RE: Ned Scott and @theoretical of Steemit Explore Oracles on Steem

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RE: Ned Scott and @theoretical of Steemit Explore Oracles on Steem

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itstime (60)in #ned • 6 years ago (edited)

Hi Ned,

Can you please give color on below:

If we switch to 1 account -1 Vote , what incentives will be in place to maintain the STEEM Power ?
What mechanisms are going to be in place to avoid offline/off blockchain collusion of users . Think of a website where you can buy bulk votes where voters get paid for bulk voting?
If we go the SMT route and let's say Dtube coin is launched , how will that be tied to the existing STEEM value ?

How do existing STEEM holders get value from DTube coin ?

@ned

6 years ago in #ned by itstime (60)

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andrarchy (72) 6 years ago

STEEM is never switching to 1A1V. This was explicitly a thought-experiment about a new token.
Our tools enhance the entrepreneur's ability to easily and quickly design and launch their own customized set of cryptoeconomic incentives and disincentives. It is up to the SMT creator to customize the crytpeconomic design so that the actors within their economy are maximally incentivized to add value to the community which will be expressed in the value of the token. Whether they are incentivized or disincentivized to collude (your assumption that off-chain collusion is inherently bad is fallacious) is the SMT creator's responsibility.
STEEM will be the base-currency of the ecosystem (the currency which will act as the gateway in and out of every SMT) and Steem Power (vested STEEM) will remain the token tied to bandwidth which is the resource needed to transact at scale on the Steem Blockchain.

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itstime (60) 6 years ago

Hi @andrarchy

Thanks for reply.

I will concede that I have a very basic (if that) understanding of the blockchain technology but it did not come across as a explicit thought experiment .Possibly there were discussion before/after the clip which were not shown in the video.

For point 1: so , Oracle/1A1V doesn't apply to STEEM ecosystem. It may be a future non STEEM based project.
For point 3:
Following through with the SMT discussion , for the Dtube coin example : one would not be able to buy Dtube coin on a crypto exchange , rather STEEM can be converted into DTube coin , analogues to how it can be converted into SBD.

Did I get the gist of your reply ?

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andrarchy (72) 6 years ago

Any token on the Steem blockchain can theoretically be added to an exchange; see the Steem Blockchain Dollar. That being said, exchanges will only want to host tokens that have reached a certain amount of value and volume. All SMTs will be immediately liquid on the internal exchange and SMT creators will be able to back their token with STEEM which will create liquidity for their token using the automated market maker logic baked into the SMT protocol. But even once an SMT is on external exchanges, it will still be on the internal exchange just like SBD.

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