STEEMITBLOG UPDATE, SMTs AND THE FUTURE...
Introduction
Yesterday @steemitblog updated us on the development of SMTs. This update, after the one we had last week regarding Steemit Inc reflecting on the 2017 roadmap, was very much appreciated. Here I detail what I think about it and the reaction I've gathered from other veterans.
Communication
Steemit Inc hasn't been the best at keeping the community in the loop last year. As an investor/user, when you are in the dark regarding what's going on, time feels like it is slowing down. Everybody welcomes this new approach from @steemitblog to keep us in the loop when something happens. Even if it's just having a new exchange listing STEEM.
SMTs
We can all agreed that SMTs shouldn't be rushed. They are basically changing the engine while flying at 1,6M transactions per day. In that last blog post, they made it clear that they wouldn't cut corners.
Automated Market Maker
This makes Steemit.com the most appealing ICO platform I can imagine. Not only those tokens will be instantly tradable without fees...those tokens will generate their own liquidity!!!
For anyone who ever tried to bootstrap a token (I did on bitshares way back), it's almost impossible to do unless you have massive resources to get listed on exchanges.
Speculation
Through the automated market maker, what will happen (if I've read correctly), is that STEEM will be locked to generate the liquidity similar to how the bancor project talked about it their whitepaper. That will make it so that the supply of liquid STEEM will fall as more and more successful SMTs are launched.
Add to that the process of burning steem with every new user signed up and we've a recipe for massive upside in the price of STEEM...to the point where being a Top 10 crypto is easily imaginable. ($20+ per Steem)
Hivemind
We are still waiting for more information around the development of Hivemind, the community layer for the STEEM blockchain. I have been waiting for this a whole year to be honest...in January 2017, I thought it was priority #1. As much as I am excited about SMTs, Hivemind is what I think is the biggest need that we have from a front-end perspective.
We are still dealing with a firehose of content that is impossible to curate properly. Spending time in the "new" section is a fools errand.
I'm looking forward for a more detailed update on the Hivemind protocol. Right now, we can see that the 1st milestone is about 80% done, while milestone 2 is a 10% and milestone 3 is a 0%. I don't know what it means in term of front-end implementation but I can't wait seeing it live on steemit.com
Conclusion
If you don't know if you should power up everything you've earned so far, I think this is your cue. This thing will moon sooner or later. Please let me know how you feel as an investor in STEEM and what you think of those weekly updates.
Image credit: @voronoi
I read many posts about it ever since I woke up and I’m SOO happy that it’s finally starting to fall in place . The idea that you will be able to purchase tokens is jsut amazing , I want to see what people will produce. Steem paltform itself has already made good marks being on top this year , this is be the highlight now !!
Thanks bro
She's a girl...
@cryptoctopus,
This is very informative! Actually I heard about these developments via @steemitblog! But had no way to go deeply! This is very useful and now I got the idea behind it! Thank you!
As you said, yeah power up process is going well!
Cheers~
Everyone wants a product that is released to be good, but I'm just hoping they don't spend all this time trying to release something that is perfect and ends up being a perfect pile of useless tools.
I'm hoping they're going to eventually release a product that might be 3/4's finished so that way the community can give feedback if it should be polished, or it's nothing that we're interested in and they should start over.
I'm still not convinved I should be powering everything up. I really appreciate the weekly updates, but to me that's just a step in the right direction. They have a lot more trust building to do before I'm back to being all in.
So true!
SMT promises to be a widget into Wordpress sites, and thats massive. Every big blog or community can engage the users with a Coin. I think they are rushing the SMT becouse EOS is coming.
if STEEM doesnt make a difference, EOS will prevail to be the main platform for Social Media. Its bigger, faster and better designed. STEEM MUST do a first move advantage and implement SMT in big communities and they need to do it NOW.
Thats my guess,
D.
Wooow
Thx for your words regarding the update. I truly hope to believe that steem will be $20. This would make a lot of dreams come true.. I hoped to see at least some reference date that they will launch the SMT's. now people have to wait and decide whether to use the STEEM platform.
Oh yeah, when I came to the Steemit, then of course I did not understand much, but the very idea of a social network based on a blockchain I immediately liked! Now in general it is clear that without the investment in the Steem the process of reaching the top will take a lot of time and effort, but the introduction of new updates in my opinion should improve the very work and attractiveness of the Steemit, which will undoubtedly increase the value of our activities and give us new horizons! Thank you @cryptoctopus
I can't comment from an investor approach since I am not the one right now but as a user, SMT is a great and unique approach of attracting the world to Steem Blockchain.
We are eagerly waiting for SMT this will bring boom in steem and list it in top crytocurrencies. Please keep on updating us. I am so happy that I have joined this wonderful platform in its early days. Thanks @cryptoctopus
@cryptoctopus - Sir now I understood the new released update so well... Sir if we collect STEEM, it can reach $20... How good news it is... I'll follow your guidance Sir... I want to see a big picture with STEEM Sir... This is a life changing blockchain technology for me Sir... Nice you decided to talk about it Sir...
