Atomic Swaps & The Future of STEEM
THIS IS NOT FINANCIAL ADVICE; THIS IS MY JOURNEY. YOU ARE RESPONSIBLE FOR YOUR MONEY.
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I talk about STEEM & TRON atomic swaps and what that could potentially look like. I step back and give my macro thoughts on the future of STEEM. I also zoom in and talk about what I believe is likely to happen in the near to mid-term.
▶️ 3Speak
Dan - well timed confidence enhancing video. I’m keeping faith and powering up a bit more on SPUD XI tomorrow. I like the idea of doing research, having vision, not expending energy on the mini-crisis, having the confidence in others (witnesses) with domain knowledge to do their bit, and thinking long term. It’s going to be a real journey. Good to hear those thoughts about video content producers being able to port to other UIs in the future once video stored in the same way as text. Looking forward to an interesting week ahead! Cheers
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Not only he gave credits about MIRA, but also made it clear that they want to implement MIRA as well, so that they can have a smooth migration of eosio to rocksbd.
And credits from this man who is da brain...is a big deal.
The core community has been built over the last couple years and while it will get shaken up a bit from time to time through large events, I think that there is enough mass to keep moving forward, no matter what.
Always great to hear your thought and insights on these types subjects Dan.
Although I do have a decent level of knowledge about the technicalities of blockchain - after 2 and half years on steem my education is reasonably comprehensive 😂 - you really have a knack for breaking down complex concepts to make them easier to understand. Especially in these videos you produce.
Cheers for sharing these hypertheticalals. Atomic swaps on steem is very interesting. I think there's a good chance it's the way things might go. As to the macro on steem... well I'd never have started a hive community if I didn't think steem could make it as one of the two or three top crypto projects over the next three years.
I'm currently increasing my steem stack through careful trading because I don't have the money for buying tones of steem. It's going well so far, about a thousand up on what I put in 🙂
The only problem I see is that if atomic swaps are the new direction, Tron are gonna want to push hive communities to fund their incentive models with Tron smart contract tokens rather than SMT's. Maybe, in not sure, but they might try to ditch SMT's given that they now own steemit.inc.
For me this is a big issue! As I have a very good plan for adding value to my community while attracting outside interest from mainstream publishing... but it all rests on me being able to leverage the value of an SMT attached to The Ink Well community. Also, SMT's attached to communities will inflate the price of steem if they work out, whereas communities using a Tron token will only bring value to Tron.
I actually believe Tron will leverage SMTs, as you atomic swaps TRX users could interact with SMTs much easier. Imagine an SMT for Steemit.com - He could airdrop to both TRX and STEEM hodlers and with his hype machine could make a cool 50mil from a token sale.
Steem pretty much has the social Web 3 on lock. TRX trying to make their own SMTs would be like bitshares trying to recreate STEEM on its chain. It does not make much sense, and would be much better for everyone involved, esp TRON/STEEM users, if they simply went with the best tech available.
There will not be one chain that rules them all, despite what BSV people like to say. There will be chains that become so great at niche values, that they become indispensable. I am betting big on STEEM carving it's on niche for the future Web 3 tech stack.
I do hope Tron leverage SMT's but still think they probably see them as a type of competition for their own networks erc20 style tokens, despite SMT's having far greater capabilities with votable POB.
I agree, but this all depends on Tron's intentions and them recognising that Steem is the best technology for proof of brain social web 3.0
The other scenario is that they're developing their own version of something similar to steem quietly in secret, while saying all the right things to the witnesses to try and get the recent soft fork reversed. I'm not saying this is what is happening, it's just one of a few worst case scenarios.
I've just read their medium article about Atomic swaps and do think that's a great thing! Interoperability of blockchains is the future, and those that already have it built in will have a headstart on the competition.
Generally I'm quite optimistic about this latest news. I guess we'll know for sure next week after the town hall meeting. Maybe I'll see you there 🙂
I'm also betting big on steem with my time, as money isn't a commodity I have much of. In the future I want to make The Ink Well more than just a community, I have plans how to make it a successful business that can improve my situation while adding value to everyone in the community, and the steem blockchain as a whole. All of these plans rest on building the value of The Ink Well SMT & community, then leveraging it to bring mainstream publishing houses into the community. In my vision we will act like an incubator where they can source new talent without middlemen agents, and also gain free targeted advertising to an audience who are their exact demographic.
I want to make a career out of both my own fiction, and also the community I've built to help others realize their creative writing goals and dreams.
Steem has so much potential that although I'm optimistic, I do not want to see this blockchain marginalized by Tron if they have ideas about trying to limit us with their stake as potential competition.
Still, I'll keep on growing my community and building on the steem blockchain. And I showed my commitment yesterday by powering up nearly 700 steem for SPUD, steem power up day. I'm also stacking steem by trading and am about 2000 up on my original pot. Hopefully be powering up the final tally next month for April spud.
Everything in life that brings big things is a gamble to some extent, I hope this one pays off for us all.
All the best Dan.
I've seen it all here. Walking on eggshells but using that dust to pave roads seems to be the way of this world. I don't mind.
I take my breaks, because I enjoy working my ass off to the point of burnout. I'll leave usually when the dust settles after a big event. That way I know the place will still be standing when I decide I'm ready to come back. I came back, and much like every time I return, the new set of challenges begins. Never a dull moment.
Today's politics will be tomorrow's old news. We'll find a way, like usual. This time around I thought, fuck it. I don't need to take sides. I hear both sides loud and clear. Giving it my undivided attention.
They say the community is our most valuable asset. People fight sometimes, that's normal. I have friends here on both sides. Not going to let these politics interfere with what I've spent years building.
