Vlog 302: The value of STEEM on a blockchain full of SMT's. Many things will change.

in life •  last year  (edited)


I haven't been able to think about anything else than OSMT's (Oracle based SMT's) and the impact it will have.

It will change everything as we know it.

First, as an investor I was always wondering what the role of STEEM would be in a world full of SMT's.

This is what I found out:

  1. STEEM will be the only trading pair vs all other SMT's on an internal exchange.

  2. You need STEEMPOWER to buy bandwidth on the steem blockchain to run an SMT.

And then @robert-call pointed this out yesterday. here

from the white paper:


Screen Shot 2018-05-14 at 08.51.13.png


STEEM is votable for every post.

It means that you will still be able to earn STEEM on every application and frontend even if they use an SMT.

Wow! Did I miss that.

I've been on the Steem blockchain for nearly 2 years. Earning STEEM has been increasingly more difficult with more users joining even though my blogging efforts have increased.

This won't stop. It will only get harder and with that every STEEM more valuable.

I always believed every Steem(power) to be precious. And now, I can only see this increase in the years to come.


For content creators the impact will be most likely be even bigger.

When Frontends (lets say dlive) implement an SMT and we go to an account based system (not steempower based) than content creators that pull in the most votes will trend.

As it should be.

The best content by wisdom of the crowd will be at the top and earning the most SMT tokens (but not necessarily STEEM).

Who has the most crowd? Outsiders that will bring their followers with them would be my bet. I seen it already on dlive.

I'm pretty sure it won't be me. But I'm pretty realistic regarding these things. (Famous Polish Streamer 16k live views, Exyle 6...yes six.)

This system should satisfy many speaking ill about the same content creators trending because of Steempower or bitbots. (even though without those they will even have less chance, but at least the system will be more fair).

I think yesterday many eyes were opened regarding SMT's with the page ned dropped.

Everything is slowly becoming more clear and there is plenty food for thought.

I talk about it more in my vlog.



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Wow, that's super exciting news and clarifies a lot about how the protocol will change for the better with the launch of SMTs. Exciting times ahead!

I liked .. wonderful words from you
And excess confidence is not good for us
Thanks for sharing..

I agree SMT's will make a huge difference. And the competition here has gotten fierce! I can't wait to see the results .

Competition has sure increased and I pretty convinced SMT's will only increase this.

Pure ART in Motion @kaylinart .............Nothing Better than STEEM

  ·  last year (edited)

you will be fine, at the moment you are one of few bigger good bloggers on steemit.
other whales like haejin will be the ones with problems.

Could you tell me where I can find the information about whitelisting and blacklisting?

Not yet. It will be in the Oracle Whitepaper.

  ·  last year (edited)

When you say "Earning STEEM has been increasingly more difficult with more users joining even though my blogging efforts have increased," I wonder what I've been doing with my life in the past months that I've been away from Steemit. Everything seems so new,and it feels like the world has moved on leaving me behind.

I may have left a lot to chances, but I'm sure not going to let myself become a rookie again. Who knows where I can read more about SMT's? Drop a link please, let me educate myself.

There’s a white paper link in the expanding navigation, but here it is for convenience.

https://smt.steem.io/

Edit - Just looked at the link myself, they added quite a bit of explanatory marketing content! I think it used to just drop you into the paper itself!

Thank you for suppling the link for him.

Hopefully this update will bring justice to all bloggers and the SMT will be successfully implemented. I sincerely hope and pray that the updates work. Literally I live off Steemit, with the little I earn around here, I manage to survive in Venezuela. In addition to making money, I've learned too much from this crypto social network... I've even improved my writing and the way I express myself.

Let's hope everything works out perfectly after the update. Greetings @exyle!!

  1. You will still be able to earn STEEM tokens on Steemit which will still have stake weight voting so early content creators will still have that advantage.
  2. Communities are going to allow people to gain followers in their niche. Some of those niches can get pretty big.

Thank you @exyle...I got a post for later today or tomorrow morning.

It's all very interesting stuff @exyle . I have started on @dtube thanks to watching you and now I'm beginning to understand more about smts as well because of your vids. I don't know what the future holds but I'm wondering if I should always exchange my sbd for steem and buy some eos. I feel left out of eos but also feel I dont have enough sp to really earn from steemit. I wonder what the future hold for me at my level. I feel like I need more sp lol

If you have quality and love what you are doing, you will be noticed, instead of months it will take years of hard work, but you will be able to succeed, of course, for early adopters will be very hard to watch this change happening.

