@Ned: Steemit Is Creating An SMT!!!! Only Real Humans!!!!

in steem •  5 months ago

Nobody can deny that @ned has been a lot more visible of late.

Last week, he was in the Far East visiting Korea and Japan. This week it looks like be will be in New York speaking.

In between, he is dropping wonderful tidbits, this time on Telegram.

@nairadaddy had a post yesterday that was huge. This was the first report I saw that @ned was on Telegram telling people about the Good Person Token (GPT).

According to what was posted, Steemit is going to create a second universally distributed token. Unlike STEEM, which carries stake-weighted voting, this will be account based. What is really cool is this will have individual verification meaning the bots are out.

https://steemit.com/steem/@nairadaddy/good-person-token-something-big-is-coming-from-steemit-inc

This is all part of the Oracle system @ned wrote about roughly 6 months ago. This token is being termed OSMT (Oracle Smart Media Token) according to a diagram @ned drew up that @nairadaddy put in his post.

@robert-call brought a valid point about the STEEM blockchain allowing for up to 3 tokens to be used for each post. This is all contained in the SMT white paper page 40-41.

To start...

STEEM is votable for every post.

This means that STEEM can by used for any application on the STEEM blockchain. Hence, anyone can get paid for an upvote using STEEM.

Tokens that are votable are either rewardable or advisory.

  • A token is votable for a comment if the balance of that token influences the comment.
  • For a given vote, each votable token of the comment is either rewardable or advisory.
  • If a token is rewardable, then the vote affects the comment’s reward in that token.
  • If a token is advisory, then the vote does not affect the comment’s reward in that

Hence we see that two more tokens can be added...

At most two tokens may be specified in votable_assets. This means that each post is voted with at most three tokens (including STEEM).

This makes total sense since we saw that already for a while when the SBD to STEEM ratio got too high so we received payments in SBD/SP/STEEM.

The big advantage to this is that STEEM hodlers can use other applications on this blockchain even without having the SMT created token. The other nice aspect to this is that the STEEM hodler automatically has bandwidth since it is associated with each STEEM account.

For those remaining on Steemit, it appears that in addition to STEEM, some will be earning the OSMT upon verification. If I understand this correctly, each post will have the option of determining which token is chosen for payment. Hence, on Steemit, one is going to have the choice to opt for either stake or account weighted voting.

No consensus level restriction forces any particular post to have any particular allowed_vote_assets. As a consequence, any post may mark itself as eligible to be rewarded in any token.

This new methodology could enable the finding of quality content a lot easier. Obviously, with things being so new, we will have to see how this works out. Nevertheless, the fact that Steemians will have both the opportunity to earn STEEM like always AND opt in to receive GPT is a huge step. This should enrich those on this blockchain even more.

This is another step that is going to make the STEEM blockchain a leader going forward.

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I'm confused. At least our current system is not as complicated.

I've been hoping to see more on this.

Sites like amazon the nytimes are going to want 'account based' voting of unique PEOPLE, to up-vote good reviews of products / responses to articles.

This way, the comments that are community accepted as the best, will rise to the top.

For Trending to improve in my eyes, another tab which sorts by the alternative token 'GPT' which is account based and not valued by SP held, will need to exist.

The 'old' Trending can then be renamed as 'Adverts' :D

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According to what Ned pointed out, the GPT is an SMT that will enable Steemit Inc to sort out the problems with trending. So I guess Adverts is a good name for the current trending because that's what it is right now.

With this new system, votebots will coexist along side the GPT merit-based, crowd-sourced algorithm. This means everyone wins.

Hope you are as excited as I am. I have seen you on countless occasions at the forefront of the fight against bidbots. On that part of things, I guess investors are trying to maximize profits damning the conseq`uences.

With this, the good people will also have their own non-pay-to-play method for achieving same goals and thus leading for a competitive design that will stand the test of time.

BETA mode allows us to experiment big time. I think our experiments are yielding fruits already.

NYT and Amazon! What are you waiting for already before you signup?

Lolx!


Followed!

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Yeah it's the SMTs that I'm looking forward to the most as I see them as the best price driver for STEEM.

I picked amazon as ned holds this account ;) Fingers-crossed eh ned!

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I just wrote a post about smts for the @dragosroua May challenge and I do not know what to say except go for it. It's way over my head.

I'm here off-topic to ask you what you think of this. You @abh12345 were the other person I was going to ask about this and I see you here @taskmaster4450.

So what's up with this???? Both of these posts have paid out and now these bot votes are on them - continually - every few minutes - for hours now....

crazy voting wth steemit fitinfun.PNG

I don't know where to report this - so asking you guys.

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Interesting :)

Have you got the URL to the post handy?

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Well, there are two posts for me but many others too. You can see these two people voting on other people besides me - over and over again.

Here is @carlota26 voting - several old posts by random people - over and over again.
https://steemd.com/@carlota26

And here is the other guy - same deal
https://steemd.com/@johnnyduque

I think that this whole concept is very interesting, I am super curious to see how this whole thing plays out. I don't understand though why people would (at least on a large scale) choose to get paid in GPT instead of SBD. It is the stake based voting system and the powering up of Steem to increase voting weight that makes Steem and SBD very valuable at the moment. I do not understand what this GPT is going to be used for.

I suppose you will be able to use GPT to buy Steem and power up? But if you are participating the account based voting system then what is your motivator to buy more steem? Bandwith? I am sure these things will all make sense to me eventually.

Thanks for the post!

HUGE NEWS. This looks like what we have needed.

Hope all changes adds good in steem community

This is becoming way to complicated for mass adoption, most people are still struggling with STEEM, SBD, SP, posting-, active-, owner-, memo-, masterkey, 50/50 and 100% payouts and all the interesting rates.
Can somebody explain to me what SBD to STEEM ratio got too high exactly means and how the STEEM you then get gets calculated?

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For a ratio you divide Steem with SBD. SBD simply should only be worth and thus traded for 1 USD.
It might be that SBD is that high for a specific reason only insiders know. But technically it should only be valued 1 USD. Everything above is a gift in my eyes...

Finally a good proposal for promoting the good content!!!
Hope it works!!!

Interesting and keen on seeing how it works out...

Cool to see the Details of the way SMTs will be used - exciting times 😊

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I didn't quite follow all of this, but the GPT for sure sounds promising! Well see how it plays out against the bidbots!

@taskmaster4450 I really like giving more STEEMIANS choices in Tokens they can Receive. I think it lets people empower themselves even more when they make the choice. It only gets Better and Better................

Take this and multiply it by 1000 because that's how crazy SMTs are going to be overall.

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Yeah although I am not sure if there will be multiple reward pools or how that will work.

Any ideas?

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I assumed they'd give full control of distribution and inflation to the creator of the SMT. This is how it works with ERC-20 tokens right?

A lot of ERC-20 tokens opt for 0% inflation because it is a big added complication. I guess we'll have to wait and see.

awesome content,,

SMT´s promised to change a lot of things, but it looks like they will change everything. Let´s see how the last developments roll, because I´m already seeing a lot of people getting worried about this new way of working of STEEM blockchain.

Personally I liked SMT´s before and I still support their fundamentals.

Bullish on steem as a whole! Thanks for sharing man. Wanted to know more since I heard some buzz around it.

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