+W+
the news release you summarized well. according to your article smt is not only the top update of this year. so many developments also planning to process with it too. impressive article & valuable information to all steemians @cryptoctopus
@resteemia
reteemed & upvoted
Thanks for the post @cryptoctopus.
I wrote a similar article about this today also.
It is very exciting. I commend the development team for their openness and new communication style. Keeping the users in the loop is big.
I have powered up since I got here. This is going to be massive. $20 is a low target...my first major one is $100....I think it is reachable this year.
The fact that each new token is paired with STEEM and instantly has a liquid market is huge. The most common question people ask with tokens is "what do I do with them once I get it" (or some variation on that)? Now, the answer is trade it for STEEM which should have many more real world uses in the next 12 months.
It is an exciting time and STEEM is going to create a lot of millionaires. There will be a point where even 500 SP could be worth more than $1M USD. People really do not know how big this can become.
I made the comparison to ETH to try to put it in perspective for people. @aggroed had a great interview about that.....when looking at the technicals of STEEM and ETH (the blockchains) it isnt even close.
Definitely, Steem blockchain will create a lot of millionaires! We will all be filthy rich if we just stay patient and wait for the masses to realize the potential of this blockchain! If we see people with just 500 SP and it being worth more than $1M USD, then this would be so fucking crazy! And I do believe that this is a possible reality, because there's just no limits to what can happen on this blockchain!
ETH is a great lesson...look at the explosion that token had.
STEEM can go on a similar run simply with the SMT technology. Add in all the other things that are on here and you see a blockchain that can be doing 10M transactions per day by the end of the year.
That is powerful....ETH wont be able to scale up that quickly.
@taskmaster4450 Your reply definitely made me wake up before my cup of coffee! Happy to hear you are so optimistic and it makes me feel the same. I feel almost frantic to buy as much Steem as possible but I know I have to pretend to be responsible with my money and all that ;)
Well I am all for powering up. I bought a bunch of STEEM between $.80 and $1.35. I used up all my fiat on crypto....I guess I am not responsible with my money....although I have money, just no dollars....in a different form.
I am uber bullish on STEEM...I wrote a number of months ago about getting people to 1000 SP....that was a game changer for most people....now I am beginning to believe the potential is great for even those with 500 SP.....
$100 by year end is still my target and if the SMT protocol does what many think, we could see 4 figures in 2019.
Ugh, I wish I would have looked into Steem back then. I have to try to stop constantly kicking myself over it but I cant help it. I do have a goal for 1000 steem in 5 months and I'm chipping away at it slowly. Love your enthusiasm.
really??? that is just spitting numbers in the air in my opinion...
4 figures that would mean that we would have 8TRILLION market cap
we have 800 million now so x1000 is just wishful thinking at this point
I am bullish and would love to see steem at 20-50 but the longer this can wait the easier it is for all that are here to get more SP
the more SP is worth the harder it is going be to get some
Do you mean STEEM is better than ETH from the technical pov?
I think most of our peers agree that there are amazing developers on both projects. The real difference between the projects is in approach. Ethereum is taking an application general approach to their protocol, whereas we're taking an application specific approach. A good analogy is between Linux (application general) and iOS (application specific). Ethereum is trying to be everything to everyone and in the process not doing anything particularly well for specific developers or entrepreneurs. The application specific approach is to basically say, "What are the 20% of possible features that account for 80% of the features which are actually leveraged by real developers and entrepreneurs?"
The application general approach basically treats all potential features equally and results in 80% of the engineering bandwidth being consumed by the 20% of features that no one actually uses. By choosing the application specific approach we can focus intensely on product-market fit. The single biggest use case for Ethereum is launching an ERC20 token. But ERC20 tokens don't DO anything. People use them because they're basically the only option. They don't do anything because no one else in the space has experience creating tokens with built-in distribution mechanisms that are capable of functioning at scale because no other blockchain protocol is yet capable of functioning at any kind of scale.
Entrepreneurs want tokens that work, that are safe, that are ungameable, and have all the Smart Contracts they want pre-audited and built into the protocol (ICOs, Founders Tokens, Token Emission Rates). With respect to these needs of entrepreneurs, yes Steem is better than Ethereum ;).
I was surprised with such an excellent answer and after checking your profile I realized you are the "Content Director for Steemit" haha!
Thanks for taking the time to give answers like that man! Really appreciate it!
STEEM is light years ahead of ETH from a technical point if view...at least right now.
3 second transaction time.
Zero fews
100K trans per sec potential
ETH is working on getting past 25 transactions per second.
Plus there is no built in content reward system like with STEEM.