I've taken the time to peruse the Steemit Bluepaper these days and, while many of the info there is familiar to me, there are a few bits that are quite intriguing. I decided to make a short summary and share it with you. The reason for this is twofold:
- you may not be aware of some of them, hence, you'll learn something new
- somebody form the Steemit team (@steemitblog or @steemitdev) could see this post and shed some light on the pieces that are a bit confusing or incomplete.
Without further ado, here we go:
1. Proof Of Brain?
In the Bluepaper, there is a reference towards a new type of minting consensus, called Proof of Brain. I find this intriguing, and a bit off, since there is a similar abbreviation, but from Proof of Burn, which is in place since 2014, for a token called Slimcoin. It may sound good from a marketing point of view, but it does come a bit off if Proof of Brain is just posting some text on a website.
2. AppBase -> Fabric
AppBase is the foundation for what I understand it will be a swarm of blockchains around the Steemit ecosystem. Fabric was announced since HF16 (@dan was still with the team at that time) but nothing more concrete than the name surfaced. What we do know is that there will be a thing called Fabric, but nobody seem to know how it works and when it will be available. I'd love some directions on that.
3. SBD -> Steem Backed Dollars re Steem Blockchain Dollars
For almost a year I lived under the impression that SBD comes from Steem Backed Dollar (i.e. a pegged Steem asset to the dollar) but in the Bluepaper this abbreviation seem to come from Steem Blockchain Dollars. Again, not a big deal, and maybe good for marketing, but I loved the initial wording more.
4. Decentralized Exchange - Internal market
The Steemit internal market is in fact an decentralized exchange according to the Bluepaper. If you really think at it, it is. Because it is not owned by an independent entity, like Bittrex or Polonies. But it's still subject to witnesses price feeds and their huge Steem Power, which can turn it around quite fast. Nevertheless, it's usefull to keep an eye to it, maybe they will introduce more tokens (right now it only goes for STEEM - SBD exchanges).
That's an interesting (and often overlooked) feature of the Steem blockchain. I put it here with the intent of making it more visible. I also published my own terms about being an escrow agent, if you want me to be part of your escrow transaction.
6. SMT - Smart Media Tokens ?
By far the most intriguing mention in the Bluepaper is about SMT, or Smart Media Tokens, which, to my understanding, are UIA (User Issued Assets) on top of the Steemit blockchain, the same way you can issue assets on the Bitshares blockchain. But I might be wrong. That's why a bit of clarification about this topic would be really useful
What's your opinion about Steemit Bluepaper? Did you go through it? Any feedback?
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):