Official Request For Crowdsourced Steem Denominations - Issue Opened in Github
As promised, I tallied the votes for smaller denominations of Steem (casted in this poll ) and then made an official request by opening an issue on Steemit Github repository. If you want to comment on this issue (maybe voicing out why you think it's important to have smaller denominations for Steem) here's the link.
And here's the body of the request, along with the final results of the vote:
Crowdsourced proposals for smaller denominations of Steem:
| Unit | Value in USD | @ $1 per STEEM |
|---|---|---|
| STEEM | 1 | $1 |
| mSTEEM (milliSTEEM) | 0.001 | $0.001 |
| μSTEEM (microSTEEM) | 0.000001 | $0.000001 |
| see below | 0.00000001 | $0.00000001 |
For the 8th digit there was a poll asking for more options, here are the results:
| 8th digit denominator | Proposed by | Score |
|---|---|---|
| STEEMtoshi | @dragosroua | 11 |
| Steembit | @anonimnotoriu | 5 |
| Steemlet | @gyanibilli | 5 |
| Heet | @lennstar | 5 |
| Mist | @nicnas | 4 |
| Drop | @trevorlyman | 3 |
| Gas | @nicnas | 2 |
| Vapor | @trevorlyman | 2 |
| Bubble | @trevorlyman | 2 |
| Vim | @akrid | 2 |
| Scotti | @steevc | 1 |
| Nedans | @steevc | 1 |
| Daned | @liberosist | 1 |
| Lar | @rgeddes | 1 |
| Dani | @stephen-somers | 1 |
| Pst | @girlbeforemirror | 1 |
| Id | @girlbeforemirror | 1 |
| Ned | @wilx | 1 |
| It | @kingofdew | 1 |
| Puff | @codypanama | 1 |
| Nad | @demotruk | 1 |
| Drip | @trevorlyman | 1 |
| Wave | @trevorlyman | 1 |
| SteemLar | @creatr | 1 |
| Steemer | @dhwoodland | 1 |
Please be aware that just opening an issue in Github doesn't guarantee anything, not even the fact the Steemit INC will make a comment on it. But since the devs are spending a lot of time there, that's a good chance that at least somebody will find out we're pondering this stuff.
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.
https://steemit.com/~witnesses
Considering Steems historic price, uncapped printing and lack of services, which use it, I would rather go for:
DecaSteem = 10 units
HectoSteem = 100 units
KiloSteem = 1000 units
MegaSteem = 100,000 units
GigaSteem = 1,000,000,000 units
Let's hope we don't end up using TeraSteem, PetaSteem and ExaSteem.
Don't you think you're too overoptimistic about the price of Steem? And since its traded only against BTC, aren't "satoshis" enough of a unit? After all, it is an eight digit unit of measurement.
Nope, I don't think I'm overoptimistic. Taking into account the strategic move to launch User Generated Assets that @ned mentioned a couple of weeks ago (the ability to launch your own coin on top of the Steem blockchain) then I think the value is bound to go up. It won't happen in two weeks, that's absurd. Bitcoin is around for 8 years...
I've missed that! Why would anyone want to launch their own coin, what's the practical use? I can see someone cashing in on the hype, but otherwise it seems useless?
There is a very broad use of "their own coin" kind of tool, it's called "reward points". It's used by everybody who sells something, from supermarkets to big companies which use them to reward employees. Every organization which creates some sort of value consistently can use reward points.
And that's just one use case. There are many others (interest based communities, etc).
This sort of defragmentation is working against cryptocurrencies - not only does it increase the complexity of maintaining such advanced software, but also increases the learning curve for the average person, who has no idea what cryptocurrencies are.
Organisations can just use Steem - although they'd rather use Bitcoin, because it's widely trusted. Indeed, Bitcoin is slow transaction wise, but there are enough clones to solve that, like LiteCoin, which is certainly more established than Steem or any token built on top of it.
I beg to differ. What you call "defragmentation" is diversification and competition. And this is extremely good. A blockchain is not such a complicated software anymore. Think in terms of webservers. 25 years ago, it was difficult to set up a server, but the real business was not setting up the server, but what you can build on top of it: the Amazons and eBays and Googles of the internet.
The blockchain is disrupting the world in the same way the web did 25 years ago, only now it lets you build something way more complex than a web site: an entire ecosystem for storing and transferring assets (financial or of other nature).
We do live exciting times.
I agree that the blockchain is a cool new technology, but I view it mostly as a notary service. What is unique is that it is beyond government control, and this is good, as any economics book will tell you that government organizations are inefficient.
Getting back to the point and using your example with webservers - why aren't there as many servers as cryptocurrencies? Because there's no need - instead, all efforts are focused on making the few available to be as functional, secure and faster, as they can be.
Because the blockchain is the equivalent of an Apache webserver. There are just a few of them, that's true: Apache, nginx, node.js. But there are tens of millions of websites built on top of them, competing with each other. Blockchain is just the platform, currencies are "websites".
Oh, and more thing - in ten or twenty years, there'll be only a couple of cryptos, with two rivaling each other. Why? Because people can't handle this much information - they won't even bother learning or using non-popular cryptos.
STEEMtoshi looks good, that way we can show connection with Bitcoin as well.
Anything that isn't steemtoshi is good! Steem needs to stand on its own, not in the shadow of Bitcoin.
I just posted the results of the vote, people from Steemit INC are free to choose whatever they want. Steemstoshi was my proposal (more like a joke, initially), but I'm not attached to it, if people choose otherwise, so be it :)
I read your post just now, and i also want to suggest a name of currency i.e. STMBIT
I think something like this was suggested, it's called Steembit.
STMNIP
Its nice to see the issue brought to the decision makers, even if it doesn't happen.
You are doing a great job! Respect!
I like STEEMtoshi