The blockchain that supports the platform is important as it influences functionality and usability. We have studied the possibility of choosing Steem as a social blockchain for this purpose. This blockchain was not suitable as we have noticed a number of trends and concerns so we collected responses from users to know what the main problems are.
The Steem blockchain does not correspond to our requirements and does not meet our objectives because it has some limitations that are noticeable as follows:
1) Complicated usability.
The users need to manage a lot of private keys and 3 different tokens. The registration process is also unintuitive and long.
2) Low quality and diversity of content.
The posts on Steem are all original content from non-professional vloggers and contributors. They are focused on the blockchain community and don’t have widespread appeal.
3) Unsuitable economic parameters
The mass adoption of the economic model is hindered by unfair reward distribution, token illiquidity, short monetization window and limits on voting.
4) Concerns on scalability
The Steem blockchain already had 400 decentralized applications the last time we checked. This in addition to no customization and low bandwidth can lead to slow performance.
Our team agreed to use Smart chain & Avalon framework to develop and test a new blockchain. The blockchain that we created was named VLOCITY to reflect its high performance, speed and functionality. It is a second generation social blockchain like Avalon that has new advancements and improvements.