I don't mind leaving some things up to the experts. Dude, I'm not even going to pretend I know what a fucking Atomic Swap is, but if I was a wrestler, that's what I'd name my finisher.
The one thing everyone has in common right now is they all want to see this place thrive. I don't see anyone with a brain cheering for this place to fail, no matter what side they're on, and that's a good thing. That's what it boils down to. When the dust settles, again, because it will, everyone comes out on top. For years I've known it's too big to fail. So whatever. Witnesses witness. Investors invest. Developers develop. I get it. I don't have to agree or disagree. Not this time. If it was my role to tell people what to do today I'd simply say, "Don't fuck this up for me."
I don't often get a chance to come here and shoot the shit. It's good to see you again though. Keep doing what you do. Some of these folks could really use that motivational stuff you can provide. Others probably think it's cheese but hey, that's the life we all signed up for.
lmao, I def wouldn't want to get atomic swapped by hulk hogan!
Hope this will be the case. There is much more value to be added with ccoperation with other blockchains and healty competition at the same time, than just tribalism. Hope eos come onboard with some voluntary cooperation soon :)
There are a lot of people out here for more than just the money, I am one of them. I was told basically if you don't like the witnesses, or the choices go somewhere else, I really don't think they understand, that concerns over a statement, direction taken, or dissatisfaction of a choice made, is not an accusation of failure on the part of anyone; people make their feelings known because they like the product and are concerned about it. If they want an audience of yes men and women only it is they that should leave and rejoin the likes of facebook.
Not everyone is going to agree with the choices made, they may support the choices, as many witness have supported the Soft Fork, that does not mean they like it, think it is right, or was even the right thing to do. They expressed their feeling and thoughts on it, and still continue to support the block chain. They did not ask nor tell people to like it or lump it, they did not try to drive people away. People need to understand that dissatisfaction on choices happen, that dissatisfaction is relayed in the hopes that things will be looked at and maybe different choices made.
The people that make the hard choices know that there is going to be back lash. They do not lash out back and tell people to like it or leave it. They are the real leaders, not the ones that lash back at the people that share a concern about the choice they made.
Everything STEEM does has controversy, most recently before the SF being the EIP, a lot of people raged quit from that but a lot of new people also joined since.
I think some people tend to try and focus on too much at once. I am a buidler, an investor and several other things, if I have to obsess over chain security, I lose an edge in everything else. Of course, I talk to witnesses, ask questions/give advice and do everything I can to help. But at the end of the day, you have to trust they are going to do their jobs the best of their ability.
If they failed to react and let's say Tron did pull a hostile takeover, everyone will be blaming the witnesses for not securing the chain. It really can be a tough, thankless job at times, does not make it any less important.
I invite controversy, different opinions and people that see things differently. Strength is in disagreement yet finding a common path forward. Weakness is fracturing and giving up when you don't get your way. It's easy to stay the course when one agrees with everything and there's sunshine and rainbows, but moments like we just had really shine people's true colors.
Reactionary is okay, it is needed at times. Rage quit never works, telling someone to find somewhere else to go when they are trying to understand and to help, causes more strife. Leaders don't do that, those looking for rainbows do.
It is a hard and thankless job most of the time being any sort of leader, you are always in the cross hairs. Some witnesses and others have shown their colors. Things may change, but then again, most people have short term memory loss and always look back on what the positive was that came out of the situation.
!ENGAGE 25
Someone telling you if you don't like it leave is their opinion and way they wish to express themselves. That is in no way the attitude of the majority of the community. Don't let a few sour grapes ruin the whole cluster.
Absolutely not going to. This is the third fork, and third time of being told if you don't like it leave, that/those person/people just do not understand a concern is not a rejection of the entire system.
@theycallmedan you have received
25 ENGAGEfrom @bashadow!View and trade the tokens on Steem Engine.
I have a reasonably long list of new accounts funded by Steemit that have only ever been used to flag people. All of the accounts were found by following the activities of 1 account. So i think it reasonably safe to say that that individual initiated those accounts. I dont believe that we have a lot of new users we only have new accounts. The EIP is still in force, people being attacked for no reason, even accounts like the @steemengineteam
This place has a lot of corruption to deal with before it even gets close to mass adoption.
But I am still here because I can see what it could become. A world changer especially for the poorest people
Yeah I agree, steem has been forgotten and battered and rightly so in many cases in my opinion I also think people haven’t been more critical of other chains because they don’t have an active community that’s so involved!
We’ve got eyes on it daily and opinions so it’s going to get more flack and that’s fine with me, being called out on your bullshit keeps you honest which I can’t say the same for a lot of Alts these days
Atomic swaps are going to be pretty interesting if done it’s going to give a lot more leverage and Get the best out of both communities
I think so far this is the most promising Web 3.0 ecosystem, it does take time to get into it and understand it but soon you won’t need to worry what’s under the hood like we do now! A lot of it will be plug and play for developers and dAPp owners
That’s when the exciting bit comes! Building the roads is boring once the cities are connected is when the magic happens
Yo Dan, are you farmiliar with steem ability to run Hashed Timelock Contracts?
And if not, is hard fork going to be requered in order to enable atomic swaps?
I tried searching the web but couldn't find an answer.
I am vaguely familiar with hashed timelocks but not how they would work on Steem.
Yes, I believe atomic swaps would require a hardfork, but don't quote me on that.
Thanks for a resposne, have one more question though. Are you aware of how the price is calculated when making transactions via wallets? I guess there is some program that calculates medium price at multiple exchanges? no?
At first, Dan Larimer criticized Steem. Good to see he changed his mind, I respect him a lot more now. Would be great if all the DPOS chains worked together.