6 Intriguing Bits From The Steemit Bluepaper

in #steemit2 years ago

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:

  1. you may not be aware of some of them, hence, you'll learn something new
  2. 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).

5. Escrow

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.


Dragos Roua


You can also vote for me as witness here:
https://steemit.com/~witnesses


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):

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Thanks very much mr
This post is very important to me.
And helpful

I was very interested in the SMT aspect. From a quick glance at the github repo, I see that some SMT related code seems to be emerging, but am intrigued to know more. It seems to cast doubt on what I thought may be a future migration of Steem to EOS next year.

Given the number of Steem bots, I must admit I had a chuckle at it being called proof of brain!

@dragosroua,
Most of your suggestions are really great ideas! But, I don't know how that PoB (Proof of Brain) will work. Personally I hate stacks! Anyway SBD name change, Escrow, SMT, AppBase, Decentralized Exchange - Internal market are really great ideas for the project STEEM!
Really appreciate your effort and I hope one of the dev team member will read this post! Thank you very much for sharing with us!

Cheers~

I am especially interestes in SMT as we are connecting our photography community to steem blockchain. I wonder what it will turn out to be. Nice excerpts, thanks for taking your time to put this up.

Hopefully new users will at some point be greeted by a tutorial because there are lot of difficult things to understand about steemit and can be really off-putting.

Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem. Thanks and good luck again!

great post in the steemit....thanks

Honestly saying for some time I am very disappointed by market on Steemit. It looks decentrlized, but no one pays attention to the fact that for some time it is taken over by a user who uses automated software. He always has 140 sbd and whenever you put your price, it automatically cancels his offer and puts a better one. Do you think it is fair, when other users do that manually?
Here is a screenshot made couple minutes ago.
4.png

there are market maker bots in any exchange, centralized or decentralized...

Other markets have bigger cancelation fees and they are not abused every second. This bot certainly is not healthy for steemit. Someone can easily write another bot or 2 , and start a bot fight, regular users won't even have a chance to participate.

amigo #resteemia at your service

hope hear more about 'Escrow'. seems very interesting. nice bluepaper @dragosroua

ReSteemia
'UpVoted ReSteemed Commented'

@dragosroua - Steemit Blue Paper is a very good idea Sir. 'SBD -> Steem Backed Dollars re Steem Blockchain Dollars' I'm truly agree with this change Sir. Love your work. Therefore, I wish to ReSteem your post.

+W+ [UpVoted & ReSteemed]

Great Post!!!

Congratulations @dragosroua
MinnowsPower listed your post "6 Intriguing Bits From The Steemit Bluepaper" as one of the top 20 posts of the day...!!!
Steemit Bluepaper contents useful suggestions for further developments of the platform.
100% Upvoted by @MinnowsPower

MinnowsPower is not a bot, I am a Crowdfunding Hybrid

heehh i too heard it today Steem Blockchain Dollars sound good though :)

Nice post...👌👍
Thanks bro..😃😃