Vlog 293: Account based voting with SMT's + Weiss Rating report.
Thanks to @abh12345 for sending me the link to this video.
It's Ned talking at the GAPOX Meetup in South Korea.
I can't embed the video because it doesn't work. You will have to watch on youtube itself. here. (Starts from @45:30).
Reasons to watch this video is because Ned explains in a perfect way how the Steem blockchain operates but he also talks about new things regarding SMT's (start from @1:04:00).
One of them is account based voting.
As you know currently we have a linear stake weighted voting algorithm on the blockchain. Which means that accounts can give away rewards according to the stake that they have.
It means that an account with 2000SP can give away twice the rewards compared to a 1000SP account.
There are minuses and plusses to this model discussed many times on the blockchain.
Account based voting will be an option with SMT's.
As far as I understood from the video there will be a 'new' model implemented with SMT's for developers to choose from. (I'm assuming next to linear stake weighted voting but I'm not 100% sure if you can choose.)
It's called account-based voting. Content will be valued according to the amounts of up-voters and not stake.
That's interesting.
I think it's nice they will allow the creators of SMT's to choose from different models.
I guess, the free market will ultimately decide which model will be the best.
What will happen to the STEEM token when SMT's are implemented and used?
Why would STEEM be valuable?
The latest information I have is:
- You need STEEMPOWER to buy bandwidth on the blockchain for the SMT's.
- It will be the main trading pair on the internal exchange vs SMT's
I'm going to try to get this confirmed once more.
I talk about it from (From @ 4:05)
EDIT 4-5-2018 - 12:05
I got confirmation in the SMT Telegram channel that the above is indeed correct.
Weiss Rating report:
I start the vlog with the new Weiss rating report.
Bitcoin, Bitshares, Cardano, Decred, EOS, Ethereum, Iota, NEO, Ripple, STEEM, Stellar = B's.
No A's this week.
I am a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
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Greetings, exyle
I hope that at least part of what you said will come to fruition, because it will be very good for all of us who are in here. I do not really know what this smt is, but it looks like it could leverage the value of the steem currency.
Now, at the time I write, the steem is exactly 4 dollars. If it goes up to $ 25, it will leave a lot of people here, including us, Brazilians, with a good dimdim in here.
I do not think that's enough for 2018. My guess is that in December it's worth between $ 7 and $ 8. If my guess is wrong up, no problem no.
When it comes out smt, will we win that new currency ???
Thanks for the post and good night !! Let's stick to the cheering up of the steem !!!!
@exyle I think a sample of the dtube smt might of been dropped today, check out @dtube.rewards looks like they are testing out that account stake payouts.
I got one of those payments today and wondered where it came from
Cool! Well spotted. I wasn't aware of this yet.
If steem power/bandwidth is needed for smt's Do you think there will be a big market in loaning out SP ?
Yes, I can see this as a future use case.
Thank You Mark for the New Weiss Report I have a Stake in 4 of the 9 cryptos that are mentioned as "B's"........... Yes Steem Power will always be the Engine even with the New SMT's..............got to have Bandwidth. @exyle
I even transposed the Q&A after the speech from ned if you want to check it out with all the timestamps...
and this was also something that struck me as important: account based voting
https://steemit.com/steem/@felander/ned-in-korea-some-insight-and-video-breakdown
@exyle elke dag kijk ik uit naar je vlog om terug up to date te zijn over het reizen en zeilen van de steemblockchain, vandaag terug heel wat bijgeleerd over SMT, thx en ik kijk al uit naar het nieuws van morgen, groeten
so many updates you shared today which is great to know awesome video to came to know a lot of things
Based on this Issue on Steem's Github one can assume that the way we earn STEEM won't change.
It will remain the main token of the blockchain, thus the bandwidth will be calculated based on vesting STEEM (as you said in the video, user will have to have Steem Power to perform operations on the Steem blockchain).
Developers will have the ability to define which SMTs are accepted to vote for a given post, but Steem Power will always be used along with them.
I might be wrong, I've just started digging deeper into the progress of implementing SMTs. It might be worth to ask someone working for Steemit Inc.
I was very curious about SMT´s information, that´s why I watched the video too, I liked most of what he said but I think that the new updates will bring some change to Steemit and all this platforms. Most of them we are waiting for a long time, others might be a little bit controversial.
In relation to the Weiss Rating report it is very clear that more and more coins are getting B´s, and I think not much changed within those coins, what happened was their research done on those coins, and they realised how good some projects are and they are giving them some projection...
Account based voting AND quadratic rewards.
That was an interesting twist. I wonder if they can be toggled independently.
I like the boom/bust stake weighted voting and quadratic reward model.
Go hard or go home :)