While the realm of Bitcoin got even more divided, Ethereum and Monero got trade hyped, while Dash went off a slope, Bitshares went through a test that should attract some attention. And therefore so should Steem. You know why? Because it is going to be all about transaction speed, cost and the ability to scale fast, not tomorrow, but now! One block every ten minutes, or one every 60 seconds, or the slowed down complex ethereum one? Forget it, they cannot do it! Countdown like this: "3-2-1" and you know how fast block times are for Bitshares and Steem... Yes, former Bitshares and Steem developer Daniel Larimer is moving on to new (blockchain) adventures, but he can do so, because he left behind something that can be build further upon.
Currently there is no known blockchain technology out there that is able to even get close to the transaction speed and the amount of transactions per second of Bitshares and Steem. To make it very clear here, mister Vays is a very bad advisor when it comes to Bitshares and Steem. He did hurt these platforms systematically, even when he admited that he does not understand the blockchain technology, at all. So please do distinguish facts from 'Vaysction'...
Now I almost lost my cool there. Some curse words came to mind, yet I managed to keep them inside.
The stresstest proves it
At a good day Bitcoin can do about 160 Transactions Per Second {TXS}. If it scales to 4MB per block that would go up to about 640 TXS. Most of the other cryptocoins work the same way. Now, let's give Dash some thumbs up for maybe being able to hit 1600 TXS. It is mainly future talk by the way. Just like decentralized exchanges for these coins and things like that. And smart contracts on Ethereum, might be clever, yet extremely slow. Not even brought up the thing that lead to a blockchain split. Bitcoin seems to be going the same way, due to a dispute between developement teams. Monero, is mainly a mix and match technique, to try and hide transactions. How fast is it, and how well does it scale? Yes, the market, well, that is mostly about speculation, not about knowledge.
Recently the Bitshares testnetwork did a stresstest. And this is in the here and now, mind you. Right now that network can do 3300 transactions per second. That means 198000(!) transactions per minute. Being able to do 14000 Operations Per Second {OPS}, a bit more than 4 operations per transaction. That is now, not in the future, not over a month, or a next fork that still needs to be accepted by a network of miners. No, this is NOW! You want to see a superior blockchain technology at work? Well, if you are on Steem, you are part of it already. Bitshares and Steem did basicaly come from the same technology base, both originally created by Daniel Larimer and now continued by other enthousiastic and talented developers. And you need proof of this incredible superior blockchain technology?
You can see it for yourself
There is a site that shows life statistics for Bitshares, Bitshares testnet and Steem(!). Just CLICK HERE to pay it a visit. There is a dropdown menu that lets you select which network you want to watch. The main reason Bitshares and its code cousin Steem work at such great speeds is because they do their blocks on the count of three. So, what discussion about scaling? Or User Issued Assets, you may call them coins too if you want too. And confirmation times? Where? Not at Bitshares, not at Steem. Where is that decentralized exchange for all these other slow blockchaines? Not even to start about the costs of transactions. And if you have an account at Steem, you know how fun it is to give Steem Power, Steem Backed Dollar or Steem to any other account. With a message it is even more fun, as cheap as 0.001 STEEM, such fun, now can your DOGE do that?
In my opinion Steem and Bitshares are extremely under valued. But that is due to the capital locked into the classic blokchains and the way they have been hyped for a long time. At some point though the more smart investors will move to the superior blockchain technology. Especialy because it has a lot of growth potential, not to be found anywhere else currently. And it can do so much more than just move value around, yet even at that Bitshares and Steem excell!
The future is already here
Bitshares is going to add private transactions as part of the developement and Steem has only just begun to evolve, still in beta (experimental) fase. Exciting times, they are, more to come, but for us the future is already where we are at. Just realize how that works, 3-2-1 and another block added. Now compare that to 10 minutes, taking sometimes more than an hour to confirm, that's Bitcoin. And Dash makes that 6 times faster, true, but it still is not near 3-2-1. If you are using Bitshares and/ or Steem, you are in that high speed realm, there you go, another one, 3-2-1...
Maybe you did not grasp the extreme speed and the sheer power of the Bitshares and Steem blockchain networks. Hopefully you do now, or a bit more, at least. And even though Daniel Larimer might have moved on to new and exciting future developements, he did create it. Were now other clever developers can take the solid working foundation and move it forward into the future even more.
Now is it not exciting, can you feel the vibe?
Steem 'n Roll and have a splendid weekend!
License: cc0/public domain. Image by @oaldamster,
background 'bitcoin' photo by Benjamin Nelan at Pixabay