Steemit Vs Weku - Competition Begins

Hey, you all, welcome back to the channel. And guys, I hope you all are having a fabulous weekend. Mine has been quite busy trying to get a lot done. However, I want to take a minute and do this video about this site called Weku. Weku, I believe that's how it's pronounced, and talk a little bit about Weku and Steemit or Steemit versus Weku. What I can see so far. So, so far, Weku looks like it's pretty new. I don't think it's quite been going a month yet. And as you can see, it's almost identical to layout to Steemit. I'm pretty sure they're probably using the same code that Steemit uses, and they have something called— I believe they're called Weku dollars. And I just set up an account. And so this site is kind of interesting because it's at a period of time where Steemit is just getting off Hard Fork 20. Many Steemians weren't very happy with Hard Fork 20. And I happened to come into a conversation thread on Steemit last night, and the CEO of Steemit, Ned Scott, was involved with this thread. And a lot of people weren't happy because a lot of things weren't working correctly. And so, you know, I was speaking with him, I got a chance to exchange some messages with him, and I was basically saying this place has turned into the French Revolution and a letter I wrote 5 months ago to him. I had brainstormed what I believe to be some solutions that could help Steemit a lot. And apparently from what I'm getting on his response was they were kind of on top of that and they have a kind of a solution to some of the issues I had brought forward, like more democratic voting and some of the issues that exist between the big divide between whales and what we call whales or minnows And, you know, and of course many of you all who are on Steemit are familiar with those terms. But to make a long story short, he responded and he talked about something called Oracle. And I will be investigating that, checking it out, and doing a follow-up video on that to let you all know, you know, what the plan is with Oracle. It's related to SMT that I believe is due to come out in March of next year. So perhaps for Steemit, this could be a big game changer. However, I think in the excitement of everything, you know, we're starting to see a lot of, we can call them competition, that I think was to be expected at some point in time. And when we think of competition, I mean, this is like identical to Steemit. So this is almost just like an alternate version of Steemit, right? A reverse version of Steemit, or however you want to say it, but it looks exactly like Steemit, you know, as you can see here. And so there are people signing up here, there are people using it. I've seen some big Steemians who are using it. You know, some might be using it because they're not happy with the state of affairs with Steemit. Some might just be using it, you know, to further opportunity or check it out or what have you. But whatever the situation is, people are using this site. I'm investigating it, trying to check it out. So let's, let's, let's talk about some of the pros and cons between Steemit and Weku and try to, you know, figure out, you know, if, if, you know, which one holds up, will probably end up holding up the best. And, you know, I do say that competition, I've never been against competition. Competition is a protection mechanism for the end user. And so I know some people, you know, who might not like competition to a certain extent. But, you know, if we look at it in retrospect, competition does improve products. It can actually make companies and products better as they're being pushed more to innovation, right? It can protect us against a type of monopoly feeling. So, so, so there's many good things that come out of competition, right? And so it's not all bad. However, it can be bad. In some cases, competition have outright destroyed their opponents. And so maybe for certain entities, that, that wasn't a good thing. But anyway, let's, let's look at this and let's— I'm going to give my opinions of some of the pros and cons I've seen with this site. Coming in and, uh, um, you know, and, uh, we'll go on from there. So Weku, Weku, uh, very much like Steemit, um, uses something looks like called Weku Dollars. And, you know, right off, one pro I guess I can say about Weku would be that it looks and feels like the old Steemit, right? Kind of, and that's very interesting at this period in time in Steemit's history because Steemit is going through many changes and Steemit has become incredibly different from its earlier days. And this looks like almost like Steemit day one. And I think that's the idea of Weku, that they're trying to capture the early days of Steemit, the days when a person could get a $40,000 vote. And so I think this is their entire thing because, you know, one might just simply look at it and go, okay, well, uh, they're just kind of this copycat of Steemit. Why not just stay on Steemit? And Steemit obviously has beat out competition, is obvious, obviously has more value, more users and, and things. And so why would we need to even, uh, use something like Weku? But I would say that's probably one of the advantages of WeKoo that people who feel they've perhaps missed out on Steemit— I was a year late to Steemit, so I had a hard time digesting that. And so a year or two, I get on to Steemit and I had a productive time on Steemit and I like Steemit. You know, however, competition will always push to do things, you know, push, push you to stay on your toes. And so also, I think that when you're the first out the box, there are many advantages. Like with