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RE: How to launch an SMT token properly?
I haven't finished reading the whitepaper, but I did finish reading the whitepaper for the bancor protocol which another commenter said that SMTs were partially based on. In their system, the new currencies have a value that is inter-related to the base currency (Steem, in this case). However, SMTs may not be using the same principles.
Reputation is a key issue, yes, I agree - I posted about that with regards SMTs already.
Interesting. I was working on a post about reputation too but decided it needed some diagrams and didn't get around to doing any. It was basically an elaboration on what I said above. Maybe having reputation was considered so obvious they didn't include it? But I would say it is essential. Allowing a token to (optionally) inherit or seed its base reputation from STEEM or another token would be great IMO and allow minimizing of trolling and spam.
In the back of my mind I recall hearing how reputation was a function of Steemit rather than Steem - but I might be mistaken.
I think you are probably right since there is only one mention of "reputation" in the Steem whitepaper https://steem.io/SteemWhitePaper.pdf and it is not about the reputation we are talking about. I suppose that SMT using sites could still look at reputation on Steem or elsewhere - if they can positively correlate two identities across the networks.
Also came across this post that explains the logarithmic calculation of reputation and that is stored on the blockchain: https://steemit.com/steemit/@digitalnotvir/how-reputation-scores-are-calculated-the-details-explained-with-simple-math
I take that to confirm what I said, that any external app could query your reputation if it can confirm your id - presumably via something you sign with one of your keys that would verify your id.
This brings up a further issue that needs clarification. Do sites that operate SMTs require their users to have a steem user id (that could be used to login to steemit, for example) - or not. I imagine that such a username/id would be required, but I haven't seen anything about mechanisms for perhaps autocreating the names for people who are members of your site, but not of steem/steemit.
Additionally, there is the question of whether posts to your site will be visible in Steemit or not - which is something else I haven't seen mentioned anywhere that I have looked yet.