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RE: Steemit's New SMT Whitepaper: Creating an ICO Using Steemit?

in #smt • 7 years ago (edited)

A few observations:

  1. Ureka I assume is not based as a site, on a blockchain. So it is under your control, and can be manipulated by you. - Unlike Steemit, if there was a community there, called Ureka, for example.

  2. I do believe that people would be more prone to visit a community based on Steemit, because they are already there, and go to a different account to see it.

  3. If you find it difficult to promote and make popular Eureka as a site, for any reason, I'm not sure that SMTs change that for you. If so, how?

  4. It does seem to me, that rather than launching a new blockchain and currency in it's own right, called URKA, you would really just be adding to the size and power of the Steem blockchain. (Which in some ways then starts looking proprietary in many ways, and also seems ripe for attack by competitors that fork the software and then make more noise than Steem, thus capturing market share.

7 years ago in #smt by
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     7 years ago 
    1. Yes, Ureka is not a blockchain based website.
    2. People will go to whatever offers them value and functions that they want. Ureka already offers many functions that are useful for those of use who want/need to achieve certain goals online. What it doesn't have is monetisation, exposure and a few other features that I can add myself.
    3. Promotion of Ureka would not be any more difficult than promoting any other site, except that I have had no budget at all and no real help. There is only so much time available for me to do it all and so most of it doesn't get done. Successfully adding SMT functionality to Ureka will make it possible for people to help and get paid who would not have otherwise been paid. Obviously, being paid is also another way to make a site popular. There are many social networks that match or beat Steemit in their general functionality, but they do not pay like Steemit does and that is why Steemit is gaining popularity IMO.
    4. I was initially impressed by the idea that the new token would be it's own currency that sits 'on top of' Steem - so the two are fundamentally linked - however, I am still not 100% clear how solid that linkage is as I haven't completed my analysis of the white paper and asked questions to relevant people. I think that should allow the new tokens to be traded on exchanges just like any other, but again, I am not 100% clear on that yet.
      I imagine it is possible for Steem's code to be forked, yes - but since they have not done that and I have no intention of doing it - there are no such competitors presently.
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