I don't think people like the Polish streamer will kill us, Those big influences will bring millions with them and post´s payouts of $10K, $100K, will start to exist... And that's something I think we all want to see, because it means STEEM will be very close of $100 mark :D

What are white and black lists? I feel I should know, but do not. Is there a Santa somewhere with a naughty /nice toggle?

  ·  last year (edited)

With SMT's it will be possible to combine it with Oracles. Oracles will verify wether a account is a real person or not for instance.

Only accounts whitelisted by Oracles will be eligible to earn SMT's. If you are blacklisted (let's say a spam account) you can't earn SMT's.

Thats great regarding Oracle based SMT's. What is the source of this news. I have been trying to search it on steemit but cant find any.

The Telegram SMT channel. Ned himself.

Hmmmm Great.

You are right, from a content creator point of view competition brings more visibility which is very much needed, we are also the first generation of creators so if the Steem ecosystem explodes thanks to big names bringing in the masses we will benefit a lot from this. Can’t wait for the SMT protocol to come out, I personally will support the apps I use the most if they launch an ICO.

I am interested in supporting those apps too.

There is a lot of Game Theory in cryptocurrency. The move from Steempower based to user based simply changes the rules of the game.


I am usually an optimist, but in this case, my prediction (regrettably) is this:

The "Dark Side" users who currently have a significant amount of steem power will start powering down.
They will then use a pay for id tool (or script) to generate numerous accounts. (Like anonsteem)
They will then have the larger "crowd" upvoting their SMT based posts. Thus, continuing to get the higher payouts.


Sorry for the gloomy response ...

For the record, I truly am very excited about the technological benefits off SMT's - I just see a lot of potential for abuse.

Only white listed accounts (verified as a real person) by oracles of a community can be eligible for OSMT's.

Making a 1000 new accounts as 1 person won't help much because they can't be verified as real people.

But that is part of the game ... making the Oracles believe that the account is real. 🤑

Mark I have said before and I will say it again, There is no Better Place to be in Crypto than to be on STEEMIT so Early in its Development ........ @exyle
Positive Attitude of Gratitude !

The good thing about SMT is the fairness it will bring, most times the trending page is full of sub standard posts earning lots of cash that they don't deserve. Meanwhile good content by newer steemians is never seen or appreciated. Congratulations to @ned and his team for the SMTs. I will wait to watch his presentation at Consensus in NY.

6 viewers? Dude you are doing fine! I might get 1 or 2 lol

In all seriousness though, what you said is important about first generation content creators. We will get better and we will be able to utilize all these platforms to get better.

That's part of the amazing journey for me....Getting better at what I'm creating. It's exciting to think about what can happen if we all focus and work on getting better.

Huge news for SMTs too...Exciting times!

I am looking forward to see how the new voting system will work and I think it will coincide with a lot more activity.

I'm so curious what the ceiling will be when SMTs launch. STEEM as it is is already undervalued as hell, I think giving a year of SMTs it could breach the top 10 cryptos for sure.

Don't you worry about the youtubers :D you will stay here as the grandfather of Dtube and as you lift new people up that come from big youtube channels, your fan base will rise with them :D

This is very interesting mate! As a fairly new user and an active musician here, I'd love to see a Musicoin type SMT for us creatives here! I wrote a post a few weeks back about selling music within the blockchain which will hopefully get some backing.
Healthy competition will drive us all forward.
Cheers for your insight.
Thanks
Darren
Here's the post I mentioned if interested?


https://steemit.com/growth-project/@darrenclaxton/selling-your-music-for-steem-and-sbd-growth-project

Thanks for your information , good job . Keep good work .

I resteem your post on my blog .

Your post is always different i follow your blog and upvote everytime , your post is so helpful . I always inspire of your post on my steem work . Thank you for sharing @exyle

Totally agree with you.

Excellent news about SMTs, certainly hoping that they come real soon. You have opened my eyes about earning Steem with SMTs.

Every I just get to know much about the smt every day and many other projects that is being prepared to run with it. it's just amazing and I just feel happy, much more I think about it.

This looks very interesting, can't wait for its launch!

very good information @exyle, that way we can choose to Steem every article we post even if they use SMT, as you said steem is very useful, that's right, because I'm very hard to get Steem, I'm now trying to get get steem to get my Power Up to Steempower, because I do not have the capital to buy steam, therefore, I just wait from the vote of some people I post articles using their project, and from the kind person who want to vote me. Thanks for sharing... :)

this video very usefulness. great post

Wiw your rules fir steem is very reasonable

the changes
Today everything is clear and everyone knows all the rules
I am with you and your leader

I am with you exyle and thank you for bringing these issues to all our Steemit community. This video of yours is very informative together with all the links that you have added. "👍""👍"Keep up the good work "👍""👍"

It's good to see that everything is moving to build up to something great.

