Steem announced last night that it had just signed up its one millionth account holder. According to Steem, the number, and rate, of new accounts is increasing daily, though it is even more proud of how much activity there is on its blockchain.

Each day the Steem blockchain witnesses over one million transactions, which is “more transactions per day than all other blockchains combined.” Steemit.com, the social media and blogging platform which runs on the Steem blockchain, has more than quarter of a million visitors each day.

Steem outpacing Ethereum

Steem believes that the number of accounts is a decent proxy for the number of users. As a “stake-based social blockchain,” users “typically use this single account to communicate with other users and to accumulate Steem Power.” This contrasts with other blockchains like Ethereum, where users often use new addresses for each transaction. There are vastly more addresses used on Ethereum than Steem, but when it comes to activity, Steem thinks it has the edge.

Steem point out that Ethereum’s most popular application remains Cryptokitties, which had a daily activity of 2,777 events on May 16th. This compares to over 9,000 transactions for eSteem, a mobile app running on Steem.

However, as some commenters noted, 60,000 daily Steemit users from 1 million accounts means that 99.94% of account holders do not interact with the platform each day. Rather than concentrating on adding to the number of accounts, some believe that Steemit should be working on incentivising existing account holders to be more active. One user, surfermarly, said that she thought the priority should be to “make sure that the highest share possible of those we already have, is turned into active users,” and that social interaction needed to be “more intuitive” and “attractive” through better targeted rewards.

Image From Shutterstock

loyakk banner