Dtube Contest - Talk SMTs To Me Baby Contest Winners (AND LOSERS)
Hi guys!
So a couple of days ago, I ran a contest to see who could best explain SMTs to me, the hopeless luddite. Well, there were a couple of honorable mentions, but seemingly no one who knows all the answers to my more specific questions.
The honorable mentions and winners of an SBD (I'm a cheap skate, what can I tell you?) Are users @zoidsoft and @aussieninja. The loser of this contest, who will remain unnamed, is the fool who just copied and pasted from the white paper. Like, I wouldn't have run this contest if I hadn't already read that. Plus...I mean let's not plagiarize alright?
First of all, Happy St. Patrick's Day! I am a wee bit Irish so of course I love to rep it on this special day of booze and complete loss of inhibition! Wahoo!
Secondly, seeing as though I wasn't satisfied with my contest results, I did some more digging into SMT's, desperately attempting to wrap my brain around them. Well, I think I did a fairly good job, and I explain my findings in the video above.
Now that I understand more the impact that SMT's will have on the internet as a whole, I think I am going to make a promo video for non-Steemians with Lady Steem, in order to explain the concept to newbies, and to get them hyped for the air drop. I mean, I am pretty hyped, but I still have some unanswered questions that I would like to know before I make that video.
So, kindly, if you know the answers, PLEASE let me know!
How much will SMT's be worth? How will that be decided?
Does Steem have the capacity to handle that amount of transactions across the board? How?
Really those are the biggies. I am still trying to wrap my head around how this will benefit creators, but the best I can come up with right now is making money on ads/supporting other creators and receiving their tokens. Will creators be able to ever give themselves their own token? If not, how exactly does this directly benefit creators, and not just single-handedly reward curators?
If you have answers to these questions, I would be happy to throw some more SBD out there!
Thanks for all the thoughtful submissions!
You guys rock my socks!
Have a very Happy St. Paddy's Day!
xx~Lassie Steem
(I do not own the music in this video. This is an Irish Street Band captured by HurryKen Productions.)
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I believe this answers some questions:
https://steemit.com/steem/@steemitblog/steemit-blockchain-team-update-appbase-rocksdb-bandwidth-hf20-smts-and-more
Yeah I get the gist of the concept, I was just curious as to how value is determined. Will everyone have mini ICO sales? Like, that seems impractical...
they are upgrading the internal market so instead of just being for SBD/Steem it will be able to exchange every SMT for Steem.
I love the idea of SMTs as you explained it. Sounds like the REVOLUTION is ramping up! Love the shirt and hat.
Yayyy!
I absolutely don't know... but I would assume that I would set the value of my own SMT. So, if I had 1000 Steem... and I wanted to create 1000 NINJAcoins, then they'd be worth 1 Steem each. If I only wanted to create 10 NINJACoins then they'd be worth 100 Steem each. That is my understanding, but I could also be super mega wrong on that one.
So, say that I created 10 NINJAcoins at the value of 100 Steem each (ie, I paid 1000 Steem to create these coins). I would then keep all 10 coins - but I could hold an ICO and sell them on an Exchange if I wanted to. I'd then keep whatever I didn't sell.
Then.... I could award creators with a NINJAcoin for the best ninja articles created for my website, or on Steem or YouTube or whatever... as long as they had a Steem account.
The work that Steemit is doing at the moment is developing the Steem wallet that we all have to be able to cope with potentially unlimited numbers of coins/tokens.
Thanks for the prize money! You're the best!
There actually is a porn based SMT (Vice token) thats launching soon that runs off the Steem blockchain. No idea how theyre gonna pay people to watch porn but we'll see. The token is on sale right now and launches later this year. They're even going to airdrop 400 million tokens to Steem holders.
So yeah, porncoin.
Hey @retro-room...
Unfortunately your info on VICE is a couple of days out of date. They're no longer launching an SMT called VICE, they've instead hardforked Steem itself into it's own VICE platform. Steem owners will no longer get VICE tokens airdropped, if we want in, we'll have to buy it like everyone else.
However, I think it'll work similarly to Steem... so you pay creators directly, and you receive rewards for curating popular porn videos/posts.
Aw dang! I was really looking forward to this porn coins...
Yeah, just wait.
Hadnt heard that. Good to know so Im not patiently waiting for my porncoins :)
Hi, I see that you have a big DTube channel.
I upload my first Video today, please rate the movie, and give some tips :)!
Regards :)!
Nobody knows how much SMT's will increase the value of Steem. But it's a bit like this... Remember when Macs were considered better than Windows except for the fact that nobody was writing apps for that platform? The more developers of their own websites use SMT's to interact with the Steem blockchain, the more the Steem blockchain will be worth.
I could set up my "zoidcoin" on astrology-x-files.com and have those little green upvote buttons (or something similar) that would replace popup AD's. (I don't have AD's on my site anyway, but many do).
In the future, most businesses will have their own currency and will need a way to swap currencies given an exchange rate. SMT's are smart contracts that work between your website and the Steem blockchain. So if you're confused about SMT's, then maybe you should study smart contracts and the architecture of Ethereum.
Personally I have my doubts that Ethereum can scale. Scharding looks more like a bandaid on a broken model than a real fix to me. They have the network effect right now, but once Dan Larimer complete's EOS in June, it will be as fast or faster than Bitshares and Steem. EOS is a generalization of the ideas behind Steem for social media, but will be used for all sorts of logistical problems such as relaying medical information by elimination of informational siloes while keeping confidentiality, etc...
The other reason why I think EOS could replace Ethereum is that solidity was a special language that Vitalik wrote for the Ethereum blockchain which is difficult to work with. EOS developers will be able to use C, C++ directly.
The Adult Industry is always at the forefront and cutting edge of every technology.
Check out "Bunny Token" :)
Great, keep up the good work!
The STEEM blockchain can handle CRAZY amounts of transactions - I've heard something link 'in 7 minutes what Ethereum can handle in 24 hours' - so that's pretty damn amazing. So YES I believe they can handle the transactions at least.
Check out info on transactions and how 'full' the blockchains are here: https://www.blocktivity.info/ (right now Ethereum blockchain is FULL, Steemit does WAY more transactions and is only .15% 'full' - WHOAAA, right?!)
I came here to share this link: https://steemit.com/steem-help/@sykochica/answering-common-questions-what-are-steemit-s-smart-media-tokens-smt-how-could-they-be-used It also explains a LOT and is very well-written :-)
Cheers!
Yes, exactly. It's no more complex than the idea of starting your own currency (which isn't all that simple, lol). As you said, the more people are interested, the higher value it trades. Isn't Steemit's coin Steem Power? Honest question, or perspective.
I am not sure! I don't think so though. Steem power is just the accumulated collection of SBD, and Steemit doesn't own SBD, the Steem blockchain does. So I'm not sure there.
Idk... if that's true about Steem Power. You purchase it with either SBD or Steem and pays out in Steem. So that;s why I said it seemed like the token that represents Steemit's part in the Steem blockchain currency market... idk.. lol