Steemit briefly mentioned in the Economist as the most elaborate working crypto-economic model.
On the plane home today I had a nice surprise.
There was a special report in the economist about fixing the internet.
It talks about how the internet should have made the world a less centralised place, but the opposite happened.
Part of the report is called 'Raiders of the killer dapp' (and that part is not behind a paywall, read it here.
Blockchain is mentioned as well as other blockchain projects but also Steemit!
When I read about Steemit outside of Steemit it always gives an extra buzz! Can't help it.
"The most elaborate working crypto-economic model, however, is Steemit, an online forum which rewards its 1m or so registered users for posting contributions or rating content with real money in the form of steem, another sort of token".
Most elaborate WORKING crypto-economic model, I like the sound of that!
But there is more:
"Moreover, many blockchain projects are themselves quite centralised. Almost all bitcoin mining happens in China and is controlled by a few firms (although the government is now trying to constrain the energy-hungry industry). And token ownership is often concentrated, too. Steemit, the online forum, is an extreme example: 90% of the “steem power” tokens are held by 2% of users, though the firm is trying to change this."
The firm is trying to change this. Mmmm....interesting.
All together a cool article.
Although I wouldn't have mind a little deeper digging by them into steem (and not just steemit) but I'm sure that will happen some day :)
I must admit I enjoyed reading for two hours on the plane with no distraction of the internet.
It's been a while! :)
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Yea I agree I remember how decentralised the internet used to be now it seems these days you need a facebook account to register to many websites this is in a means to identify who you are, and then so other users can go check out the real you, anyway great find @exyle especially when your miles high and I must say I was also intrigued by "The firm is trying to change this." hmm really..
Yeah, lets hope the future is decentralised :)
Greetings, Exyle
Well, that's pretty cool news about Steemit coming out. The more news out of our economy-linked platform, the greater the visibility we will have, attracting new users and investors, don't you think?
With respect to 2% of users to hold 90% of Steem power, I find that something very common and is that way in the whole world. Not that it is the fairest, but investors will always have capital to influence the system in which they are inserted. Who has capital to apply in Steemit and buy Steem, turning into Steem power, will have advantages in here, as greater visibility and earn more steem, because, compound interest here works!!!
Thanks for posting!!!!
Ahh! Drives me crazy that they call the platform Steemit rather than Steem. PSA, if you catch people doing this, please point it out. We're here for the decentralized network!
Many make the mistake.
Great to know
as steemians we are part of something great.
Thanks for sharing and bring assurance to us.
Keep on postin'
Thanks!
It is good that the Economist mentioned Steemit. I would have thought by now Steem would have had a full article in the Economist. I'm sure it will happen soon enough.
90% of the Steem Power being held by 2% of the users sounds about right as well. It sounds bad but is not as much as a problem as many would think. The creation of the rewards pool will dilute that concentration of wealth. I also expect many of the whales to powerdown and leave once Steem reaches a target price. This would be quite gradual so as not to crash the price.
That is good news @exyle. I have been seeing writeups about STEEM appearing in different places. It is good to see it getting some publicity.
The fact is that anyone who is looking at the blockchain industry, to find a real life use case, STEEM is about the only game going. The rest are still in the planning/projection stage.
STEEM is doing it...each day....tens of thousands of people operating on this blockchain...and it is only growing.
The future is bright....new apps like actifit keep showing up on a regular basis. There is going to be so much on here in a year or two none of us will be able to keep up.
I can already not keep up :)
Hopefully someday it will be on the front cover. :)
Baby steps, man. First the inside, then the cover.
Soon
"90% of the “steem power” tokens are held by 2% of users, though the firm is trying to change this."
What?
So after 1 year of hard work I've made it to the 2% club and now they are trying to change this?
Just kidding, I am still in the 98% club untill 2048, but I don't like changes in general. 😉
An interesting article, my friend and always interesting to hear the opinions of our ecosystem, especially from such sources, of course I was also surprised by the authors' statement about 90% of SP in 2% of users and the fact that the firm is trying to change it, the interesting opinion of the authors of the article, but still nice when the Steemit is spoken in the world! Thank you Mark.
Any publicity is good publiticty @exyle. The Economist Magazine is also the Magazine with the 1988 Cover of the change in Currency in 2018, I did not know if you already knew that...............
That's a very famous cover! Let's hope it will be STEEM lol.