How SMT is destroying Steem/it
I am writing this article because for some reason I do not see controversial voices towards the recent update on the SMT proposal nor have I read or seen any in the discussions before.
I am looking to get convinced why I would be looking forward towards SMT's.
What is SMT
SMT is the model that allows user to create their own token on the Steem platform. Kind of ERC20 Tokens, but not really. They can be earned the same way like Steem with upvotes and downvotes mechanism. That is what it is all about. And you can do crowdfunding in Steem to distribute your token.
The roots of Steem
Let me explain for a second where Steem is coming from. So Dan Larimer and others had developed this high-frequent trading blockchain, where tokens could be created and traded. The whole design is based on Delegated Proof-of-Stake in order to enable high transaction throughput.
From there Dan Larimer and others trimmed this blockchain down so it would host text data (like blogs) and create this upvote / downvote mechanism into the distribution to create a reward for authors on Steem. So basically, Steem is a fork of the trading engine BitShares with emphasis on text / social media.
From my point of view (even though it did not have a great start) a brilliant move to create Steem out of BitShares - and this platform has really big potential.
But since two years I see that there is close to zero development done on steemit.com – the reason is the development of SMT’s. So what I see is that all the resources for this platform are dedicated towards bringing back a coin market into Steem.
The burden of SMT
I have a couple of negative points towards everybody launching their own tokens for their communities on Steem. I think this will divide the community as people will all be speaking in different coins instead of talking about the same thing - a system where you get rewarded by upvotes / downvotes. And steem is already a decentralized open-source community in itself, I do not see why not integrating those tools in the first place.
People will have to start running around converting all those different coins with each other instead of speaking one language (steem).
Crowdfunding with SMT
Crowdfundings should probably not be fostered to happen on Steem but also outside Steem (on ETH, with BTC or others) – the tools are there. So people can raise money to invest into Steem and their infrastructure but are not bound to the price of the token.
Release Date for the SMT
It was now announced for SMT to be launched in March 2019. So what I hear is that any development towards a better steemit.com seems also to be delayed to ... at least after March 2019…
Future?
From my point of view the most promising way forward for steem are platforms like DTube, Busy… you name them. And all those content authors coming from Medium, YouTube, Facebook and the likes aswell as authors that finally found a way to express their voice.
I still think steemit is in its current form close to the system I would love to see around. Sure, it needs some tweaks here and there in distribution, voting mechanism and bots but these are the areas that should be put emphasis on. And especially the UI /UX of steemit.com - so much nice stuff can be done these days. A concentration on the current platform could have a huge impact on social media and news reporting.
I like your point of view. I actually didn't think of it like that but you have given me another view. The place where you said.
I don't really go with you there because just as steemit is there, majority are earning from it but what about the minority? Quoting @surpassinggoogle "everyone has something to offer " but what if one is not good at writing an amazing post or into graphics, do you except sure person to just mop around looking at others making it?No
But if he can venture into other means such as steemhunt then with that he can atleast make something out for himself.
My point is that they haven't stopped developing steemit, rather they are trying to make everyone a winner.
yea I've never even heard of SMT --- or SteemHunter.... what's that about? #TellMeMore
Steemhunt is an extension of steemit where you earn tokens by hunting products, apps or devices. Those tokens are probably converted bk to steem
I'm over on SteemHunt.com now :) about to log in and check this out; This is what makes #Steem such a strong cryptocurrency man....
Do read more about their hunting rules
did that; i like the concept going on; just gotta remember to post content that no one else already has posted
well said bro! 👍
Jxt trying to enlighten him
Yh! I see
Thanks for your point of view and info. I did not understand how steemhunt is related to SMT.
Steemhunt also gives their own SMTs or aren't you aware ??
I am not aware - but I also do not see why they would need their own SMT. Instead of paying in Steem or SBD
Although am not sure yet but I fink the tokens can be converted to steem
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I totally get your point and understand where you’re coming from! If SMTs are used in a way you mention above where people create their own tokens over and above steem it just creates choas and additional transactions, conversions and fluctuations in value as it is passed between these various subsystems on the steem blockchain
I do think it has some merit for something like dTube and Busy where they can create their own ecosystem and they are responsible for the community and content creators in their website, they go ahead and improve the user experience and manage their sites needs while steemit actually takes a backseat as more of a protocol than a website itself! Like you mentioned not much development happens on steemit for us users to benefit from so it could be a good move for them to focus on the underlying tech while third parties do the heavily lifting like marketing and recruiting members and encouraging interaction and foster rewards
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Yes, it might create a chance for one platform or the other. But I think the first three+ years can be spend better (marketing and business and technical development wise) than on bringing those tokens. I think in three years you could actually work to make steem bugfree... but this platform has not changed one inch.
I really don't use 'busy' nearly as much as I should... thanks for this comment; reminding me; I like how steem has so many 'use cases' - but def want to find a way to make MORE of it :D
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Hi @tosch, great summary and thoughts.
I didnt know this was going on.
Thanks for the information!
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@tosch I don’t ageee with your viewpoint that people creating new coins with SMTs will take away from STEEM since they will be trading all of those coins and forgetting about STEEM.
Do the hundreds of ERC20 tokens being traded take away from Ethereum? No. ETH is the #2 coin in the world so please explain your logic to me.
That ETH or BitShares aim to be a financial platform. Crowdfunding and maintaining the records for other Assets, Currencies and Smart Contracts are the reason those platforms exist in the first place.
Steemit should focus on social media instead of the creation of currencies.
This is a whole different market.
Focusing on social media for Steem would mean to include native IPFS for data, website integration like Wordpress, Drupal or the likes. Helper to include Steem functionality in your website, project or workspace. Make steemit.com great for the user without all the bugs. Working closely together with all the 3rd parties being built on steem.
With the focus on creating currencies it takes away all those ressources for more than 3 years and steem can be lucky to have a community that creates a lot of these functions.