RE: SMT Testnet is LIVE
I totally get why you feel this way, but it's not at all what we mean. Content sharing and rewarding is still going to be a huge part of Steem. But in order to make content rewarding work even better, different communities and organizations need to be able to determine for themselves what is valuable and what is not. In order to do this, they need their own token which symbolizes their unique subjective valuations. Another benefit of this is that the added experimentation can help inform the base token and layer.
But while we were thinking about these solutions, we realized that there was no technical reason to limit these tokens to the use case of content sharing and rewarding. That would be an arbitrary limit on what Steem can be used to do. An SMT can be used to solve any of the problems people have been claiming blockchain can be used to solve, but which are limited by long/variable transaction times and transaction fees.
In short, I wouldn't say that the role of content sharing and rewarding is in any way diminishing. In fact, it will be getting a huge upgrade. But at the same time the role of Steem as a financial layer that can add tremendous value to the global economy is increasing as well. Since this wasn't something Steem was used for in the past, the delta is larger.
Hi
Does this statement from the above news release mean a major change in the platform is coming?
Thank you
Thank you for clarifying the statement.
Thank you for clarifying the statement.
I have another question. How are SMTs different from SE Tokens?
Thank you.
SMTs are part of the chain. SE relies on independent software.
The marketing-speak is strong with this one.
Steem needs a derivatives platform built from SMTs. Start with a stable token at least as good as multi collateral Dai. Figure out how to do what Compound is doing, and add compound interest on top of that stable token. Let the stable token be used for rewards and for people to store their life savings. This would be a start to saving Steem.
How can we expect anyone to put their life savings in Steem Power or Steem when the price isn't stable? If I earn wealth on Steem and don't immediately take it off before the whales sell then I lose it all. I know this from experience already which is why I'm one of the people saying we need a stable token and derivatives.
That stable token is SBD. It sucks at what it does, but Steem did try. Is it possible to make SBD stable by using STEEM as collateral to create it the way MakerDAO does? Possibly, but you have to understand that even though ETH is not stable, its way more stable than STEEM is.
Asset valuations matter, because if ETH went up and down in price a lot, you would have many CDPs (collateriazed debt positions) get dropped. So, the way this would work is that you would have to mint more STEEM as people ditched their debt and you could have hyperinflation.
Part of why it works with Ethereum is that it is the second biggest blockchain in value and status. As far as cryptoassets go, ETH is stable, and it is also essential to the functionality of dapps built on Ethereum. Ergo, it has an underlying value, while STEEM's only current purpose really is to beget more STEEM. Slap a MakerDAO system on it, especially with its current inflation rate, and you'll probably only create a hyperinflating currency that loses momentum faster than the Roseanne show without Roseanne.
This is an amazing comment. Thank you.
I like especially how this comment shows how silly it would be to split the econominncs of Steem power with the Resource Credits of Steem Power. They are both valuable, viable and important uses, and I do believe STEEM would be poorer for a split if it ever happened.
#STEEM is the SPINAL COLUMN of an entire world of possibilities!
I completely disagree and also find it worrisome that you seem to assume this to be taken for granted or obvious.
It is only true if you assume that proof of brain is going to be used in a community, or that it is a good idea to begin with (fewer and fewer seem to accept this notion). Communities only need to be able to determine their own distribution rules. This does not require a new token, and imo it would benefit everyone more if it instead used STEEM.