And maybe it's as simple as that. Steem thoughts.
With the announcement of HF20 and SMT's the direction of the blockchain is clear and should be clear to everyone.
It's no longer about blogging it's about empowering anyone to tokenise the web through the Steem blockchain protocol.
You can see this process unfolding already before your very own eyes in all the different projects that are currently being build on the blockchain (dlive, dtube, busy.org, steem monsters, steepshot etc).
All they need now is their own token and the ability to onboard users easy and the growth will be unstoppable.
In 6 months time when SMT's are released I sort of see the first mining phase of STEEM coming to an end.
A brilliant mining phase where instead of mining with boring computers people could mine with their brain.
A mining phase that lasted 3 years and gave opportunity to everyone who was there to obtain as much STEEM as they could in any shape or form.
For me it's been tremendously fun to see people use their brains to obtain STEEM and to see the different ways they came up with to mine STEEM.
It's also been sad to see people part with their mined STEEM so easily without thinking about the future potential.
(Future potential of STEEM was basically the essence of my blog for almost 2 years and I say 'was' because the future potential 'is' now clear).
And yes, the earlier people started mining the more tokens they could earn.
The early bird catches the worm.
Now of course all kinds of things happened with that mined STEEM.
Some sold it cheap to buy goods, some might have used it to payoff debts, some bought it because they saw value in it and some just kept everything they earned.
In the end of the day it doesn't really matter.
The STEEM ended up in the hands of people that see value in it and left the hands of the people that didn't see it.
Today it's already infinity harder to acquire STEEM and you either have to add tremendous value to the blockchain or buy/have a big stake to get even started.
And it made me think about STEEM in the future.
When Steem becomes the standard blockchain that will be used in the future to create a token to empower products, communities, onboard users or basically whatever people will come up with, they will need some Steempower.
And I guess in such a future Steempower will just be seen as a business expense that will either be rented or bought by companies/communities.
Basically like electricity or gas.
Nobody will care where that STEEM initially came from if it's a needed expense that will allow them to make a better product or more profit.
And maybe in the end of the day it's as simple as that.
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I absolutely agree. At least this would be the success scenario around SMTs. And I assume that Steemit Inc had this vision since long already. This would also explain why further development of the Steemit UI had a rather low priority in the past.
Dang you’re smart!
With your mining mind and bubbling enthusiasm will @exyle be the next Steem ambassador?
It would be goood!
Come on Steemit inc. wake up and hire this man!
Haha! The guys that came up with this (infinitely harder than talking about it) and who are building this already work for Steemit inc.
I also have the feeling that in future SP is only needed for providing bandwidth for apps and smt's. This also means that with HF 21 or 22 the posting/curation rewards in VESTS/STEEM/SBD will be removed from the chain and there will only be rewards as SMT (see @ned's coming oracles & account based voting). Let's see what happens ...
Unvoted. No response, no vote.
I agree 100%.....was just having this same conversation tonight at dinner with @amvanaken
Good write up man.
Good to see those in the know leading the way. I'm a long term holder!
Good to see those in
The know leading the way. I'm
A long term holder!
- kus-knee
I'm a bot. I detect haiku.
I definitely agree with you. Some people view the development of Steem just based on what happens with Steemit.
This is a big mistake in my mind. Steemit has been the social media site that proves that the Steem blockchain works, that we can tokenize social media, and therefore it will now be launched through SMT so that everyone can use it. This is where we should see the potential at the moment, and the key to all this is Steem Power.
Money is being funneled into different projects and if you don’t want to be left behind the curve you have to capitalize on this. I’m delegating to both Steemhunt and Actifit and trying to maximize the early bird opportunities.
You see the whole picture, and that is why you’re not selling a single Steem. For Minnows this is a great opportunity to turn the tables a bit, because a lot of old timers are powering down now. Me on the other hand I try to accumulate as much as I possibly can !
Great post !
You've got good thinking and a good plan!
Thank @kus-knee!
Not far anymore.
Why buy Steem Power as a utility for bandwidth when you can just use your own fork of Steem? You could even make a Steem fork potentially that remains aware of the Steem account system, without making Steem transactions.
The idea of Steem Power having value from bandwidth alone seems to require that app developers in the future are unimaginative about getting around constraints.
You can't stop anyone from forking if they really want to but good luck going through the hassle of setting up the fork, setting up the witnesses and god knows what else is needed to make it work now and in the future. It's just a waste of resources imho.
The whole point is that SMT's will give you your own token on a workable fast blockchain which you can implement with ease and basically for free. So now you can put all your resources in your community or app and not waste it by reinventing the blockchain wheel. And yes, once your app gets succesful you will need to invest in some SP but only then not before (unless you want an automatic market maker).
Also an SMT will be tradable for STEEM in the internal market. How and where will your token trade when it's a fork?
In order for bandwidth to provide significant financial value to the Steem blockchain, it has to be a significant cost to the app developers/users. The larger a cost that is, the more worthwhile it is for those developers to go through the hassle of their own blockchain. The lower it is, the less argument there is that it can bring in a significant amount of revenue/demand for the Steem token.
There are hundreds of exchanges where you can trade tokens of all sorts.
The server costs alone to setup a reliable fork of the Steem blockchain should be enough to seriously consider just buying/renting some Steempower.
Steempower you could also easily up or down scale depending on your needs.
It also cost money to get listed on an exchange.
It's just so much easier to use the internal market of the Steem blockchain that will be instantly available to you and to trade SMT's for STEEM there.
STEEM is being traded on so many exchanges now. Going this route make just more sense to me then trying to get listed yourself.
Perhaps for apps starting out, at which point they don't need that much bandwidth and thus don't bring in major revenue. Once they get big, those issues become trivial, and forking the Steem blockchain off with an existing app is not that complicated. At that point all the bandwidth on the new chain is available for their app primarily.
It may well turn out that being the owner of a few thousand SP will give one the possibility of earning a quite decent income stream from leasing it to those who are tokenizing the web. A new rentier class?
Interesting thoughts as always @exyle. Whereas you may be entirely right about the future, there's always ONE question mark that always stays for me:
There's never any talk about "end users" and who they are. I'm personally a "marketing guy" not a developer, and if you don't put effort and attention to who's going to use all these apps, it doesn't matter how great they are. It's almost like there are apps to organize the apps that organize the apps and layers of SMTs to tokenize all of them.
In the end, are we looking at a future of Steem that's only wholesale/reselling, not an end user product?
Just curious.
For me it's not up to Steem inc to put effort and attention into who is going to use those apps. For me, their key roll is providing the app makers with all the tools they need to do that themselves.
Not being able to sign up your own users is one of the things that is holding everything back. The process is not friction free, it's not a nice first experience. It will be addressed in HF20. I think it's a hugely important update.
Second is of course SMT's. The reward model of STEEM is great but also has it flaws. Being able to come up with your own reward model and a ton of other parameters to reward and incentive users to use your product is fantastic.
Those two combined alone will bring the Steem blockchain to the next level and it's all powered by steem.
Well thats depressing! Lol great to hear the truth from a witness finally though
It shouldn't be. Remember that new opportunities will arise in the form of these communities empowered by an SMT that can be earned.