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RE: Will Steem developers fix/upgrade the Steem Dollar? (Multicollateral Steem)

in #steem2 years ago (edited)

It would be nice but don't hold your breath. We don't even have a stable unicolateral system and you are asking for a multicolateral system that even Maker has not implemented yet. Given the timeframe of SMT development you can expect multicolateral SBD to be lauched by 2030 at best.

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Right but you realize Steem was around before Maker. So why is Maker so much more competent? Also why not use the Steem proposal system for something useful to benefit all of Steem? I cannot think of anything more beneficial.

You might be one of the best people to make a proposal for this @dana-edwards.

Are you a developer?

I can code, and I'll help come up with the proposal, but I don't want to be the developer. I think there are plenty of much more skilled developers in the community more suited for that.

I think creating the proposal needs to be collaborative. I've put my ideas in my blog and my latest is this: https://steemit.com/steem/@dana-edwards/fix-upgrade-the-steem-dollar-toward-a-proposal

Not only is Stable Steem feasible, but a full decentralized derivatives exchange is feasible, using lessons from the paper I cite in that post. in fact there are multiple other papers which show how to properly do pegged assets and derivatives but for some reason Steem developers don't want to go that route.

I suggest applying layer 2 to this so that we don't even have to trust the redeemers. Also using layer 2 would scale better and be cheaper because you can use hardware acceleration not just hardware enhanced security. The hardware of course could fail so you need to get incentives right.

Thank you for sharing your ideas @dana-edwards.

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