Vlog 443: With SMT's/Communities and RC pools in place. What will become the roll of the STEEM token?
Yesterday Steem Inc. released a cool interview with two of their developers: Steemit's Head of Engineering, @justinw, and Steemit's Senior Blockchain Engineer, @vandeberg.
Check the interview out HERE.
They talk about the upcoming features we all been waiting for a very long time: Communities and SMT's.
Communities will make content discovery 10x easier.
Let's say you want to find posts about World of Warcraft today. How would you go about things?
Maybe use the WOW tag to find some? or use the search feature? It's not easy.
The reason being is Steemit is like a big box and people throw posts in the box and it's up to you to find the content you like. There is a lot of garbage to sift through.
That will change.
In the future, you will subscribe to a sub-community within Steemit simply called 'World of Warcraft' and you will find all the post related to WoW there. Including a trending page that makes sense.
The most engaging/best content related to the sub-community will trend.
I can think of hundreds of these communities users want potentially subscribe to. From embroidery to cars and more.
Pretty cool stuff and very logical.
Next feature on the list is SMT's.
SMT's will be on-chain tokens that companies/applications/communities will use to empower their products and/or communities.
I think SMT's will be the reward mechanism token of the future.
But what about the STEEM token?
I'm not sure about it. I know STEEM will be needed for RC's credits and will be the main trading pair vs SMT's.
I believe that will be its prime function.
I am not sure if it will be a reward token as we have known it since the inception of the blockchain.
Will an SP holder have influence over any community on Steemit just because they have the Steempower? It just seems unlikely.
With RC pooling (Resource credit delegation) and SMT's/Communities (and hopefully wallet accounts for easy onboarding), there is no need for a new user of Steem to have steempower (to get access to RC's).
Basically only the owner/creator of the community/application will need to have it so that their users can freely transact on the blockchain.
Now if the owner (think businesses) can't buy the STEEM to support the users of their community, they will need to lease it. From whom? The current holders of Steempower.
It's already clear that only SP holders have a say over who gets STEEM from the inflation pool.
Whether it's about who gets STEEM/SBD for SPS proposals or who gets rewarded for content it's the same thing. SP holders have the final say.
But what if STEEM is no longer needed to operate on the blockchain because we have RC credits delegation pools and SMT's for new users. Where will newly STEEM go then?
I talk about it in my vlog. Might be a bit speculative but I have always tried to visualize were Steem is going.
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Is content discovery really this difficult? I make it a point to search the popular tags, as well as check the blogs of people who've been supporting and commenting on my blog. A practice that not everyone seemingly does, or maybe my content is just not very appealing. I'm not sure, but I'll continue to support you @exyle, because I consider you a nice fellow who is an asset to the community, regardless of whether or not I ever see any support from you.
Nice developments. Thank you for sharing your knowledge with the community.
Good day.
@futuremind
I mean I do the same as well, but after a few hours most posts disappear if they aren't HOT or Trending. It would be nice to have Subreddit type categories I think.
That is a good point, and very true. If someone has been supporting you and commenting on your blog for almost two years, would you visit their blog? I imagine you would, and if you don't ever throw them some support, what does that then suggest?
I mean I have posted for 3 years now, and there are a lot of people I upvote daily that never upvote my posts or even know who I am probably.. However I still support them because I value their content regardless. I do not feel my content is as good as others so if anyone finds value in something I post I am just happy to help who I can.
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Likewise man, I don't think I have ever seen your blog!
I guess this content discovery problem is worse than I thought, damn.
Well, I gave you a follow. If orcas and whales don't ever want to throw us a bone, we will have to just help each other out with our little penny votes.
Best wishes to you, and nice to meet you.
Nice to meet you as well, and I will check out your posts as well! Look forward to growing to dolphins in the future!! 🤘😝
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I’m pretty amped for these 3 changes! I agree that Steem wont be needed as much as a front facing reward mechanism and business owners and communities wanting to leverage the chains abilities will be the biggest holders! It’s going to make Steem a much more useful and valuable token to have and we will see more of it bought and held to access RC pools which will be the driving force behind the actual value
I also see new business cases such as what we see with ETH tokens! We could see businesses like crypto backed fiat loans which i spoke about in my latest post
We could see more games being built ontop of it as I see now ETH isn’t the best token to use for high frequency movement of value and Steem will be very attractive to gaming developers who want to add a new layer of value and monetization of in game currency and items
It’s a pretty exciting time! I think those who are mining Steem now should consider holding it too there will be new opportunities to earn too as Steem becomes more scarce and delegation will be more popular and perhaps RC delegation too that could give you a form of passive income for supporting projects like we see with splinterlands
2020 will be a building year but 2021 I think will be a year we’re the business end needs to come in and start marketing the chain and getting developers and businesses to consider adopting it
I also think we should see dual chain work being done too with SMTs and scots it’s going to be pretty interesting to see how this community adopts and evolves over the next 2 years
It is definitely going to be a huge change. I think it is good that we have the Steem-Engine right now. It has been a good view of what the future might hold. It should make it easier for people to transition when the communities and SMT's actually start popping up. I am pretty excited about what the future holds even if I am not sure how I am going to keep up with it.
I have been using eSteem's search function for quite a while and I guess I just take for granted that everyone is able to easily search by tags for the content they want to see. I am quite excited about SMTs and have been busy stackin ESTM SMT's and waiting for Steemit to make it all official. So glad you are feeling a bit better today!
@exyle, Communities are already developed due to Steemengine and very much empowered too. When Smart Media Tokens (SMT's) will arrive then Content Production, Content Consumption and Content Discovery will going to become so much effective in my opinion.
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The opportunities and potentials on STEEM are just limitless, listening to you on this topic makes me realize how very early we are on the STEEM Blockchain.
No doubt the future looks very promising!
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Just keep powering it up and watch the magic happen. It's been a good year for consistant development and improvements so hopefully the pace keeps up for the next couple of years.
Hey Mark! Always appreciate your perspective. Never really think about these things in this way. So it's good to kind of keep the future possibilities in mind. Seems things will keep changing a lot. Happy anniversary!!! And I definitely hope your ear feels better soon. Catch you next time. 🍻
Makes sense to me, I hope to be able to collect a little more STEEM from the well before it potentially runs dry :)
Thank you for explaining this.. I did not realize this! I am sooo excited about the new landing page for Steemit!!