I can't wait for the launch. Coz I must say, what deters most minnows the most is that, you put out content, give it your best and then get nothing in return. Like you correctly said, at this time it seems like if you have a lot of SP you will get ahead here. If you don't, and you can't afford getting bots, your chances of success will be limited. I think things will be different and fair with SMTs.

I have to say, this is still hard to wrap my head around, so I listened to your video and I think I understand most now. It sounds really interesting and I'm excited to see how the SMTs will be implemented and how it will all work together in the end. I'm certainly happy we got the chance to gather a nice amount of SP before even more competition got onboard.

Listening to you explaining oracles and the extra need for good behaviour for actual content writers/video makers/etc though... I can't help but feel like this will create an even bigger behavioural gap between the 'good guys' and the 'bad guys'. Honest, hardworking people will have to watch where their votes are going even more (would upvoting your own post be considered bad?), while the bad guys who just upvote themselves (every article and comment) and their small circle of friends can keep on at it.

Honestly, hearing about the oracles makes me feel there has never been a bigger need to influence behaviour of the 'bad guys'. I'm not sure how I feel about this.

  ·  last year (edited)

I kind of want to start an SMT so i am trying to save up, i am sure my coin would be awesome

This will be a MAJOR shift! I am very curious what this will do with the Steemit platform. Also I am curious how this will accelerate finding the right solutions for too much possibility of gaming the system.

The truth is the future of steem is bright and better days are still ahead I could remember steem price been approximately $1 when I signed up SMT was introduced and the whole story changed earning becomes much more easy. Am guessing we will have a steem to be around $10 soon it's gonna be a gradual process though.

thanks for the update @exyle. What is the name of the Telegram channel? I couldn't find it under SMT. Thanks!

What is SMT and why do you neef to buy bandwidth on the steem blockchain to run an SMT?

@exyle,
Looking for that amazing date of SMT release! Nice and very useful article friend!

Cheers~

That is a good post @exyle keep it up, boss.
Am new here in steemit my friends you can follow me @mater-minds.
Love you all.22853023_10214469712754023_2660674162880584462_n.jpg

This sounds really amazing! But can't this hurt the eco-system of Steem or?

I agree Many things will change. ... investor I was always wondering what the role of STEEM would be in a world full of SMT's.

It is definitely hard to get anywhere on Steem, I've been a member for four months now and thanks to some curation efforts, I have made a little bit from my writing. It's not impossible, but you have to work hard and sadly if you want true visibility you have to use bid bots or be fortunate enough to get some whale upvotes on your posts to push them into trending.

SMT's are going to increase competition here, but the upside is the platform will grow and by extension the value of STEEM should go up because more people are using it on the platform, buying it to power up and so on. It's a win-win in the end.

'm a lot of interested Koreans in the block chain Good information Thanks

Well, guess I need to take a look at what the heck is going on. I haven't seen the update yet.

wow even you also donate your steem doller to the poor people.nice thats great.i saw your image.thank you very much for donating to the poor people

Nice roundup. I was in some conversations in another thread about this and don’t see a monetary value case for GPT but tremendous benefit to content discovery & sorting. I was just thinking it would still rely on SP holders to “do the right thing” and reward that content monetarily. But when you combine it with the new value flows that SMTs may create, it does shift the dynamics significantly.

This is pretty serious, am loving this @exyle, am so following you right now, i wouldn't want to miss out on any information about SMTs.. I would love to participate full time.

Thanks for the info.

No one is cheating Steamit!

i like your post bro

  ·  last year (edited)

I just need a follower like you so that i can get vote form busy. Can you help me out?

wow very goood news

Very interesting @exyle. How you describe you potential experience on Dlive is how a lot of us who joined more recently feel on Steemit. Not the we are overwhelmed by account numbers but by account power.Either way the end result is the same. The one's already "powerful" get to get more.

I'm more interested in what will happen with the SMTs that create something completely new where there aren't any established people to come over to it.

What will it be like if everyone really is starting at 0. But is that even possible I wonder?

I love this article! It is a good news on the introduction of SMT into the system. No doubt it will help greatly. As an advocate of positive change; I fully support the innovation.

Changes changes changes, I’ve been thinking about this for a while now and I so much agree with your thoughts. Everything is becoming clearer than ever

Resteem this