STEEM's mission to tokenize the world: Are Steemit, DTube, DSound etc. just proof of concept?
To newcomers or onlookers, STEEM may seem to be a cryptocurrency that is designed to reward content creators. Therefore, they may think that Steemit, the most popular platform on STEEM blockchain, held all the communications (i.e. transactions). However, it is not and Steemit (and other DApps) are probably a test case for much bigger picture.
These DApps are proof-of-concept that STEEM's scalability and rewarding system works, not necessarily in perfect ways. It is successful to reward the content creators with incentive (i.e. curations) to Investors. It can indirectly finance projects through delegations. Businesses can run on the blockchains. For example, @buildteam runs several business activities (e.g. rent management of STEEM POWER) with @minnowbooster bot handler and minnowbooster.net website.
STEEM has the record of the highest transactions per day among all the blockchains. It will soon accrue 1M users. Thousands of long term investors have trusted STEEM as their investment assets. Therefore, STEEM is distributed and will be distributed with hybrid proof-of-stake and proof-of-brain (i.e. human intellectual activity) rather than wasteful proof-of-work (i.e. number crunching) and proof-of-stake (i.e. benefiting the asset owners).
Distribution of a coin is a controversial issue. There is no silver bullet for fair distribution of coins. All of the early PoW coins have the same problems. Early miners have the cheap coins. Miners with CPU and GPU have mined thousands of BTC or LTC at earlier stage.
On the other hand, investors have bought loads of ICO based coins (e.g. ETH or NEO) with few dollars when nobody properly heard of them. Then they profited but newcomers are facing dilemma to buy coins at steep price to earn more profit or have say in the governance (e.g. EOS).
Similarly, early bloggers, miners and investors have collected loads of STEEM when it was easy and cheap. However, more STEEM will be produced in next twenty years than the current supply. Therefore, every brain-workers and new investors have chance to have stake in STEEM. However, it is not yet a fair distribution, but newcomers have a chance to collect (precious) STEEM.
Therefore, once SMT is launched, it can create a tokenized world where tokens will be awarded for every brain involving activity (i.e. attention economy). STEEM blockchain will be the backbone of this attention economy. All the SMTs will be trade-able against STEEM in internal decentralized exchange. Some SMTs will be traded in popular external exchanges. Entrepreneurs will look for what Brain-as-a-services (BaaS) can be monetized.
In fact, the human brain is the most powerful and efficient computer on planet earth, probably in the Universe. A human brain can perform 10^18 calculations per second (1 exaflop), while the most powerful supercomputer has just broken 10 petaflops. Also, human brain only takes 90 watt, while these super computers can take 10s of Megawatts. Therefore, STEEM's proof-of-brain will see its revelations through SMTs. Pay X token for Y type of brain work. With upcoming automation, billlions of jobs will be discarded, and billions of human brains will be surpluses. STEEM or STEEM like blockchain can utilize/monetize these un-utilized or under-utilized brain superpower by using SMTs.
Disclaimer: This opinion is not a financial advice, it is my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
Very solid thoughts brother. Especially found the section with the brain interesting, I recall I've read in the past the figures of its computing power but think you made a quite interesting spin on it. 🙏🏼
Will needless to say be exciting to see what the future holds, I guess we can only wait and see if Steem succeeds with its mission.
Don't know your other interests besides crypto but if you happen to be into travelling, vlogs, fitness, self-development etc feel free to check out my channel, in any case keep up the good work and I'll see you around!
Great article. If Steem achieves it's vision, I think that would be pretty damn remarkable. And amazing, especially for all of us involved here now. I am very interested to see what happens after SMT is launched, I think we will see some very cool stuff, regardless of the outcome. I am also fairly new to all of this, so everything is pretty exciting for me :)
Great article! Cheers
I totally agree with you and don't forget about the community feature that will come with HF20. This combined with SMT is going to be really amazing for all users, investors, and entrepreneurs.
to many coins on market eventually some of them have to come to fore front and others die out.
I can't use Dtube...any problem with my smartphone...
Oh La La....pori enti thana
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