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RE: Vlog #102: A concern about SMT's on the STEEM blockchain. **EDIT** Good answers in the comments.
(If the STEEM token is used differently and I missed something, let me know).
Yes, it's used differently and I think you missed something.
An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
This helps a lot! Thank you so much.
EDIT If you could just clarify. I would be grateful.
2.When the SMT is up and running lets say on REDDIT (REDDIT TOKEN). Will they still need STEEM to make the REDDIT TOKEN work on the STEEM blockchain? or is it separate?
At least that's my understanding from reading the first version of the white paper.
If STEEM becomes the main trading pair for any SMT on the Steem blockchain in the future that would be pretty major.
If they execute this one well, yes, it will be major.
the key point. execution, that's why i think the first video that ned did was really smart asking for people to go through the whitepaper and rip it to bit before they jump in with 2 feet. kinda smart, he needs to be vlogging each week from now on if you ask me even if it's just to give a few minute catchup.
Hehe yeah, find all the flaws, tell me how bad and wrong it is! Cause that's the only way to improve.
Is that the same mechanism like on bts DEX?
amigo #resteemia at your service
got answers for all most all ;) impressive work @exyle, @dragosroua
ReSteemia
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