SMT Burnup Update (July)

in smt •  2 months ago  (edited)

When SMT.jpg

Hello Steemians, this post is our answer to the question "When SMT?" Also, in case you haven't heard, we just tagged a release for hardfork 21! If the Witnesses approve that code by a supermajority, the Steem blockchain will hardfork on 27th of August, 2019. You can find the release notes for that hardfork here.

TL;DR

Based on our current estimates, we predict the SMT MVP will be complete by September 20th. This is not a hard date, but simply an estimate which we expect to change over time. The burnup is primarily intended for our internal use to better plan the medium to long term roadmap for Steemit, but we wanted to share this with you to better communicate the current status of SMTs.

Progress

We resumed work on SMTs over a month ago when the Hardfork 21 release candidate was first released and have been splitting time between SMTs and Steem 0.21.0. Last fall, when we were previously working on SMTs, we were posting weekly progress updates in the form of a burnup chart. For those that aren't familiar with a burnup chart, it plots our actual progress on top of our ideal progress.

The ideal progress is a bit of a fuzzy concept, but in AGILE methodology it requires our team to size all work needing to be done and then estimating how much of that work can be done each week. It isn't an exact science, but over the course of the project can be quite accurate in tracking and predicting our progress.

Without further ado, let's take a look at our progress.

Screen Shot 2019-07-30 at 2.24.21 PM.png

Not Starting From Zero

This chart looks a bit different from the charts that were posted last fall, and there is a reason for that. First of all, we aren't starting at 0. Prior to the restructuring last fall, and immediate change of priorities, we had completed 129 points out of 340. The second big difference is that we are tracking two different SMT completion targets. We have also had a small amount of scope increase. These were from things that needed to get cleaned up or small stories that we had not made issues for. This accounts for an increase of 13 points. Our two targets are 279 and 353 points. The first target we are calling the SMT MVP and the second target Full SMT.

Before we restarted development on SMTs we went through all of the outstanding work to determine what was really needed to get SMTs released. If there was any fat that could be cut without harming the usefulness of SMTs, we wanted to cut it or at least delay their release so we can get SMTs out sooner. We found 74 points that fit this category, which accounts for a little over 20% of the project!

Two Targets, Two Lines

You can see both targets on the burn up chart. The red line represents the MVP target and the yellow line is the full MVP. We predict the reduction in scope will allow us to get SMTs out around five weeks earlier.

These are not features that we are permanently cutting, but ones that we are not going to complete prior to deploying a public SMT testnet. Our plan is to continue development of these features as we test publicly. They may or may not be done by the time testing is complete. If we can include them without taking a step back in testing or significantly delaying the release of SMTs, they will be included in the release. Otherwise, we are still committed to developing these features, but they will be added in a later hardfork.

So what made the cut? Or better yet, what didn't?

Technical Debt Issues

There are a few issues that were included to cleanup code to make the maintenance of the SMT code a bit easier. We decided that this is a low priority and is not required to release SMTs.

Automated Market Maker

The Market Maker system is technically involved and not required for launching or using SMTs. This was an easy feature set to cut to get SMTs out faster.

SMT NAI DNS

This is a DNS system utilizing Steemit subdomains that would allow automated and easy conversion from on-chain Numerical Asset Identifiers (NAIs). Last fall we were already planning on developing this during the SMT testnet. This system is external to the blockchain. Plans did not change at all on this feature.

Current Progress

As of July 29th, we had 154 points completed but were predicted to have 171 completed. It would seem that we are already behind schedule. However, we have 37 points in review currently which encompass the remaining work on the ICO feature set. It is the middle of summer and some of our developers have been taking some much needed time off.

Because of this, work was still being completed, but was not being peer reviewed. When the pending work is reviewed and merged we will have 191 points complete, which would put us 5 points ahead of schedule at the end of the week! We won't count those points until they are actually complete because the code review process has some back and forth and delays do happen. But we do expect to be back on track by the end of the week.

Estimated Release

One crucial feature of a burnup chart is the ability to predict when a project will be complete. Based on our current estimates, we predict the SMT MVP will be complete by September 20th. This is not a hard date, but simply an estimate. If a security vulnerability is reported to us and we cannot work on SMTs for a week or the scope of the MVP increases, this will cause the date to get pushed back.

The burnup is primarily intended for our internal use to better plan the medium to long term roadmap for Steemit, but we wanted to share this with you to better communicate what the current status of SMTs is.

