RE: Steemit Retro: SMTs, Communities, PISFs, Canonical URLs
I am happy to see progress on SMTs. I still have some questions though about what exactly SMTs are supposed to be and how the market is supposed to take advantage of them.
I've been blogging a lot about stable tokens and security tokens. This is how I think SMTs could be beneficial to Steem because we are missing these key components. The ability for example to earn actual shares in actual companies would be huge. The ability to earn real world assets like gold, or pieces of real estate, or even digital like Bitcoin or Dai would again be huge.
The question becomes how can this be done in a way which benefits Steem as a whole, the token, the ecosystem, the reward pool, etc. I have not figured it out and I don't really know how SMTs will grow the economy of Steem. I can see clearly how SMTs will grow the community but I cannot yet see how it will grow the economy, if this distinction makes sense.
I see Steem as a potential market network. A social network is a market.
really interesting approaches! :)
who should hold the keys for some community btc?^^
More questions than answers but there are no technical barriers. It's easily feasible to let the network hold the keys in a decentralized encrypted manner. In fact if you look up the research the Enigma project has done which leverages sMPC (secure multi party computation) and TEE (trusted execution environment), then it's fairly easy to hold a wallet in that way, using a threshold signature scheme. Not saying I would go with that approach but it's just to show it's not impossible.
The easier and more efficient approach is layer 2, and hardware locks. The issue though is how would you do it in a way which would benefit or provide ROI for Steem itself. You can do a lot of stuff with SMTs but the challenge is how to do it in a way which benefits Steem the most and what could that look like?
I Already have a smart media token, its called SAND its a steem engine token that is also on EOS.Its thus, smarter than anything on steem :D Any steem engine token can be made into an EOS token for cheap now, 1000 ENg and 50 EOS
I dont see SMts being used until we have onboarding. Telos has free accounts 1 million in a pool, and more if needed. @steemit needs to just come to realization no one is going to buy a steem account, and they have to just subsidize them at least a few million, and they will have just accept that agoo percentage will gamed and maybe only half or less will end up in hands of unqiue new users.We can help that by using existing socialmedia.There is no other viable way than to require an active reddit facebook or twitter account LIKE was already triedonce on steemit,but they cant just give upon it.
We CAN find a way to onboard social media users like reddit users.its almost the year 2020 dont tell me we cant find some SPS funding or better yet DIRECT steemitinc funding to onboard reddit users
THEN MAYBE maybe SMTs will matter if we can get USERS onboarded
IF steemit inc has some secret plan toonboard users thats fine but its been a secret for 2 years. Its time we call out stemit inc for their lack of onboarding. This is the only way to show you care. I care enough to risk being hated by steemit inc employees when i tell them how to do their job. Well it is possible that Ihave spent more hours working around steem than many full time steemit employees. I may value steem more than anyone who actually works at steemit inc now that ned left and sold the company to whoever ... its a great thing, ned was afraid to sell his own coin to people...lol
but the new owners are noobs and need to be shown how this shit works, how they have to actually get their coin pumping, how to market make. Steemit inc has a golden opportunity bring ALL their old investors back and reach $8 per steem again.
Even if Steem had a billion users you don't have any particular SMT that I can think of that I would want to buy. I have no idea what SMTs will do right now.
Can they be used for pegged assets? Can they represent securities? Are they going to be used as utility tokens? I am interested in the next step. I know EOSVoice is coming soon but I don't really know what EOSVoice is for either just yet because it's not released yet.
Don't SMTs need to do something useful first? More users to do what with SMTs? I think you need the SMTs to attract the users but the SMTs right now are at best just going to be game tokens.
The issue I saw is SMTs not backed by anything and not part of some game are likely to not have value. Gamers give SMTs value in the context of a game environment sort of like crypto kitties or Steem Monsters or DrugWars and I think these SMTs will do okay. But I think community tokens don't make any sense just yet because what will the tokens buy? Steem gives away all content for free so I don't know how it would work.
Yes from what i see smt's and the steem price can diverge and there not necessarily be a corelation between steem price and smt's. So for instance one idea is well everyone starts these projects and businesses and they bring money into steem and there is a new demand for steem so the value goes up, as you require steem to use these tokens and trade against them. However it is also possible for the steem value to stabilize and have high volume of trade yet don't much grow in value. So it may just become more like a money or stable coin.
We've seen examples of this in bitcoin. Where bitcoin has a tremendous amount of volume yet the price itself doesn't necessarily go up or down. Now in a situation like that you could have some winners that have tokenized a particular idea or product.. a game, community social interaction. However as for steem holders and investors that may not translate to direct value to them and their investment. It just means that particular smt gains in value.
So it's not definitive we're going to get an smt that directly causes the value of steem to increase. Also my concern is smt's have been on the horizon for quite awhile so my assumption is they should have already been factored into the steem value to some degree. You spoke earlier about the value of the tokens. I think the tokens do have value just not in the sense we're thinking.
So in looking at something like EoS VOICE. So first you can't buy the voice token. So how smt approaches tokenization i think is a bit more complex and uncertain. So Voice some believe is a offshoot of eos's "uri" or universal resource inheritance project. Some use terms like ubi. The point being the system rewards your value in the tokens.. your voice. You don't buy them. In similar fashion as to how you question why would you buy the tokens? I question why i would buy any of the tokens but i do understand why Voice makes sense because you don't buy the tokens the value is in the people and the tokens are only used to represent that value.
Now of course voice tokens will matter to some in that their value is tied to the network and platform itself. So that means they are valuable now because they can't be bought. So your position of your post.. " your voice" can't be pushed aside it has an internal value of it's own. So for instance on steemit we can purchase a trending page full of bidbots. So it's kinda this auction market.. however because you're not able topurchase voice that gives it a specific value to the user and their contribution. Similar to reddit. You get votes and your post rises based on community interaction and quality of the post.
So with the scot protocol that is used over on Steem Engine. We created a token we think makes sense that rewards people and they don't have to buy it they earn them just for being on the network similar to Voice. However they can buy and sell them on the market but it's also balanced by them receiving them monthly just for using the site. So the difference is whereas you have to earn on steem through stakeweighted voting. Everyone gets these tokens who use the site. So it's this mechanism now against being able to buy and sell them yet receiving them free. Which creates this counter balance.
It's also not like trying to catch a falling dagger because it's general and anyone can use it. Whereas with smt's you're going to have a million communities and it's going to be some winning communities that may not interest many. There will be some losing ones. For instance i'm not a gamer so if there is a winning game app i probably won't share in the bounty. So in conclusion i think tokenization will work in a situation like what Voice is doing. I don't think it will be significant enough to work with random groups everywhere. One issue is you're probably in smt going to end up with a huge concentration of value in one area. So the problem is going to be this area won't be a well distributed area for participants to gain value. However, if you have a system like our project or voice. You would then have a much more well distributed concentration to trade directly against the steem value if that makes sense. So then it becomes a value transfer more in harmony.
Is it true Ned left the company? This wasn't announced? How did I miss this?
@Ned is still on the board, but @elipowell has taken over the day to day operations as Managing Director.
You can read more about it in this post and this post. There are also a few external articles like this one.