Steemit or Synereo? Comparing Decentralized Social Networks
With both Steemit and Synereo claiming to be the game-changing decentralized social networks, Cointelegraph looks into the debate comparing these two platforms.
A new bitcointalk thread is currently raising issues which basically make comparisons between Steemit and Synereo.
Though virtually every project in the industry has had some random allegations against them, the thread which was started on Friday August 19 was supposedly prompted by the recent announcement by Synereo that its Alpha version will be going online next month.
Steem is the digital currency behind the Steemit social media platform which rewards content posters and voters online. Steemit was recently hacked with some accounts compromised. Steem overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4.
Synereo, on the other hand, proposes a semi-autonomous system which requires human involvement in the roles defined in smart contracts. Synereo offers a social model - one that integrates measures of compassion in its code, no censorship and provides users the opportunity to monetize their content and own their organic local network.
Are they Ponzi scams?
With the title, Synereo same Ponzi scam like Steem?, the OP dranster started the discussion line with an assumption that “SYNEREO AMP might be the same pyramid scheme like Steem because they “Both have similar monetization techniques...AMP has a large premine like 90%” and sought the view of forum members.
The first responder who claims to have been following Synereo and its developers since its ICO, and how they helped Ethereum with its new proof-of-stake protocol, dispelled the assumption as doubtful. Dsattler wrote: “The core devs are deeply involved in the crypto scene and it's highly unlikely that they put their reputation at risk with a Ponzi.”
Several scam accusations have been run all over the place, but it is always better to wait and let the technology being used by every startup or platform speak for itself.
Matej Michalko, Founder and Director at DECENT (Decentralizing Content Distribution), waved the scam accusations aside saying they are not new.
He tells Cointelegraph:
“Being an insider in the domain of Blockchain digital content distribution for some time, I have seen many groundless accusations merely based on dubious evidence. Most of them have been posted by people unwilling to disclose their real names for various reasons. I believe that Blockchain technologies have great potential to liberate the world of unnecessary middlemen, reduce transaction costs and do a great service to humanity. Blockchain Tech is a high technology that is still at a very early stage and has not yet crossed the chasm to mainstream markets. Projects in this space should join forces and co-operate to render Blockchain mainstream.”
Steemit is more like blockchain.info
However, in an email to Cointelegraph, Ned Scott, Steemit CEO, says that Steem is a decentralized Blockchain which is leveraging segregated and isolated witness node operations from around the world through Delegated Proof of Stake (DPOS) consensus. He explains that the centrally held Delaware corporation, Steemit, is not a Blockchain; instead, it is a Blockchain-based web application, much like Blockchain.info, with more than sixty web applications leveraging the Steem Blockchain to date.
Another forum member prompted DecentralizeEconomics to support the claim that Steem will collapse because it is centrally supported by an entity which has reportedly been cashing out.
The writer says:
“If I want to use a centralized website for social networking, I'll use Facebook and Twitter which already have mass adoption. Steem is simply an overly complex scheme intentionally designed to steal from the under-informed. Ask yourself, "If the website is centrally hosted, how do they intend on dealing with take-down requests?" They don't, because they don't plan on Steem lasting this long. It's a quick money grab, and that's it. With Synereo, nothing is centrally hosted and none of the decentralized nodes in the network know what is being stored on their disks, because everything is encrypted.”
Banano added that while Steemit is the &ldquo