Not a Hardfork Date

Expect that date to slip, but it is probably going to be in the ballpark of when SMTs will actually be done. This is also not a hardfork date, but an internal date for when we send SMTs to the testnet. We are expecting a testnet cycle longer than the usual 30 days due to the size and complexity of the feature set. There are also many libraries and applications that need to be updated to be able to utilize SMTs. All of this pushes out a potential hardfork date. We will determine our recommended hardfork date only when we feel SMTs are ready to go live and our community of developers has had to time to update their software to utilize the SMT feature set.

We plan to keep providing these burnup charts in the future, so if you find them informative be sure to follow @steemitblog for these and other updates!

The Steemit Team

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Thanks for the burn-up chart. I requested this several times in the last 3 months and now they are back finally. Feels good man.

Sorry we couldn't get these to you sooner. We were eager to begin doing them as soon as we could.

Keep it up team, enjoy the summer ☀️🌈🍺🍻🥃🍹

Thanks for sharing the plan.

Fingers crossed you hit the optimistic date - please keep it up in letting us know what is happening so we can be along for the journey; if possible add some floating descriptions to the points in the graph or indicators representing the key elements that can read on a legend perhaps.

As per usual many communities and steeming peps out here having fun and willing to help - just ask if you need a hand, even if just a sound board or feedback.

Cheers

  ·  2 months ago (edited)

For the non developers reading this, keep in mind that even though agile is cool and estimating story points works relatively well, it's really easy to under or overestimate a task, which means that the date will probably move quite a bit.

But this is great news, I was not expecting an mvp to be planned so soon after hf21 !

Perhaps we'll have some steemfest SMT testnet tokens :p

Perhaps indeed! 😀

Keep up the good work, hopefully it will turn out okay for Steem!

How I wish I could join SteemFest too :P

Isn't it closer to you this year ?

Yep, Philippines to Bankok Thailand not that far :P , in case if I win the Blocktrades contest then ill immediately book for a flight.

Nice to hear an update on SMTs.

Thanks for the projection and transparency surrounding what the date means. Good luck reaching minimum viable product stage at or around late September.

It looks like the price of steem will keep dropping. How will that affect the process and your timeline?

Nikako... Broj korisnika ne raste, broj postova ne raste, broj komentara ne raste. Nijedan sajt nije prihvatio Steem kao standard i cela stvar ne generiše baš nikakav profit. O čemu pričamo ako sajtovi poput worthofweb procenjuju da su stranice B92 ili Jutarnjeg vrednije od stimita

That's a great announcement: thanks @steemitblog! 🙏

We'll have SMT working as a Christmas present, maybe? It would be greatly appreciated!

Cheers with a fresh !BEER 🍻 😉

Resteemed 🤗

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Which year?🤣🤣

😂😂😂 !BEER 🍻

To view or trade BEER go to steem-engine.com.

Hey @katteasis, here is your BEER token. Enjoy it!

lol Christmas beers and SMTs, only if we all good boys and girls so we’re on steemit Santa’s nice list

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Go and spread the message on every communication channel!

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Yes!

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all we really want is for steemit to get better all titmes

Question : Are SMT's trade-able on the internal market with the MVP release?

I understand the dex is moved to V2?

Yes, since the dex is moved to v2, the tokens will not be tradable on-chain. But nothing will be stopping other people from offering off-chain exchanges for them. That's why we feel confident that we can delay this feature, because 3rd parties will likely jump in to fill this need.

Any detailed explanations about SMTs?
What's its all about?
What benefits?
How its good for the masses, developers and investors?
How could it compete with other blockchains related or similar to SMTs?
How secure is SMTs?
Is this aiming to sustain for long term?

Great questions. As @travelnpal pointed out there is an SMT whitepaper you can check out, but we also have more plain-english explanations in the works that we will be releasing in the near future. Be sure to keep an eye on @steemitblog for more info.

Hi there,

Sounds like SMTs should be good to go within Q4...

I'm interested in creating a token and was about to get it done today via Steem-Engine. However, I would rather not spend the fees involved, if SMTs are due to be released soon.

Are SMTs going to offer similar features such as the Nitrous / Forum integration? Are STEEM-Engine tokens going to be around after SMT tokens have launched? Is it worth it creating a STEEM-Engine token a couple of months prior to the launch of SMTs?

Thx for any advice.

