Adding utility to Steem by "data analytics" using a Smart Media Token
One idea I had recently is to take advantage of the fact that Steem generates useful data. This is big data which currently the community cannot effectively process. The idea is for an SMT which represents the data analytics capacity of Steem allowing for machine intelligence to make use of the big data.
- Big data analytics allows for big picture decisions.
- Big data can and is being captured.
- Steem blockchain has the data.
- Sentiment analysis is currently possible using the data generated by Steem.
Manually our human brains cannot scale. I do not advocate we do only maximize utility manually. Once we apply machine learning to use the Steem data already generated we can make magic happen. This could indeed be an SMT and represent the data analytics or even predictive analytics functionality of Steem. This feature more than anything else in my opinion would have dramatic consequences toward utility maximization.
Starting with capturing the real time sentiment analysis we can determine the thoughts and feelings of the Steem community. From here we can continue, to even try predictive analytics to determine whether a new feature will have a positive or negative impact. The SMT would essentially be the data analysis token which all on Steem must use to pose questions to the crowd.
In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision making for candidate transactions.[3]
The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detection, manufacturing, healthcare, and government operations including law enforcement.
This untapped power can allow bloggers to adjust content according to what their followers actually want. This untapped power will inform developers by the data what features will be more appreciated. We can also apply these techniques to help solve the shared resource allocation problems.
Additional related posts:
It's a very bad idea to power down or sell Steem right now
Steem must improve and the key metric for that improvement is "utility"
Is there a formula to measure the expected value a blogger will bring to Steem?
Steemians are currently able to do this, though the metrics aren't as advanced as even I would like. To gauge this on Steemit, simply look at the likes to comments ratio and study overall user engagement on the articles you post. You'll see a trend within topics posted that some are better received than others.
What we currently have is far too crude and rudimentary so I do agree, better data analysis would be great have and would be beneficial for writers to use as a tool to improve themselves. However, this new tool could become a target for abuse as well.
All the great data Steemit can pull in is one reason why I think the community needs to be far more open-minded about the potential for advertising revenue. It could vastly increase everyone's investment around these parts, potentially.
There is ad revenue. They have to buy Steem Dollars from us to promote anything.
nice sharings, thanks for all the info
"Adding utility to Steem by "data analytics" using a Smart Media Token" whooooa✌ , that's prettynice
Great idea! Yes, I agree that an analytical SMT would be magical with a plethora of information that could be used by all.
An interesting proposition, to be sure. I wonder what this information would really tell us? For example, absent the long promised "communities" feature, Steemit has somewhat "self-organized" into loosely shaped communities: Bloggers, artists, photographers... various initiatives. Scraping the data shows us the community sentiment as a whole, but each micro-ecosystem has its own objectives and ambitions.
Well, I have a question, though... let's assume that I have built a following around "psychology and self-development;" knowing that the "most popular" trend is "smartphone apps" isn't exactly going to help me build my following in a completely different area. Or maybe I am missing something about the scope of what you're proposing?
Knowing more about your followers helps you a lot when it comes to providing content.
This is an interesting viewpoint. I do currently not understand your proposition to create a SMT therefor. The blockchain is public. Everybody is able to analyze it on ones own behalf. There is nothing scare one could be able to commoditize. What should this token represent ?
I quite agree with you, steemit has generated enough data on which analysis can been carried out to help improve the platform.
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I feel that such tool would add to narrowing of content diversity, because suddenly everybody would start chasing data derived trends and drop unprofitable ventures.
I think that Steemit mostly lacks a scheme for content creators to get rewards for a longer period of time, because short awarding period and low content discoverability takes away incentive to invest time in a post.
I don't think it will hurt content diversity but it will improve content quality. How can I know what my followers like if I don't have that data? I can guess which means use my brain to try to simulate the 5000+ brains of my followers but that wont work out very well in the long term.
There will be in my opinion plenty of niche topics.
OK, so this tool will simulate out that your followers or any other group is mostly engaged by Topic A. Company X also analyzes same data and discovers the profitable topic A. They have more resources to cover this topic and suddenly you become a sidebob in this topic. This repeats with every topic you find until you stick with topic Z, which is interesting to very little people thus not taken away and finally you drop your engagement in Steemit. Yes this will increase content quality, but are all side effects considered?
To me it sounds something like Google AdWords, AdSense and Search, which made impossible to beat first page rankings in many topics for simple people.
Also I believe that this is inevitable once Steemit reaches certain scale :(
Countermeasures? How about AI which would try and find quality postings in topic A (B and other high rewarding topics) and ensure their visibility to masses in such a way that both 75 level company and 25 level newcomer with a great post had a chance of same exposure and thus getting same high reward.