Steam, Steam was the first of its kind. It was the first to do anything like this. There are advantages to being first out of the gate, but there are also disadvantages. Which means people get to look at what works, emphasize that, and discard what doesn't work. So in a sense, they get to reverse engineer what you've done, right? They get to follow behind you. And so they can move a lot more efficient and they can capitalize on your mistakes and then implement what works. And so that is an advantage of WeKoo as well. And so they seem to be doing that to a great degree. I didn't quite understand Steam Back Dollars. I still don't totally understand them. I understand the basic concept, but I always kind of felt like, why would they need it? It looks like Weku has totally discarded the idea of Steam or any kind of like similar to a Steemit dollar. Looks like they just have their Weku dollar, and they have a way you can power it up just like Steemit. They have an internal market. It's, it's the same setup just like Steemit. So, you know, that's also a pro because then people who have developed how to use Steemit, they're gonna feel very comfortable on Weku. And so those are some, some, some advantages of Weku. Let's talk about some of the disadvantages of Weku I see coming in the door that I, you know, that I think might not be the best approach at this particular time. And I'll go into detail a little bit about that. For instance, Weku doesn't run on the Steem blockchain, so it's not just like kind of a Steem fork or something, you know. It's not even using Steem blockchain at all. It's just basically a— it has a— it's gonna basically be more ERC-20 token, right? So it's running on the Ethereum blockchain. I don't know what the plans are. I haven't completed the white paper. In the future or something like that, but they seem to want to do an ICO. So here's some disadvantages I'm finding with this. The first disadvantage I think would be the timeframe that they're planning to do an ICO. ICOs have become very unpopular, as we well know, and it's probably, I think, a little bit more— would be a better approach to come in with a working product, as they've done, and just enter into a trading market. I don't think ICOs are going to be good things like they used to. I don't think people are as excited about them. I don't think people are going to be big on making big investment dollars into them. So I kind of see that as a con at this stage in time. Also, I noticed on their internal market there are no open orders. So I guess the assumption for me is that, of course, all that will resume, you know, once the ICO is over, right? They'll do this ICO and then they'll have the market open. And that might work, and that might be a great approach. It might possibly be, but, uh, you know, it's just like, uh, you know, a lot of people use Steemit, they've already invested heavily in Steemit, and, uh, just doesn't— I just don't know if, um, trying to get people to reinvest millions of dollars back into another Steemit-like platform might be the best approach. Um, I think the better approach at this point in time, come in with a working product, go straight to market trading, and let the market naturally work itself out. We've seen that happen with coins like BitTube. BitTube came in with a working product, started getting people using the site, went straight to trading on exchange. And I think Weku might have done better doing something like that, but we'll see what happens. That might not be the— it might still work out well for them in that regard. Also, another great pro I left out about Weku, which I think can work to their favor, is they do have a referral program. And I'm very big on marketing, how you're going to get the people on the site and why, who's going to do it, are you running ads, what are you doing? And so I always thought incentivizing referral systems were always a great way to get people involved, get people using. The system. And so they're doing that. And, um, obviously I'm going to leave my link in the description so you can try it out for free. That's another thing, it's free. You get 100 free— I think I got 100 free WeKu's, uh, upon, uh, signing up. And, um, and so that's pretty cool. Uh, what else here? What else can I say about WeKu? Is it still an early site? Um, How is it going to hold up against Steemit? Well, I think it's with Steemit, it's all going to depend on what's going to happen now over the next few months, you know, how well they implement SMT, how well they get on track with hard fork 20, uh, and, uh, how well distribution goes. Because again, uh, what Weku has is kind of a clean slate to start over for many people. And so I think that's going to be appealing to a lot of people, especially people who missed out on Steemit early. So I I think going forward, both Steemit and Weku are going to be hit with a lot of competition. Maybe Weku has a blueprint to now avoid many issues that Steemit had early on as they were developing and going forward. And so this is going to all be very interesting to watch, but I think we can count on several dozen social media sites with Steemit-like concepts coming forward over the next few months. So, uh, we'll be watching and see what happens, guys. Um, if you're a STEEMian, um, uh, you know, and you do want to check out the Weku site, please use my link in the description, uh, as I can earn, uh, some WIKUs. Maybe I can become a WIKU whale. But anyway, guys, that's all I want to say about this, um, in this video today. Guys, like content like this, don't forget to like and subscribe. And until next time, take care.