To everyone worried about delayssteemCreated with Sketch.

in #delay2 years ago

Just wanted to share a few words and compare it to another giant out there, although they are hard to compare as they are so different, but many blockchain projects face the same issues of being delayed as they're all experimental tech. I believe a more important aspect to focus on is growth. Even though many blockchains all over the space are declining in growth cause interest usually dies down during these brutal bear markets, here on Steem we've still been seeing a lot of great new projects popping up and we have a lot more active users than we had last bear market. Not only that but there is so much here to do with "proof-of-brain" compared to most others where there's only development and things to do for developers and gambling your coins on trading, etc.

For new readers who may not know much about other blockchains I wanted to talk a little bit about Ethereum, unlike Steem, Ethereum has suffered from some big hacks in the past which has forced the developers to roll back the blockchain which spawned Ethereum classic. Countless of smart-contract hacks since they were not coded correctly and a majority of useless ICO's later and guess what, the blockchain Ethereum is delayed by a lot as well. Ethereum has 4 phases planned, it started out with "Frontier" which was pretty much the pre-sale and a pre-beta of the blockchain and moved on to "Homestead" which it still is on today. The third phase called "Metropolis" was initially planned for early 2017 and yet here we are in late 2018 and it still hasn't arrived. The developers were so sure that they would have deployed Metropolis by now that they implemented an Ethereum mining bomb which makes mining more and more difficult no matter the hashrate. Basically they wanted to reward users and investors for holding Eth as proof of stake more than rewarding the miners for forever so they implemented a mining bomb which at some point would make the difficulty so hard to mine that it would be practically impossible. The idea behind it was to not have the miners fight over rewards with investors and possibly create another fork such as when Bitcoin Cash forked off from Bitcoin.

Here's some more info about the Ethereum Mining Bomb in case you're interested to read more. What I want to say with this though is that some delay is expected, I understand that users and investors and dapp owners are getting frustrated with STM's getting delayed so many times, but I personally believe it won't stop dapps to continue operating the way they have been doing now. I am sure there will come a simplistic form of SMT's at least to get everyone starting and if not from Steemit inc than there are plenty of options out there to implement it differently as to not stagnate development and distribution of the dapps.

Just wanted to share some of this info in retrospect with everyone, there's often some delays in this tech and I imagine the barrier of entry for new developers who are not familiar with this tech is quite difficult and takes time for them to familiarize themselves with.


I don't mind the delays so much as we can still keep having a fair bit of fun while waiting. I think it comes down to expectations of what is to come, but sometimes the adapt point is to continue doing much of the same. I was having fun before the delay was announced, I can enjoy myself still.

I look forward to what a simple token might look like though as it might be a good way to ease into the complexity.

I appreciate your message during these hard times and both ETH and BTC and many other projects have faced far worse tings than delays. Most of these projects don'even have a great technology behind them. But like many people SMT's are my biggest concern. It's the one that I was most looking forwards to. But on the good side we already have projects like @steemmonsters that are doing well without even having SMT's.

It'd be great if few ads could be implemented and use the funds to accelerate development.

Great relevance to share with the community for sure! I also think that there are many other projects from ICOs that are also financially failing as funding is running dry to develop and launch their blockchains. The difference with Steem is the community that can use their stakes to create, develop and support projects to ensure the long term sustainability of the blockchain.

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The ability to transfer SMTs from account to account would be a good starting point as a basic form, but I do understand the delays and hopefully new developers could address the issue within their own time. Being able to transfer SMTs could help those dapps who might find value in their tokens and thus potential convince the community to use them like Steem - like have contests to earn those a certain SMT... AFIT tokens (for Actifit as an example) or just be able to tip or gift someone their favourite SMTs. I know it might be a long way before it becomes exchangeable with Steem or any other crypto/fiat, yet, more reason to HODL.

Just generally, being able to use those SMTs in a small way would have a benefit for the community they (the dapp) would want to build.

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Thank you @acidyo for keeping everything in perspective. I think Steem really looks strong mainly because of the Community of many diverese peeps :)

"I am sure there will come a simplistic form of SMT's at least to get everyone starting"

I definitely agree with this.

I know Steemit Inc is not in the best position right now and that we will probably not get SMTs officially launched in Q1 2019 but I think that they should at least prioritise giving us a simpler form of SMTs.

After that, after we see how things work with the more simplistic ones, we can move on and add other functionalities.

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There is always joy at last.... The more it delays the better it becomes

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I think you hit on one of the keys about "barrier to entry" its not like there are many 15 year veterans around.

I think the whole crypto space in general is still a vast unexplored area as far as what can be done.

Delay is one normal phenomenon for development especially when we are dealing with pioneering projects with no reference at all. Plus, we do see Steem itself has been adopted by several new Dapps which is a sign of potential growth on the blockchain. Despite the whole price thing is going down, it is a good time to build the infrastructure at this low time and ready for the peak season (hopefully getting bullish next year?). Anyway, can see all those are still here really have the appetite to work on different projects based on the concept of proof of brain. Let's work together :)

I know we might have a simple form of SMT as expected, my guts feeling. ;)

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There are those that joined steemit for investment and they are the ones who stayed and wait patiently. Some whales I heard left the boat, dumped their holdings in this bear market and that is truly sad. If all of them dumped their steems in the market at the same time, their impact on the steem value would be enorm which could trigger downfall of the coin... but, I know it will recover.

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I was excited about SMTs when it was announced but in all honesty I didn't really understand it much. Because of this, waiting for SMTs no matter how long it takes won't be a problem for me.

What do you mean by a simpler form of SMT?

Starting out simple and developing them from there.

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