One million accounts have now been created on the Steem blockchain, the token economy of websites like Steemit. New users are joining on a regular basis, with 60,000 unique accounts transacting on the Steem blockchain each day.
Steemit.com is visited by over 250,000 people each day, with hundreds of DApps interfacing with the Steem blockchain to provide an additional source of users. Steemit accounts for 55% of the Steem blockchain users, with 16% coming from eSteem, 9% from Busy, 5% from Zappl and the rest from an assortment of other DApps.
The 1 million Steem users is small, when compared to the 33 million unique Ethereum addresses that exist. However, the protocols are used very differently, meaning that the gap in total users is likely much smaller. Many ETH users create multiple accounts, with new wallet addresses created whenever a token transfer is performed. In contrast, most Steem users use a single wallet address for most of their transactions. It is possible to create multiple Steem accounts, but the protocol is Proof-of-Stake, meaning that there is an incentive to maintain a larger balance in a single account, in order to accumulate Steem Power, which translates not just to token value, but to influence on the associated content networks.
To put Steem into context with Ethereum on total transaction volume, the most active Ethereum application is Cryptokitties, with just under 3,000 transactions per day. Compare this to over 9,000 transactions per day on eSteem,
Presently, there are between 2.9 – 5.8 million unique, active users of cryptocurrency wallets, according to a Cambridge study. Unlike many other digital assets, Steem has associated applications and an ecosystem.
With its real-world applications, Steem is bringing legitimacy to cryptocurrencies. Some of the most popular applications and websites include busy.org, d.tube and dlive.io. Users discover and find value in content on these websites. From that point, some of those users will choose to participate in the Steem ecosystem, and further value is created and shared. As the platform grows, it attracts entrepreneurs and content creators, leading to even more growth.
Also of note, Steem is the engine behind alternatives to the top social media networks. Youtube is demonetizing videos that don’t match their terms of service, where channels that were previously highly profitable are now finding that they no longer have incentive to produce content on that network, due to the loss in ad revenues. While some creators are asking for Patreon donations to fund their efforts, in order to stay on Youtube, others are choosing to move their channels to d.tube and other websites. There, they have more freedom to produce the content that they and their fans find to be of interest, and the free market of Steem tokens drives the direction of their creativity. As more alternatives to Youtube, Facebook, Twitter and other major social media platforms come into existence, the end result will be that users themselves will benefit. What’s more, Steem gives content creators and others an opportunity to make data-driven decisions, based on the value in Steem coins they earn.
The Steem Developer Portal was created to help people to produce applications on the Steem blockchain. Open source code is available on github and developers are taking advantage of the resources to power their DApps. Once again, the obvious incentives will drive application development, which in turn drives further growth of Steem. The’re at over 1 million users today, and we can expect that number to continue to rise as new users and new appilcations are introduced to the ecosystem.