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RE: Initial Coin Offerings with SMTs
You've mentioned before that resource credits will play a big role in SMT's. I still don't fully understand the connection, where do they fit in?
You've mentioned before that resource credits will play a big role in SMT's. I still don't fully understand the connection, where do they fit in?
I think it is quite simple. I think the underlying target is growth in numbers but stirred by apps and communities. Assuming there becomes 1m users and with apps, noting that some apps have myriads of transactions besides comments like say transfers etc all happening on the chain, they will need rc to transact, which means buying and staking steem but more than just steem carrying the load, app creators and community leaders are incentivized to pursue the success of their dreams, which say now uses their tokens but still need steem for the growth in numbers of their apps. Some may buy steem and power up just for the sake of claiming accounts which is expensive ofcourse to make their project mainstream. Overall the rc tech allows for that scalability in itself. That scalability wasn’t so possible before rc. Now would people who own projects buy steem to enable growth for their projects? I say they would looking at the tribes. Some who raise some money selling tokens putting it back into steem to vote on their communities and some to claim accounts and delegate to these users when their accounts are setup. This is just an example. Do tribes for instance not need steem considering that these tokens have their own seperate pools and voting power and the answer is they have still needed steem. Even if you had 100k staked marlians for instance and you have zero steem power, you still can use your power on the tribe to vote cos you need rc to. Now there will be rc pools that is delegatable. This can constitute and enterprise on its own, where people power up steem and rent out or delegate their rc to others. Ultimately, I feel it all boils down to the growth in masses. A steem account is becoming valuable. Right now it cost some say 3 steem to get a steem account fast. But soon a steem account can be sold as one account and you have access to 50 apps with the ability to earn 50 more tokens. I think people will seek to have a steem account. Now with masses this all adds up. With claimed accounts sign ups can be instant too and that alone when fixed can increase user growth fast and now not courtesy of just steemit but courtesy of an app or community in line with a persons interest. Now if steem can handle the numbers and it really gets to have say 1 millolion real active users across all apps, there will be need for more powered up steem and with many more tokens or communities of interest, there will be more zest for attaining rc or powering up steem
I see(I think), so an app creates an SMT that does well, they need Steem and RC's to be able to onboard people themselves and create accounts, plus all the new people will need enough Steem to transact, which if we're talking millions of users, even if they only had 25 Steem each would have a huge impact.
Yes. I have apps too and I speak in that voice. Even with my low budget and all I know how much I have put into its growth and intend to put, so basically I brainstorm, innovate think of ways to grow it etc as for claims I used to claim accounts slowly and have a few hundreds of accounts waiting for a time when it will be time to have users sign up directly and instantly via my apps than the steem process etc, now assuming I don’t have steem to buy to claim accounts and I have to rent from someone, they would have bought and kept their steem powered up and their own demands grow, they may buy more steem and lock it to let out rc while still maintaining their ability to curate etc
For instance on steem-engine tribes, one has to stake 1 eng per user where eng is bought with steem. Now I don’t have control really at this stage at growth and how many people I want to use the site. The numbers grow on its own and I have no choice but to keep up and buy eng to keep the use of steem-engine running. This is even where I haven’t pursued growth in numbers actively on my own. Where a site owner hits growth in such manner, they will either have to curb entries or go for it and buy sp delegate or innovate ways for their users to buy sp for a level of transactions. While steem is proof of brain, other transactions need sp too like transfers, witness votes so look at apps like blocktrades for instance with many transfers, they need to have sp now to meet the rc requirements for tons of transfers. Besides blocktrades there are other exchanges on steem. Transfers don’t cost so much in terms of rc but who knows how many apps and entrepreneurs steem will attract. Also communities are already made. I saw a recent post saying it will soon be implement. Even on small levels, normal users will adopt a mentality of owners especially when they have communities and admin it and perhaps attach a token to it. So even on small levels without a full blown app, many who now run their communities will now see need to make it thrive, they will look to have their communities members move together amassing sp or start to power up. Where they sell tokens like seen with steem engine, many like to power these dividends up to further growth, curate etc. even in the face of many tokens there is still that appeal to earn the parent token steem in conjunction with other tokens, not only cos of what steem has come to rep but also because it has first mover advantages and is on several big exchanges, somethinh smaller tokens will need time to reach those levels.
Also with smts there will be an internal exchange and more transactions will stay internal. I do think when some tokens hit more publicity, people will likely join steem for the sole reason of using a decentralized exchange, same way as some sign up to exchanges to trade as opposed to create content.