Automated market maker aren't included on SMT lite? How are people supposed to swap between SMT and STEEM? Build an exchange themselves? SMT swapping with order books will have horrible liquidity like most of tokens on Steem Engine lol

Now that you haven't developed it yet, What do you think about making the automated market maker resemble Uniswap more instead of Bancor? I believe Uniswap model will encourage more STEEM to be locked up compared to Bancor and it also will have more liquidity because adding liquidity to it is Incentivised. Uniswap contracts are also open source.

#sbi-skip

Wow, that's all good updates finally which community waiting to hear from you. May be you are lag behind the schedule but that's not at all really big if the final product is awesome. The charts and progress shared cheer up the people.

I cant wait for the SMT´s. :-)

Awesome!! Is this SMTs and communities?

SMTs and Communities are being developed in parallel and are independent of one another. Communities is non-consensus which means that we can begin releasing features as we develop them. That means you should start seeing Communities features implemented in some front ends well before SMTs are released. With respect to SMTs there are two important milestones, when we release the Testnet, and the hardfork date. We have much more control over when we release the testnet which is basically a way for developer to "play" with SMTs before they are released. However, in order for SMTs to be added to the Steem blockchain, a hardfork is required and that is a much more complicated process which requires that we coordinate with the Witnesses and Exchanges to ensure there is a smooth transition between forks.

Oh wow. Cool. Thanks for your detailed response. I did not realize communities was a second layer addition. Good to know. Keep up the great work and communication. Very happy with the burnup posts. Missed them.

Unrelated, but I hope you enjoyed your honeymoon.

To view or trade BEER go to steem-engine.com.

Hey @steemitblog, here is your BEER token. Enjoy it!

Thanks @steemitblog updates a great benefit to the Steemit Community keep up the good work

It's great to see that you are developing. How are you hanging on, guys, in this awful market?

Congratulations @steemitblog! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

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To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Hey there! I'm trying to sign into Dtube with my private posting key, and it's saying that it's wrong even though I'm copy/pasting it straight from my steem wallet. what's going on? it's not my steem account i'm trying to login to, but the actual dtube account.

Dtube account is tied to Dtube's blockchain. They now has dual login, Steem and Dtube. Dtube account is compulsory and Steem is only required if you want to automatically post your video to Steem.

Here's tutorial for claiming your @dtube account with your Steem account:
https://steempeak.com/steem/@dtube/dtube-coin-airdrop-claim-your-account-now-with-your-steem-username

#sbi-skip

This is a great new for all steemians and am sure this update means a lot to everyone🤗🤗

So HF 21 and then HF 22 will be needed for SMTS.
Did I got that right?
Resteemed :-)

Thanks Steemit Inc!

https://kr.tripsteem.com/join

The first thing to do before SMT is to simplify the registration process.
Can't you simplify how you sign up as above link?
This is a technology that has already been implemented.

This is a great new for all steemians and am sure this update means a lot to everyone🤗🤗

Awesome news

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Cool stuff! Would be amazing to have communities and either SMT lite or a certain date for the release of SMTs by SteemFest 4 :)

And communities don't have to wait for a hardfork. They can happen anytime... they are a change to hivemind mostly.

Agreed!

greetings, @steemitblog

Nice work, people. Explain me a thing please, what is the difference betwen SMT and Steem-engine????

thank you and have a nice day

Thanks for the update. Always good to see some progress and the community appreciates it (well most of them anyway). Don't work those developers too hard!

Thanks for sharing

Thanks for the update.

How will SMT launch influence Steem-Engine ecosystem? This is a general question, directed at everyone.

!BEER

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To view or trade BEER go to steem-engine.com.

Hey @steemitblog, here is your BEER token. Enjoy it!

I have a question if steem blockchain unbeatable then why his price just still going down this is high bottom of steem so once again i'm asking to @steemitblog if steem coin every time give loss then who will come here and invest on this platform just think it.... You guys said EOS is not beat to steem coin then why his price so high and steem price just 0.23$ why you not telling us when you focus on steem price same as SBD.

SMTs might be possible before year end, whaaaat? Watch out now, crypto. Here comes STEEM

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If we get SMT before the end of this year even if it’s December 31st I will totally lose it and bow down to the steemit inc overlords! Please sir may I have some more?

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Don't get your hopes up too much. It would be only 4 months between major hardforks... that's unlikely.
I expect 2-3 months of testing in the SMT testnet before release.

I'd be happy to see 2-3 months of testnet. This community has been waiting for SMTs for a long time. Delivering to testnet stage would be really great to see.

thanks for the update. Really glad to read the post about the SMT.
-Regards
Sadia Yousaf

  ·  2 months ago Reveal Comment

We’re in love with all these good news. Steem is up again!!

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