As the New Year rapidly progresses, no day goes by without news of another big company making plans to “get on the blockchain”, the current reference by “normies” defined as “those unfamiliar with cryptocurrency and blockchains”, who refer to getting on the blockchains as they referred to getting on the internet in long past time, when people actually wondered out loud if businesses would every close their brick and mortar stores and conduct commerce on the internet.
Yesterday Amazon’s market cap exceeded one trillion dollars US, a feat reached only by one other company ever Apple, last year.
Yet here we are again, poised to begin yet a new adventure, with yet again another disruptive and societal changing technology; the blockchain. And once again people are wondering out loud if businesses will really leave their unsecured webpages and constantly hacked databases, for something infinitely more secure; the blockchain. (for now anyway).
We know that the blockchain can be much more efficient, much more reliable and trustworthy. It is by design trustless, as in not relying on the trust in either party, the software is or should be created as an impartial middleman who takes no cut.
We see companies creating low resistance pathways for other companies o to proven and reliable blockchains, like Ethereum, but where does Steem fit into all this change. As these big companies look for the quickest path will that path take them to Steem? I think that what we know is that the Ethereum block has scaling and latency issues, whic may be improved by switching from proof of work to proof of Stake, but we don’t know yet. We know EOS is out there and we know there are many applications on it. And we know Steem has many applications on it, in fact the top two applications based on daily transactions and people using the applications daily. We know the Steem is faster then Ethereum, capable of 11,000 transactions per second, these are fast, free transactions and we know we are currently using only 1% of Steem capacity, so we are a long way from experiencing the slowdowns we see on Ethereum. We know that SMT are coming soon, we already have Tokens on the Steem-engine side chain and we already have NFTs. We know that Tokenization is coming to the world and we already have Tokens here.
We saw big money in ICO’s , but know big money is coming to SCO or security coin offerings and I see a big future in utility tokens; the fractional ownership of collectibles. I think STO’s are going to big amongst accredited investors and utility Tokens big with everybody. Utility tokens are by design not security tokens and promise to unlock the equity in collectibles and works of art, by providing fractional ownership of things like the “Mona Lisa”. I exaggerate of course, there would never be fractional ownership of such a national treasure. But my point is works of art worth hundreds, thousands or millions of dollars, with their equity locked up and unreachable. But Tokenization provides fractional ownership of collectibles. This one thing increases the market drastically from the small number of people who have a couple million dollars of disposable income to a much larger number of people with $1000, $100 or even $10.00 of disposable income.
How big is this? I think it’s huge. There are literally millions of people spending $10 to $100 on lottery tickets. These people can instead buy collectibles with a much greater statistical probability of positive return on their investment. Plus this opens a new market for people who are already into collectibles involved in gaming and other online collectibles. Things like stamp collecting, coin collecting and others things like guns and antiques, which have existing trading success, but can be improved.
I think that this potential to bring thousands of people into these markets for collectibles is big for blockchain and big for Steem.
Stay thirsty for knowledge my friends.🍻
✍️ written by Shortsegments
“Knowledge, it never spoils or goes out of style. It’s always new and refreshing to the uninformed.”
-Shortsegments
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