One of the biggest steps that is needed in the cryptocurrency world is for there to be commerce done using the currencies. Part of the evolution of Steem is going to see the addition of commerce to the Steem blockchain.
We all heard the question when talking to people about cryptocurrency: but what do I do with it after I get it?
It looks like dStors is the answer.
dStors is a decentralized marketplace where individuals can set up a store that markets their product or service. This application uses both STEEM and SBD as a currency. All posts can either appear on one's own home page or in the marketplace.
In reading about this application, there are numerous ways to make money. This is helpful since so many Steemians need or would like to make a regular income from the blockchain. This could be a step in that direction.
dStors will have it's own token created using the SMT protocol. This will be the native coin used for different activities by merchants. One such task is that merchants can lease their space on their store to advertisers in an effort to earn more. The Decentralized Shopping Coin also helps one by either investing in the ecosystem (similar to Steem Power) or by putting it in an advertiser account and earning a percentage of that revenue.
This sounds very similar to an Etsy or other online marketplaces. The real value is we are dealing with a DAO meaning there is no overseeing body. Those entities take a percentage of all transactions which cuts into the margins people get. People are also stuck paying either MC/Visa or PayPal a percentage for every transaction. On Steem, we know that does not exist.
I personally like the idea of moving the blockchain from a basic social media site to a business tool. Yes, I know there was some business conducted on here, but it was all Steem related. This is different. Here we see the opportunity that we will have products and services available that people purchase in their daily lives. Being able to switch some of the purchasing from the mainstream retailers or online marketplaces like Facebook is another step in the right direction. It is also making Steem more valuable.
Another big advantage to this is the lack of tracking. We all know that Amazon and the other big tech companies track out every move. On dStors, what one purchases is not tracked. Merchants have no terms and conditions to adhere to. This mean we are seeing a truly free open marketplace that is fully decentralized. Without tracking, there is no selling of data nor are there pesky ads popping up.
There are a lot of others features that are laid out in their roadmap. I found a couple posts that I suggest everyone check out.
Obviously, there is a lot of work ahead of this team based upon their road map. To me, this is a very exciting project. Peer-to-Peer (P2P) business makes a lot of sense. The value of blockchain is that it eliminates centralized "middlemen" who take a cut of each transaction while also controlling the platform. With a DAO set up, none of this exists. The platform does nothing more than bring buyers and sellers together. The rest is up to the individuals participating.
I also feel the blockchain evolving in this manner is another healthy sign. To be a major player in the world of crypto-economics, transactions must take place. In other words, we need activity on the blockchain. Blogging and other social media related activities are terrific. So are exchange based transactions. However, adding in a marketplace component lifts the transactions to another level.
This is creating a streamline crypto-economic system. It is fairly easy to see how one could earn STEEM via the activity conducted on here and use said resource to pay for items that one's family needs. Here we see Steem helping families on both ends. Over time, we should see the costs of things rival or beat the larger entities since we are removing a number of transaction fees that they charge.
One final thought: think of the impact this has on all SMT created tokens. When that protocol is released, all tokens created are paired with STEEM on the internal exchange. This means that anything that appears on dStors can be purchased via SMT tokens with a quick swap to STEEM.
This certainly is something that bears watching.
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