Ready-Made Steem SMT DEX: Bitshares?
One thing recently floated by @ned regarding a slimmed-down SMT launch is "removing the on-chain dex and market maker".
So how will token holders be able to exchange their SMT tokens for, say, STEEM, or to out-exchange to fiat? I note that the phrase specifies "on-chain", so that an off-chain DEX will still be needed.
It struck me when I first read the SMT Whitepaper that there already exists a tried and tested DEX: Bitshares.
The token creators can thereby create and distribute their tokens and have a ready-made market environment for users to buy and sell with each other.
The interactions of the SMT token within its own community can proceed as per the SMT set-up, just that any token distribution needs to be reflected on Bitshares using their User Issued Assets.
Is this what @ned has in mind?
Would be good to hear from anybody who has already created their own token on Bitshares.
In the current climate, all potentially useful ideas need to be articulated and discussed.
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@rycharde manages the AAKOM project and the MAP Rewarder and Trail.
I'm mixed about this. I know a lot of 3rd party devs have been pinning their hopes on SMTs for their apps. Okay, as some kind of share-holding-security token I can see some use case there. But then, BUILDTEAM has been running their token (with simulated stacking) on the BitShares chain for about a year now. Their system work - and you can see staked holdings by looking at a spreadsheet (cue: that Forbes article on blockchain being no smarter than a spreadsheet heh). <- This ramble basically means that if you want a security token then, where there's a will, there's a way. You don't need an SMT but it's certainly nice to have it baked into the blockchain.
My thoughts on SMTs as a utility token are mixed; I still think that there are only a few communities/dapps that have large enough communities with underlying value exchanges that warrant a special SMT. As a matter of economic design there's too many people pinning their hopes on it.
Onto the DEX. I guess you could create some cross-chain-swap-thing to BitShares to make a DEX work.
Though I thought the idea of SMTs was to do away with an order-book driven DEX in favour of an algorithmic DEX (ala Bancor). If that's the case then I think the features for this need to be baked into a very early release of SMTs at the blockchain level even if realising them into the UI takes some time. The early implementations don't even need to do SMT-SMT exchanges, they could simply do SMT-STEEM and STEEM-SMT and then let the UIs figure it out.
I'm still a bit skeptical about SMTs. Not super skeptical, but yeah. I think SteemInc needs to deliver on them to show that they are a trustworthy company for sure.
They could also do well to help promote third-party efforts at improving the general infrastructure. Steem appears to me to be a bohemoth of a thing that really could be made more reliable and more nimble if effort was put in that direction.
A few things need to happen
Income sources need to be a part of this system otherwise your just bleeding the value dry with your automated sells each month
Better communication and managment needs to be done on the project so we as investors and users know whats coming up and what we are supporting (This is one thing I hate about dpos is that all users do not get a say only a few
Put up and shut up now is the time to put in the overdrive and grease your elbows. I think everyone around here including leaders got a bit to lazy with all the money coming in instead of getting things done.
All true, and I hope the SMT project now has some momentum and will actually be completed - and functioning.
Look at the "Destiny fiasco"; had Ned just said, "we are building a flagship SMT", then that would have been greeted as great news. Instead, we see a "secret" squirm out and met with incomprehension and concerns.
Please, can someone tell me how to access the bitshares (DEX) account? On their new website is nothing where I can log in.
have you tried https://wallet.bitshares.org/
Wow. Thank you. I haven't used it for ages. But why then I can't have access to my account on Bitshares new website?
I am somewhat aligned this idea. The reasoning being, Steem is a very good choice for building DApps. I am not sure whether it was designed for that purpose or by accident but the result is that Steem is a first class citizen for dapps