called #graphene
scales well but is unproven, which they admit themselves on their website. And also unlike #bitcoin
, it relies on community-elected master nodes or "witnesses".
The platform is currently designed to look more like a cross between #medium
, though it seems everything is in place to cobble together a front-end to make it look and behave more like #diaspora
Instead of (or additionally to) #mining
, newly minted coins go to users who contribute posts and curation (i.e. votes). This is an idea with known and in the respective circles much discussed advantages and disadvantages, but it now has been put to practice.
If you can contribute good original content, like well-written articles and photography, it may
earn you some notable income without much effort even at this point, but I expect this to become more and more difficult over time if/when this network becomes more and more successful, dare I say overrun. Very important is a good first post tagged with #introduceyourself
describing yourself to convince the community enough you're not a bot or sockpuppet. You're not required to reveal your real identity though.
It's technically also not so easy to join the network actually, because of the mentioned bot and sockpuppetry problem. It costs 10 #steem
to create an account, which you can buy from exchanges, or mine yourself with the #steemd
executable. Most non-technical people though can easily sign up with their #facebook
accounts, a process which seems to be sponsored by the owners of steemit.com website.
Due to the (of course intended) viral effect caused be the $$$, this network is already quite successful, dare I say the most successful decentralized social network so far, that no-one even heard about, probably not even here on #thefederation
, hence this post. It seems steemit.com is soon about to enter the top 10,000 popular websites world-wide already after a few months being in existence.
The monetary incentive structure already causes the most successful posts to be motivational self-improvement drivel and circle-jerking praise of this platform though, almost as expected.
The long-term economic viability of the incentive structure is quite uncertain though. They've put a lot of thought into it, they have no less than three different integrated crypto-coins to incentivize long-term investment into the platform against over-eager cash-outs, but I at this point would recommend to not
invest real money from outside into it. It seems if they cannot keep up a certain growth rate, the whole thing would collapse.
But all in all, it's an interesting experiment for sure, from which we will be able to learn a lot over time. It may also show the future of #journalism
and even #cryptocoin
for single articles would become unnecessary. An author or agency would simply become a stakeholder in such a platform, and their stake will be influenced by the quality of their content, reflected by users' voting behavior.