What is this? Good Person Token/Oracle/Account Based Voting?
Hello everyone
@ned dropped this infographic into the Smart Media Token telegram the other day. (which only has about 500 people in it...you should check it out.)
So what does it all mean? Here is my take and please feel free to drop your thoughts below.
The Good Person Token
This is going to be a token issued by Steemit Inc that will be distributed to people who are whitelisted as being a unique person. Other Oracle Enhanced SMT will be able to leverage this whitelist so that they can do account-based voting rather than stake-weighted voting. I have yet to understand how this is going to be distributed and dealt with on the GUI...but word on the street, there is a whitepaper is on the way.
Account-Based Voting...Why?
Finding what is popular and trendy content is impossible using stake-weighted voting. The community has been complaining forever about how the trending section is kind of a disaster. In the past, it was just Steem related stuff and now it's just a display of the highest bidder on bots.
With account-based voting, it is only through having a lot of people enjoying your content and voting as unique individuals that you and I will be able to make money. It will be a "one person one vote situation"...which will make a new user as valuable as an old timer.
Superlinear + One Person One Vote
This will complete change the game of who and how people earn SMTs. Right now, in order to acquire tokens, one must have either backers with lots of SteemPower or bid on a bot. How popular or how many people vote on a given post is irrelevant.
When the One Person One Vote situation will be live, people like @hodgetwins with millions of followers will have a huge incentive to migrate all the fans they can unto something like steemit.com or d.tube. They will be the whales and the top earners on the trending page...just as it should be.
The game will change so that the main goal will be to acquire as many loyal fans as humanly possible.
Conclusion
As with anything Steemit Inc talks about, I'm very curious to know WHEN we will be able to see this development online. To be honest, I've been waiting for hivemind for well over a year now and I still don't see it happened any time soon. So patience is the word of the day for me.
The only thing about this structure I’m having a hard time grasping is what would make GPT hold monetary value? What’s the incentive to buy & hold that gives any monetary reward?
I don’t grasp how the GPT rewards pool will hold and distribute monetary value.
It may not have monetary value. But may be use as an airdrop list for all SMTs as well as a way to make sure that an account is a real person.
Oh ok. So this is more like a validity checker?
It could work like the rep system we have now. Maybe the token is meant to work like a "verified" tick on the Steem blockchain? I can see devs using a "sort by gpt token holder vote count" function to list posts that are actually trending rather than the messy system we have now.
it's the same reason why steem would hold monetary value. it's a proof of brain that you've participated in creating quality content for the steemit community. in theory the community will decide in a democratic way who gets the GPT. in this diagram steemit inc must verify you first.
I am not following it intensively but I would like it the way you described it.
Yesterday I read a post about this. I understand this is going to be a new and parallel reward system to compliment the current one?
Either way, this idea sounds nice, but as you say at the end, when is this going to be released?
I bet by next year.
Yes, the idea is quite nice. It should be released without delay i advice.
SMT will be the turning point in steem.
everyone is waiting for SMT launch @ned is doing his best and promoting steem, wandering around countries to countries and making people aware about steem, hopefully the launch of SMT's will be soon...
One vote one account will change Steem for the better. I can not wait to see what the trending page looks like once this needed change is implemented.
Keep sharing the hidden gems. :)
@ned dropped this infographic into the Smart Media Token telegram the other day.
@ned is really doing a great job, as the launch of SMT will be very benifitial for steemit, hope SMT will let the steem touch stars, @ned you are really doing a great job bro, keep working for the platform as it's benifitial for us.
@cryptoctopus - Sir after sharing posting key with https://steemauto.com/ now it's scamming our daily vote power...
Changing master key doesn't work either... This is a very bad situation for most of your loyal followers Sir... Hope you consider this...
+W+
But wouldn't then people create multiple accounts.
Sorry if I got this wrong, but I don't completely understand this stuff
that's the point, Steemit Inc will create an oracle to guarantee that it will count for 1 person with vote...even if that person has 100 accounts, it will be counted as 1 vote.
Won't that be fantastic then
It'll be able to fix the trending page easily.
I hope this idea materializes soon
Except you can buy verified profiles on every other platform, so what'll make steemit so exceptional in this regard?
sure, anything can be sold, it's yet to be seen how its going to be implemented but that might be a violation of the terms of services and from there lose it's privilege to receive SMT from all the other SMT attached to that oracle. (huge cost)
In any social media context money runs everything, so if the userbase doesn't like shilling then it'll be covert account selling or product placement a la reddit, or if the userbase doesn't care or wants to be sold product then influencers will be public and shameless about it a la instagram. We'd need the userbase size and view numbers up to get any mainstream companies interested in shilling on this website, so our relative invisibility to them is kind of a blessing in disguise. Now only if there were quality content to make that lack of outside influence worthwhile...
but how would that be determined? each account has its original content?
Or does it affect under IP address? (I hope not! Because this would be ridiculous under a network environment)
I think that this is again an amazing step towards the upliftment of steemit. The quality content will get more recognition whether it comes from a whale or a minnow, if the content is pure class it will be rewarded.
Furthermore the launch of SMT will surely help in getting the prices higher up. I see a lot of steemit users are demotivated due to this decline in the crypto industry and all those people will be motivated to invest in steem more and more.
Now this is one way for users to escape the unjust system on steemit. No one is going to be buying his way to the trending page from a one person one vote system. This is key in building key genuine content that attracts attention of readers.