MAGIC Token: Expanding the Steem Ecosystem

It is amazing the evolutionary process of applications.

Steem is in a wonderful position because there are a number of applications already released. This is the first phase. After that, it is crucial to watch what developments take place as the projects are upgraded and enhanced.

One of those is @magicdice. This is a game of chance that is on the Steem blockchain. It is also one of the more active applications in terms of Steem used. This is only natural for a gaming application since transactions are taking place all throughout the day.

The team issued an update the other day which is really exciting.

To start, they are issuing out their own token. The MAGIC is going to be released at some point next month. It is designed to reward users. Each STEEM (or SBD) wagered will earn MAGIC tokens. 60% of the total distribution of 7B will be done this way.

There is also a referral pool where Steemians can get MAGIC for sending people to the application. This is where another 10% will be distributed.

We all know the SMTs are delayed. This was a bummer to most of us yet it is not deterring the developers. They realize the protocol will be released at some point hence they are proceeding as planned. Sure, there are some adjustments along the way which will end up leading to the same place.

The major premise of the @magicdice announcement is to stimulate use. People will only return to an application like that if they are getting rewarded. The magic (no pun intended) of SMTs is they enhance the rewards people get for doing the same activity. With the MAGIC token, players will not only be rewarded in STEEM but also MAGIC.

One of the things I found most exciting about their announcement is the fact they will accept all SMTs once they are released. This means any Steem based application that issues a token will be accepted by this application.

It is logical to look at each application on Steem as it's own individual ecosystem. However, it is imperative that we step back and look at the whole. SMTs are going to create an entire economy which will allow people to move across many different applications. This is an example of how it works. By accepting any SMT for the games, it enhances the value of every SMT.

Ponder the situation when there are hundreds of different SMTs people are earning on a monthly basis. All those tokens will have more value because they can be used within this self-contained ecosystem.

@magicdice is going to be one of the first to implement this.

For those who are not into games of chance, yet want to support this endeavor, there is a delegation program where MAGIC are paid out for each SP.

They are also planning to add other games such as lotteries.

The entire post can be viewed here.

https://steempeak.com/steemit/@magicdice/magic-dice-v1-3-the-magic-token-earn-dividends-by-playing-dice

We know games like this have a way of attracting a large following. Leaving personal views aside, from a business perspective, this could be huge. Some of the most popular DApps today are games like this. Bitcoin and EOS did very well with them. Hopefully Steem will see similar results.

I am not personally into games such as this but I love what I am seeing out of this team. It is a project that really could jump amount of activity on the Steem blockchain. If I am reading this properly, since MAGIC are paid out for each SP wagered, there is a guaranteed reward each time. It obviously might not equate to what is wagered yet it is something to offset the loss a bit.

This could be a very interesting project to watch.

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