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RE: STEEM Token Protocol (STP-1)
In principle, I would very much welcome the availability of custom tokens. However, I believe that if we want to set up such a system, we should do it directly at the blockchain layer. SMTs are already quite advanced in the blockchain code. Perhaps we should direct our efforts towards finalising the implementation.
Your concept sounds good at first. But I think the details will be very difficult to realise. Especially the security against forgery is not easy. Personally, I would also be reluctant to permanently grant someone posting authorisation. As I understand it, an additional infrastructure (additional databases) is also required (e.g. for logging). That is quite a lot of effort and we don't know whether there is a need for it.
I posted some links here. @biophil created a "Proof of Concept Electronic Token (POCKET)" some years ago, and I believe it was even trading on bitshares at one point. His PoC didn't require any grant of posting authority. I agree with your point about SMTs, but only if there's a realistic chance of seeing them move forward. It's not clear to me whether that's the case, so I'm on board with exploring other solutions, too.
The links in your linked comment are very interesting. More reading material for me :-)
That would be much better. I will definitely have a look at it. I still plan to read the posts of some specific people anyway. I started with one who was once a top witness. But nothing gets lost here :-)
Maybe we should use MIST to make the follower network strength into a layer-2 blockchain parameter? 😉😉😉
I agree with what you said:
But as far as I know, no one is looking into the SMTs. I wonder why. We can start to discuss this matter.
In the meantime, I will dig more into token creation without SMTs or side-chain strategy.
Probably because it is not easy to understand the code, the idea and the financial interdependencies. A lot has to come together to finalise this effectively. But are there only two people in the world who can do that?
Right! Having multiple approaches is good.
I will follow this with interest and perhaps I can contribute a little... and I've seen that remlaps has put together some interesting older facts that might help.