Simplifying the SMT Protocol

in smt •  4 months ago  (edited)

Hi, it’s me Steve again. In case you missed my introduction post (https://steemit.com/introduceyourself/@gerbino/hello-world), I’m one of the blockchain developers here at Steem. I’m excited about the work we’re doing on SMTs and I’d like to talk briefly about some of our efforts around Smart Media Tokens. There is no doubt the team wants to push out a great product as soon as possible. Part of the strategy here is to strip out features that do not provide value.



Hidden Caps

“Hidden Caps” is one of those features. What are caps? The cap is the amount of STEEM contributed to an ICO for it to be considered a success. A hidden cap simply keeps that magic number private until the ICO creator “reveals” it. Hidden Caps added all sorts of complications in the SMT ICO process with regards to revealing hidden caps and various unnecessary ICO statuses. We’ve consulted with community developers and all have supported the removal of this feature.

By removing Hidden Caps, which provide little value, we are simplifying the whole process moving forward which directly translates to a faster release of SMTs. This is a big win in my opinion because we can now remove:

  • Post Contribution Phase: The period of time during which the ICO contribution phase has concluded but the creator did not reveal hidden caps
  • Launch Expiration Time: The time provided to the token creator after the ICO contribution phase has ended to reveal the hidden caps.
  • The Cap Commitment Functionality: The token creator basically makes a promise to the chain to what the hidden caps actually are before they are revealed.

Not only can we remove all of that, but we can also strip out the associated operations and tests, cleaning up and streamlining the entire process.

Let’s move forward and make SMTs a reality, shall we?

-Steve

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Awesome, now is there any ETA on when we should expect these?

Yeah, this is definitely a good feature to drop. Hiding info on a blockchain isn't generally trivial and it's not a feature I would think would be of interest to most ICOs/etc.

hopefully people leverage steem's free transactions to build something crazy causing fomo in steem like we have never seen.... if I am not mistaken steem has the lowest transaction fee on binance, 0.01 steem per withdrawal is extremely low and we recently got that A rating... so cmon lets go steem!!

Agreed!

Maybe

Great to see the progress towards the development of SMT! We're excited to see the floodgates of decentralized economy creation this feature will potentially unlock. Though that also means more work for us to list them on the website, happy problem to have!

Definitely, nothing better than incremental development, if that is highly requested later it can still be added.

The golden rule of software development. Split a problem into smaller chunks.

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That, and K.I.S.S. "Keep It Simple Stupid"

"What you produce others will consume" nice strategy and break down. It easy the work of the team developers.

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There is idea make hidden flags to prevent flag wars.

This Amy protocol is really good a good idea I agree with this strongly

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The more transparency the better I always say! Lets cut off the fat and focus on the core product and get it live, we can always iterate at a later stage, SMT's have been in the pipeline so long no sense in delaying it for a few cosmetic reasons

Are you also working on extending the DEX features or is it already there ?

Who put it in in the first place?

Hi, sort of a newbie at this, so if my question is off the mark... please let me know.

The SMT's will sort of be like what Steem-Engine is offering yes?
But instead of built on top of the ENG token, it will be built upon the Steem token? Yes? (Sorta of like steem is BTC and ENG is LTC comparison)...

Will there be any dramatic difference between Steem-Engine tokens and Steem STM tokens? Will one have a benefit or advantage over the other?

Thank you.

Question: How will coexist Steem Engine and SMT's??

very nice.

Can you give any Data how SMTs would work with the Steem Coin? I dont find any information about requirements thats help me.

Already had a discussion here: https://steemit.com/steemit/@freddio/ptzct0

It would be super cool if you can answer :)

Great feature, definitley agree on the points!!

I'm hoping the STEEM-Engine token can migrate easily on SMT.