How It Would Be To Build Your Own Token On The Steemit Blockchain?
In a discussion with the SteemSpeak podcast, @ned, the CEO of Steem, brought up something very interesting: community issued tokens. It comes at a very serendipitous moment, as I just wrote yesterday about the growth of Ethereum, which was almost twice the growth of Bitcoin, and that was because of all those ICO's, which used the Ethereum blockchain. So basically, the ability of Ethereum to allow other businesses to create a token infrastructure was the "secret sauce", the key ingredient in their growth.
It seems like the medium future of Steem will include this too.
How this will work out? Well, if you create your own community you could just issue your own token, a token that could be freely and openly exchanged in a way similar to what happens on Open Ledger. A community called "pizza lovers" will have a token called PILO and that could be traded against Steem in a decentralized exchange. That's what I understood from @ned, at least.
Right now we don't know exactly when this will happen, but we know it will use a lot of infrastructure from BitShares, which is basically tested.
You have below the entire show, enjoy.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
Wait, so EOS wants to provide a platform to run multiple blockchain projects on it and Steem wants to integrate multiple communities with their own currencies ?
Reminds me of the episode from Rick and Morty-
A Microverse within a Miniverse within a universe. It's like inception of blockchains now. Lol
hahah, thanks for lol... love Rick and Morty!
Hahaha, yeah! Have to wait for long for the next season :(
Interesting concept. Not sure what the need would be. Interoperability with other chains is more important imo.
Get BTC tipping implemented natively before working on this haha
Not every website wants to organize blockchain development i.e. launch a blockchain, deal w consensus. Many websites want a currency that engages users and grows their base e.g. these websites want a token w rewards pool, dev allocation and functionality that benefits an existing business and community.
This is not about Steemit, it's about Steem-like currencies becoming easily deployable and suitable for any content website and community across the internet. And it's about making Steem more valuable - it becomes the base for transacting in all of these currencies, thus increasing demand.
And if these currencies are on Steem, connected by decentralized market pairings, that IS interoperability.
I agree.
It is wonderful to see you feel this way. I am interested to see how this will take on the coming competition in this space. Keep up the good work.
Would Steem be competing with Ethereum in this way? Or do you see them serving as platforms for different kind of tokens?
Steem would be more than competing with Ethereum ... this type of thing can't be done on Ethereum due to scalability. Ethereum ICOs attract projects that promise new tech. Steem ICOs will attract websites and companies that already have user bases and want to add Steem-like features.
Ahh ok - so if I'm understanding correctly, sites like Medium can issue tokens on Steem. That makes a lot of sense, and seems like a powerful way to expand the steem ecosystem.
You really are on the cutting edge of how blockchain can support content creators, this is brilliant stuff.
My prediction: Medium issues a Steem token before the end of 2017. :-)
Interesting point @ned . A content based blockchain is important. In the LBTC project was actually looking for a solution to be able to put articles into the blockchain and Steemit is actually perfect for preserving real text. We experimented with Florincoin and transactional messaging but it only provides a very limited base to save text and problem of no proper index outside of using addresses for specific areas.
Shout out to you and @dan for implementing Steem and Steemit. It is part of the new world which ends slavery and allows free people. I commend you both and everyone on Steemit.
I wrote an article about the evolution of blockchain to what I see as blockchain 2.0
https://steemit.com/bitcoin/@kozan/i-remember-when-everyone-in-bitcoin-was-shhhhhhhhh-the-evolution-of-crypto-currency-version-2-0
I look forward to connecting with you and work together to bring about that better world for humanity.
Create a great day,
@kozan
I'm inspired to build "BEICash" on Steemit as a meta token around a community students and professional mentors that produce project planning and development content during Built Environment Innovation Challenges. Questions, comments, critiques of this idea are welcome.
That sounds great, good luck and keep us posted :)
Thank you for this information. The adaptation of crypto is moving forward at amazing speed. It is as though, whether real or not, the masses are beginning to understand. The system we have in place now, isn't working. Once the tip over point of equilibrium is reached, it all arrives with a flood.
I will watch your video shortly.
Thank you for sharing valuable insights with us.
Francis
It's fairly easy to do with OpenLedger. I know others that have done it and pegged a pair with STEEM. If I think about enough, I should be able to come up with an idea of how to tie a token to what you do - running. Maybe issue tokens based on how much verifiable miles/km someone logs:)
Whoa! That's a very interesting idea, actually. I ramped up my training a bit, so that would be a creative way to keep me motivated.
For some odd reason I keep thinking about solarcoin and how they distribute it via your solar power and verifiable meter readings. With wearable tech like fitbit, and the like, it could be done. Or maybe published marathon results someone runs. a lot of it would be honor system I suppose.
Strava has an API's that can be used here. The point is that people shouldn't be able to abuse it (by setting their activity to be "running" and then driving for 300km, for instance).
In the beginning, you can control the beta testers mostly, so there wouldn't be cheating there. Eventually, the spirit of the whole endeavor, combined with members policing the issue would keep it down. A lot like we do here with Steemit. And Starva looks promising too.
Yeap. Thanks for the suggestion, I might actually do this :)
Maybe if someone organizes a run or walk event, bearing the name of your coin of course, they could be rewarded from the main issuance, or from others.
definitely talk to @steevc - he documents his daily runs on Steemit already, so he might be interested.
damn that's a cool idea re: issuing tokens based on running miles
I suppose if it all worked right, then it could be a way to encourage people to be healthy and exercise. Could have a counter that displayed the millions of miles logged by the effort.
Sounds like very useful technology, and it must be doable if similar tokens already exist on BitShares. Now I should think back to when I was interested in other other topics than cryptocurrencies, in order to apply it as a reward for posting on or moderating a forum, for instance.
I just hope this won't bring too much greed to the community. By the way, yesterday I saw a plan for meme markets on Ethereum, which seems much more complicated than tokens on Steem.
Thanks for the link, vey interesting indeed. I will do some more research on that area.
Its a very interesting concept on being able to create community issued tokens. The only problem here would be it may be abused by scammers out there coming out with some Money Game scheme promising crazy returns. Those are just my thoughts and being able to create your own community coins is just a brilliant thought.
hmmmm...we could have a community called "curmudgeons'..with a token called 'grouches'..
I like that idea.
Someone already beat us to it ... It's called the USD :) OK, OK, bad joke I know ...
Such Words With Capital First Letters In Title, Much Wow.
Such An Astute Observer Of This Phenomenon, Much Appreciated.
:p
its like a softer version of going ALL CAPS
now you're yelling at me
Oh, I'm So Sorry, I Didn't Mean To
See? That's way better :)
I think its need more than just want , will need some good skils also . I will like to have a coin but i dont think its easy .