Not actually related to Smart Media Tokens, but these two resources resonated well with what I've been writing and thinking about. It's all still up in the air, but yes, the point is we'll be expressing ourselves through the multistakeholdership of many many many tokens. They'll most likely be abstracted into just a couple of values and we don't have to worry about them. In any case, again, the notes presented here isn't directly related with Steem or SMTs (or EOS for that matter), but I really think they're great contenders for lively, on-the-fly currencies that with the kind of velocity that could surpass the rest of the crowded space to enter mainstream use.
Resource Note #1
Thanks to @abh12345 for the great find and informing me of this in my previous post: In The Future, Everybody Will Have Their Own Cryptocurrency. Great talk by Andreas Antonopoulos about a future where we voluntarily subscribe to many different choices communities / currencies / rules / politics as part of our self expression.
Resource Note #2
Found this riveting article recently written by Daniel Jeffries titled Gamifying the Delivery of Money. Highly recommended read. I think this vibes well with the advent of Smart Media Tokens, as we already have the shape of a killer-good app via social currency operations and ease of deployment. Again, I highly recommend the original article. Here are the highlighted steps, for my own brief notes:-
1. Release Your Own Greed
If you're starting a token, be liberal about initial distribution instead of focusing too much on enriching the self. If you do it right, everybody gets rich together.
2. Build a Massive Loyalty Coalition and Killer App
The coin is secondary. Focus should be on the app. In the case of SMTs, communities or token-communities may need to have clear rules on posting and curation. SMTs may also have good use-cases beyond social platforms and may be used to power the gamification of apps. Collaborate with other projects, especially open-sourced ones - this will get the ball rolling and could do wonders for marketing.
3. Stealth Gamify the App
Something worth considering and more like an art of aligning actions and incentives in subtle ways. I'm nowhere near a successful app developer at any point in my life so it's hard for me to be more nuanced about the ideas expressed in the article. I guess the key is to make the application fun to use. Fun is not easy to engineer, but we can do it through gamification - achievement unlocks, badges, limited-ed virtual items, etc.
4. Make the Reward Token Universal
Perhaps one of the most important points. Tokens should be rewarded to participants to incentivise them to do "what's best for the network instead of what's best for themselves alone". And give it out liberally all over to harness network effects. I've a feeling that Smart Media Tokens have the right token characteristics to carry out the task well enough, at least from a social perspective. Smart contract augmentations may be possible, but that's for another day.
5. The People’s Visa
This is for any currencies to climb further up Zipf's distribution, shooting for dominance. In the case for most SMTs, we can disregard this point in part of the design most of the time, but it might be good to plan ahead. It's all about breaking away from the initial blockchain dependence and coming up with an independent framework, cutting network costs all over and hosting sub-communities (and more features). Of course, this would require a certain amount of popularity and critical mass to make it worthy to pull off.
6. Universal Basic Income
Some might scoff at the idea of UBI, but I think should be one of the conclusions of any major currencies. In the article, there was an interesting talk about playing with the idea of two additional tokens to expand the ecosystem into UBI territory: spender's token and saver's token. Note: even @dan has written about this topic before, which happens to be some of my favourite articles on the Internet. Thanks to @kennyskitchen for the compiled list of article links:-
- Property rights and Basic Income - A viable solution is possible
- Hypothetical Price Stable Crypto Currency with Basic Income
- How to Allocate the Worlds Resources Fairly
- What would a legitimate basic income buy?
- Grand Unified Political Theory - Anarchy, Libertarianism, Capitalism, and Socialism
- Decentralized Proof of Unique Individual
- Universal Basic Income and Social Restitution
- How does Universal Basic Insurance compare to Universal Basic Income?
Track of the day
Artist: Hot Natured featuring The Egyptian Lover
Title: Isis (Magic Carpet Ride)