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Why the concept behind Steem is far more interesting than the one behind Bitcoin by jako

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· @jako · (edited)
$531.14
Why the concept behind Steem is far more interesting than the one behind Bitcoin
<img src="https://i.imgur.com/2nSfERw.jpg">
<p>In this article, I will try to explain why I believe the concept of Steem goes further than Bitcoin. (nb: sorry for my english, I'm french ;))</p>

<h2>About Bitcoin</h2>
<p><b>Before Bitcoin, in our society, money obtained through work is not created, it is transmitted.</b> Money creation was only in the hands of central banks that create money without having to tie it to an actual work. One of the many great conceptual innovations of Bitcoin is for having closely linked the money creation to the concept of work (reward).</p>

<p>However <b>the model of Bitcoin can somehow be perceived as a client-server model:</b> the client is the 'human' who make a transaction, and the server is the  miner (not the human behind the miner, but his mining rigs). Although everyone can set a mining rig, we all know that this requires a heavy financial investment.

Even if we have a decentralised peer-to-peer money transfert system, the concept of client-server is still somehow underneath Bitcoin. In other words, Bitcoin brings a certain level of decentralization that we haven't seen before in the history of money and value creation... but not enough.<br/><br/></p>

<h2>About Steemit</h2>
<p>And here comes Steem and Steemit with a new concept. <b>I notice that people who are discovering Steem & Steemit and who come from the cryptoworld don't understand that posting and curating are the equivalent of mining.</b> While it may be hard to none technical people to understand that bitcoins hold real value, it seems somehow hard too for crypto-believers that we can go beyond a protocol centered around miners.</p>

<h3>There are two very interesting aspects in the Steem protocol:</h3>
<p>

* It humanises the work required for the reward (posting and curating, rather than finding a hash with a certain number of zeros at the beginning)
* It delegates the verification process of the work to another human. rather than embedding it within the protocol. In other words, we are switching from a model where a mining rig provide a work that is veryfied by an algorithm, to a model where a human provides a work that is evaluated by another human.</p>
<p><br/>
<b>With Steem and Steemit,  miners have a secondary role, and that is great for people. The money transfert system is still peer-to-peer but now even the money creation/distribution can happen in a far more unpredictable way than Bitcoin.</b></p>
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@atom44 ·
Качественный, открытый и полезный контент, без задних помыслов, только ценная и практичная информация! Спасибо, было интересно получить ценную информацию! Уверен, очень ценный для многих обзор! Так держать!
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@jako ·
Thanks for your comment atom44, (and thanks google translate as well :-) )
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@bavak ·
"Money creation was only in the hands of central banks..."
Great points about the democratization of money creation. Since the money is created by someone who directly values what is produced, we can be more certain of its value. The central bank has to rely on estimates of macroeconomic performance. A crude approach at best.
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@bondor ·
Very well worded and to the point. Consider yourself followed.
👍  
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@brianphobos ·
I agree that Steem and Steemit is more interesting in a lot of ways.  I feel like Bitcoin's consensus issues have really caused issues for it.  I just made a post about this.  I just made a post about this.  Please consider upvoting me.  I just upvoted you!  https://steemit.com/steem/@brianphobos/linux-distributions-aren-t-confusing-but-crypto-forks-are-why-is-that
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@jako ·
upvoted! (not because you ask me, but because you raise interesting point in your article ;-) )
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@cryptobarry ·
Interesting thoughts. Steem has reignited the fire in me for Crypto, it's attracting people who never heard of Bitcoin. But I must say the foundation of what makes Bitcoin great is the steady and predictable rate that new currency enters circulation.
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@jako · (edited)
With Steem, 800 STEEMs are created every minute, so t is predictable as well. What is not though it is how it will be allocated (check page 35 of the white paper) For example, you can have suddenly a new user coming from nowhere earning huge amount of fresh new Steems with one post. With Bitcoin you can somehow check the hashing power of each mining pools and determine the chance each one may find the next block.
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@doctor ·
It truly is revolutionary! The whole concept behind Steem is not something to falter over. I believe within the next couple of months, it could possibly take the world by storm, and this will be the new norm for social media.
👍  
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@james212 ·
$0.60
Nice post.   

I would add that now only does content creation/curation put a human element into mining, the more important point is  that content creation/curation puts everyone on a more level playing field as the barrier to entry it much lower.
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@michiel ·
$0.11
I think you can't compare them, they are both a great opportunity in their own area. I think they will exist next to each other.
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@tianan ·
Agreed. I'll give you "interesting," but "more interesting than Bitcoin" just seems weird to me.
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@vlad ·
$0.18
Steem  http://childrensgriefconnection.com/wp-content/uploads/2015/07/be-strong.jpg
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@rbc421 ·
Sweet article
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@steve-mcclair ·
I talked about this when I went to Area 51. 

https://steemit.com/area/@steve-mcclair/area-51-steemit-has-arrived
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