You are viewing a single comment's thread from:
RE: Price of Steem coin will plummet because of open source
The code for making new coins as you say was already open-source and has been so from the start. What was just made open-source is the code for the steemit.com website, anyone cloning that code and making their own version would still be using the same token as steemit.com: STEEM.
So no, this will not make the price plummet, on the contrary it's a good thing for STEEM and should accelerate third party developments.
So if someone wants to use steem steem power and sbd in another application this will allow them to? But I assume the second program couldn't create steem. This raises the question who creates steem. I thought it was the website but it sounds like it's the miners?
Yes, it will allow them to do so.
The website is just an interface that allows you to interact with the STEEM blockchain. The blockchain itself creates STEEM to reward content creators, curators, witnesses and miners. You do not need the website to do vote or post etc, you can do that in a terminal using the STEEM software itself, but the website is of course much more convenient and easy to use.
Any number of different websites could be made that would all use the same blockchain.
But so if a copy website applies votes to the blockchain it will also generate steem. I guess I always wondering which rules could be changed on the new platform. What if they for instance didn't have the 30 minute wait rule for curation rewards.
This is what is so exciting to me. To paraphrase Ned in an interview I watched, this Social Networking site is just scratching the surface. Awesome.