I finally get how SMT helps Steem
So I sure all you have heard how SMT are suppose to help steem prices go up. Right? But all the posts I see just talk about the ico aspect. Look ICO helped Ethereum to go to the "moon" last year. But with the ICO craze over big bag holder aka tokens will sell their Eth to pay for development(hopefully the what the $ being used for...). ICO pumps are not a good long term plan for steem. That why I was so confused on why it such as a big deal. I am for the long term, if I was not I would not be waiting for lightning network and went to BCH's big block scaling.
Any way, the next issue I found with SMT was the fact it will create competitors to steem. That wold take value our of steem if other tokens SMT do the same thing. But then came the heajin issue. The issue of "scaling" the reward pool. If one person can have a huge % of the reward pool others can have it as well. Thus allowing 95% of the reward pool. Look the chain allows it. And no one can find an alt to it. Do I agree heajin is pool raping? IDK
It just shows us with more people coming into steemit, steem chain can't support it. There is not enough long term value supporting it. Then the dtube monetization issue came up, 7 days ain't enough. This day limit is preventing more video creators from coming to Dtube. Dtube is going to get it own SMT.
That when it hit me another reason why SMT might exist- to "scale" the reward pool.
SMT will create more social networks. With these new SMT social networks the reward pool is made in a sense bigger. In a way it kinda like bitcoin's sidechain and second layer. If we can't change the main chain with harmfully affecting nodes( or in steemit case the reward pool) let create other ways to route them. Sidechains to make better tech, the power of bitcoin but with new tech. Such as rsk.co= bitcoin eth killer and big block sidechains. SMT are like creaitng diff steem chains working to do one task reward users.
In the future here how I think SMT will affect decentralized social network.
Creating more Dsocail sites for diff regions/aspects:
Steemit will be the english decentralized site
Golos Classic will be for Russia
Appics is for photo shares ie not blogs
China and Japan are getting their own ones as well
Dtube for video
Am I the only one who realized that? Bc it hit me today :)
Another reason why SMT are good for steem:
People who want to use SMTs will need to have some STEEM in order to have the bandwidth to transact on the Steem blockchain aka SMT run on steem. You will need steem to be locked up to use the SMT tokens.
While one person doesn't lock up alot of steem. There going to be more 1K using SMT.
Thanks to yabapmatt:
I found this out=
People with vested STEEM (Steem Power) can vote on posts created using a SMT and thereby influence the reward payouts for those posts. So for example if Reddit created their own SMT, then since I have some Steem Power I can vote on a Reddit post and increase the rewards payout even though I don't have any of the Reddit SMT myself. So basically it gives more power or influence to vested STEEM and thereby could drive up the value of STEEM. Source
So Steem will have more use!! Thus not all hope for Steem usefulness is lost!
Yes there are other uses. Like subscription tokens and stuff but they don't look that cool-well to me.
The con I find with SMT being used is the fact for SMT social networks may make their own chain. Once they gain majorly value in theory they'll make their own chain so they can have more power and fame.
Look at bitcoin and Eth, tokens do icos. Tokens gain value. Tokens leave. Some tokens are worth more than the assets cough tether and the omni protocol.
Nonetheless the future is bright! We can't predict the future but we can hope.
If I read the white paper wrong tell me :)
Thank you for reading.
My bitcoin lessons:
How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase
Why big blocks are not the answer= https://steemit.com/bitcoin/@sames/why-big-blocks-are-not-the-answer
LN nodes are NOT banks or like banks= https://steemit.com/bitcoin/@sames/ln-nodes-are-not-banks-or-like-banks
What is the lightning network= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained
What is Schoor signatures= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures or https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c
Bitcoin’s ethereum killer-rsk.co= https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co
Bitcoin newest scaling method adding bech32 plus others= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others
Batching : https://steemit.com/bitcoin/@sames/how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase
Adding privacy to bitcoin with softforks or compatible software: https://steemit.com/privacy/@sames/making-bitcoin-have-fungibility-privacy-again
Transaction speed count using the new tech coming to bitcoin=
https://steemit.com/bitcoin/@sames/segwit-bech32-batching-others-will-lead-to-bitcoin-reaching-passing-ethereum-on-chain-tps-level
My bitcoin privacy series.
Post #3 coming out this week!
Introduction post: https://steemit.com/bitcoin/@sames/how-bitcoin-plans-on-adding-privacy-fungibility
Onchain privacy: https://steemit.com/privacy/@sames/on-chain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
Off chain privacy: https://steemit.com/bitcoin/@sames/offchain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
Great post mate :-) I really didn't understand also how SMT will benefit Steem when I have realized that APPICS will have it's own tokens.
Now I understand. Thanks :-)
No problem man! :)
In order to use SMT's you need a steem account, you can't have an SMT account without a steem account. That's all you need to know :)
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Hi there
How have you been doing lately? Thanks for engaging with my posts lately. I appreciate.
Im trying to build a group of like-minded people and I would like to keep in touch with you and support each other on steemit.
So since we were already following each other, then please let me suggest reading this post:
https://steemit.com/contest/@mslifesteem/6-contests-to-follow-to-grow-from-minnow-to-dolphin
For many new players those kind of contests are great way to start.
Take care, Piotr
Sorry for 2 separate posts in one topic.
I just noticed that you still really have very little steam power. Try to consider powering up.
I've been following many new members of this community and @achim303 wrote today quite a good post which would explain "Why do we need steem power?"
https://steemit.com/steemit/@achim03/my-first-progress-report-about-steemit
How to purchase steem power (old article but still valuable):
https://steemit.com/steemit/@oaldamster/how-to-buy-steem-power-the-quick-and-easy-way
Hope you're gonna have a good weekend :)
Cheers, Piotr
And I really love your explanation about SMT
thanks :)
Oh I know, I have been in steemit for a long time.
thx for reply.
I was wondering. What it your personal view on bots and auto-voting ?
You can't block bots. Even if it was a bad thing bots can't be blocked. What a chain could do is make it harder for bots to operate aka to make a vote you solve a hybrid captcha( a traditional solve this plus POW).
Even then if you really want to sell votes-you can do a manual ie look at lays and thundercurator