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When a person is the first to enter a market segment, he gets several advantages. Among other things, strong brand recognition, customer loyalty, etc. This is known as the first mover advantage.
In the world of cryptocurrency, the most famous example is Bitcoin, which enjoys the first mover advantage of being the first to discover blockchain technology and also being the first cryptocurrency. Bitcoin's first mover advantage is so great that there is a perception in many people's minds that cryptocurrency is the same as bitcoin. To this day, it continues to dominate the market capitalization of the cryptocurrency world, and its influence extends strongly to all other altcoins.
Another example is the first mover advantage of Ethereum, which pioneered smart contract technology on the blockchain and also became the first cryptocurrency used to pay the execution of smart contracts. The first mover advantage of Ethereum is also so great that it has become the standard platform for launching ICOs of various other cryptocurrencies. Ethereum is also the default platform for various DeFi and NFT projects that are now thriving.
And here we have Steem, that also has the first mover advantage as the first blockchain-based social network. Steem is the first to pay its users using its own cryptocurrency. Steem is the first to have a payment mechanism not only for writers, but also for curators. Steem is also the first blockchain that can be easily accessed through a browser, enabling mass adoption.
Like Bitcoin in the blockchain world in general, Steem also has very strong brand recognition in the blockchain-based social media world. So many people think that blockchain-based social networking is the same as Steem. When we search on Google for the keyword "blockchain-based social networks," Steem (or Steemit) is one of the results that come on top.
Although there is another hardfork blockchain that is creating many new developments, it will not have much impact on Steem's dominance because Steem has the first mover advantage. Although other blockchain is trying to stabilize the price of its currency at $1 with some stabilizer project, Steem has the first mover advantage. Although other blockchain is strictly trying to adhere to their whales' policy by utilizing downvotes, Steem has the first mover advantage.
And then Steem just needs to figure out and choose which new developments are best to include in its technology lineup. For example, with regard to the stabilizer, Steem can monitor how the results relate to the price of the currency in the future. If it does work and can indeed keep the currency price at $1, Steem can also develop the same technology. Likewise with other developments.
Do you think Steem will enjoy this first mover advantage forever just like Bitcoin? Time will tell..