RE: SMT Testnet is LIVE
Individuals/companies with known Steem-Engine tokens, aka STEM, AFIT, LEO, PAL, etc should have first dibs at creating those SMTs in my opinion. Otherwise it will just be a huge clusterf%$k at the beginning with people staking claims to all the known coins just to hold the names hostage and cause massive confusion.
Along these lines, are certain coin names on a blacklist? Like Bitcoin, etc. I remember someone made a Steem-engine bitcoin and it caused some issues if I remember correctly. Avoiding these issues should be a huge discussion otherwise everyone is going to try to steal grandma’s savings. I am not sure what the fee to create an SMT will be but I vote that it should be relatively high to avoid just a boat load of Shitcoins and behavior that we really don’t want to see. For instance, COKE and PEPSI coin should not be one of the first two coins created if you get my drift.
Yeah there should be rules, like if you try to register COKE you need to be the company! What has to happen is steemit needs to register the lot of them and work with the companies later and make a killing selling them their coin! Or they could be nice and hold the names for the real companies if/when they do decide to need a coin! OMG this is going to drive STEEM to the MOON one more time! lol
As I understand there is no name squatting risk, as all SMT's are uniquely represented by hexidecimal codes and not a ticker symbol.
I am glad that reduces squatting rights, but how will the internal market work? Will trades be based on these numbers? Because that seems not very user friendly. What happens if I make SMTs with the same short name (e.g. HUNT, PAL) and place them on the open exchange. Will people have to know that my PAL is a different string of numbers vs the real PAL. Do you see where that gets very confusing and would turn people off? I am assuming this is not how this will work, so I more bring it up so I can get some clarity on how the system will work in real life. If this is how it will be designed, then I think opening up the discussion is important.
Waves uses a two-tier system where approved tokens can be found by the ticker name in the DEX, and other tokens by the long ID. That works pretty well. I think that's a reasonable compromise between reserving names and the freedom to create any token.
Awesome! Totally agree with something like this.