"The Crypto Project that is actually being used by people is the best indicator of value that you can have"
This isn't my quote, it was taken from the website Blocktivity (https://blocktivity.info/), which is a website that tracks transactions across blockchains.
The quote can be seen here:
If you are not familiar where I am going with this, you will be.
Using this logic, one would think that the blockchain with the most transactions would also be the most valuable.
Makes sense right?
Continuing with that logic lets take a look at the blockchains with the most transactions:
Check out that first one, our beloved Steem.
Not only is Steem the most active blockchain in the world, but it is by a wide margin.
Not only right now, but it's been that way for a while now.
In the last 24 hours, Steem has done over 8X more transactions than BTC and more than 2X that of Ether, the two most valuable blockchains on the planet.
I know what you are thinking, perhaps it's just been a slow day for BTC and Ether?!
Nope.
Steem has done close to 2X the all time high number of transactions in Ether and get this, it's done over 4X the all time high number of transactions in BTC!
Let that sink in a bit, little ol Steem has done 4X as many transactions in a single day than the most valuable blockchain on the planet.
Not only that, but look at steem compared to all other blockchains in terms of transactions:
As you can Steem has done far and way the most transactions over the last week compared to all other blockchains.
That is mostly due to the fact that the Steem blockchain has a very popular website Steemit.com built on top of if.
Which also brings me back to my point though, Steem is one of the few cryptocurrencies that currently actually has a use case.
Given that information, one would think that the overall valuation of the network should be at least somewhat close to that of the most valuable blockchains?!
Nope.
Check out the list of cryptocurrencies by market cap:
(Source: https://coinmarketcap.com/)
As you can see, Steem sits at number 30 overall with a market value of roughly $800 million.
By comparison, that makes Steem 230X less valuable than Bitcoin.
For a better visual, here is a comparison by market caps:
In what world does that make sense?
Yes, I get that each chain is solving very different problems and has very different use cases and potential, but the difference in valuation compared to their usage at the current time is staggering.
At some point will valuations more closely match usage levels?
I would think so.
To Recap:
Blocktivity is a neat website to check the number of transactions occurring on the most popular chains.
Steem is far and away the most active.
Steem is significantly undervalued compared to many of the others based on it's usage.
At some point I would imagine that money will flow into projects that are actually getting used by people, much like the quote at the top of the post states.
Stay informed my friends.
Charts and graphs were taken from:
Image Source:
https://coincentral.com/what-is-steem/
Follow me: @jrcornel
Nice analysis! Looking forward to the future in STEEM
👍💰💰💰👍
Right now, most crypto success is built off of marketing. There are far too many people looking for the next “get rich quick” crypto and buy solely based off of hype rather than actual use case and research.
That is a very good point. Having said that I sincerely hope that steemit.inc plans on spending some money on advertising and marketing when the website and platform is "ready". Word of mouth has been great so far, but we could grow many magnitudes more with some advertising.
HERE IS THE HYPE
Computta
https://computta.com/?ref=268161
These guys have really figured this out. You can make money while you sleep, Just signup Download the free miner. There is never a fee. (not to sound like a shill) This is like a money drop! I will post again with details of my profits.
I guess we can't do much something about that. Many of us want to get rich.
The major draw about Steemit, at least personally readily observable, is obvious; like Facebook, people can connect with other people from all over the world and stay updated with the latest information. Unlike Facebook, Steemit is everything Facebook wishes it could be but cannot figure it out. If Mark Zuckerberg hasn't by now, all is lost for social media networks as we know it.
This is actually true across most asset classes in the beginning. Eventually the market develops and intrinsic value is translated to price performance.
Definitely awesome stuff.. I do a weekly Blockchain Breakdown and on this last one you will see Bitshares temporarily passed Ethereum putting STEEM and BTS at #1 and #2!!
Steem is so under rated its not even funny! Im just new here and glad I have got in now - I can see building traction in the future. Its such a better platform than other social media platforms which are just built of advertising and greed. The content here is amazing
I didn't know ETH had surpassed BTS.. STEEM is soooo far ahead!!
Well I will just keep my fingers crossed and hope that steem grows even larger than right now and I can make a big roi!
steem and trx ;)
Another interesting metric, is the development effort put into a chain. The amount and type of applications that are and can be developed on the chain. Could you imagine the value the next project of the creator of steem represents in a few years time. Well I know what my wallet is going to hold :-)
Well said, the actual true value of a platform is the one that is or will be used on a big scale.
Actually the blockchain with the most transactions is not the most valuble.