We need SteemHalo-Function for Steemit in order to unlock a Trillion USD international market!
I would like to remind the importance of Black/BitHalo functionality for this platform.
Halo is a system coded by David Zimbeck for BlackCoin , Bitcoin and LiteCoin.
It allows to setup fiduciary accounts where the two people who want to establish a business together can define which collateral and payment they have to setup. The collateral is only released if both parties are happy in the end, as it requires the signature of both parties to release the collateral of both. if one does not agree, both collaterals will be locked up, if the deadline is reached (which optionally can be set), the collateral can never be released again.
This allowed to do business with anyone in the world, he could be anonymous or not known, it did not matter, as long as he had collateral locked up as well, so one could be convinced that he wanted this money back as well...
BlackCoin never had the user basis to make it a success. Now Steemit with a quarter of a million accounts I think can do it...
Here part of an article I published a year ago:
SteemHalo - Fiduciary accounts
Steem needs to incorporate smart contracts like David Zimbeck has done for bitcoin and blackcoin. How does Halo work? Quite easy: 2 parties make an agreement on how much collateral they have to put up each in order to do their transaction in a multisig 2 of 2 smartcontract. These figures depend on the kind of mutual trust both have in each other. The reputation of the other party might give a hint to the parties involved, about how much collateral to ask for from the other party.
The Interface can be a simple form taking the application from David as a template, using the memo function to communicate with the other party the necessary codes for smart contract acceptance, eliminating this way email communications.
The multisig 2 of 2 contract can work independently of product listings, so that 2 persons can do any contract they want outside of Steemit.com and just use the functionality of a fiduciary account setup in minutes without lawyers.
If this is done in an easy to use way and trade goes up to billions of USD than Steems for this amount will be locked up, shortening the supply side and thus increasing the price of Steem.
This is a first idea regarding how to accomplish an increase in the price of Steem and creating more utility for its users...
Imagine somebody writing an article for which he gets a 100 Steem Dollars and afterwards directly being able to buy from China some electronic gadget instantly, paying via Steem Dollars or Steem, using the built-in payment and collateral function (multisig smart contract).
This would be the icing on the cake i my eyes and jump start Steem even a bit quicker. Right now there are already 2.1 Million Steem Dollars in circulation only waiting to be spent somewhere. Let us not force these people to sell them on some exchange for Bitcoin. Let them stay within the system and be of utility.
Seems like not many care about this Halo thing... I think the geniuses who are coding this website could do this quite quickly... and the added value would be really massive.... I think there are not many alternatives which can compete in Price/Effect ratio with this one..
Or anybody knows why they are not implementing it already?
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1 upvote = 10 dollars , wow ! Lucky you :p
Please do not forget that the inflation which pays content creators is also payed by people like myself holding SP. So I think it is more like not loosing the money, but holding up with inflation...
That's true :)
Great idea, what about the waiting time to get the steem-upvote cash in your wallet?
So even if you get the 100$, you still have to wait at least 7 days, which is not the fastest way to buy sth ?
I think we are all still young enough to see the day of the payout! :)
But think about the endless possibilities if any african could do business with a stranger in India or Mongolia...
If there would be a 100 Million transactions at any point in time, locking up collaterals of a 100 USD each in the form of Steem... this would mean that the combined collateral value of Steem had to be 10 Billion. + the shares which are not locked up...
I think this would mean easily a 50 Billion valuation...
Ok, im just the negative thinking guy in this comment section, don't mind me :D
The possibilities are indeed great.
I'm not sure I've got all the detailes right, but it looks similar to escrow function, which is awailable on Steemit ( but hardly anyone is using it )
https://steemit.com/escrow/@xtar/open-source-standalone-gui-for-steem-escrow-transactions