Dear Steemians,
After more than 20 months of development and 350,000 users on Steem, I have an important message for you about a new Steem-based protocol I call Smart Media Tokens to allow any and every application to have their own STEEM-like token:
Excellent work from the team! Looking forward to some exciting times ahead! This is awesome as people can now monetize all kinds of websites, blogs and forums with this tech! A complete game changer this!
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Here is a great article that shows what is possible with SMTs:
The Day the Paywalls Died: How Steem’s Smart Media Token Saved My Family’s Newspaper
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That's really cool. Imagine if the SMT really could do that.
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Extraordinary development @timcliff, looking forward to seeing the roll-out. Given that there is a plethora of currencies out there (not all can survive), is there a mechanism whereby tokens could be aligned with SMTs to give them a purpose and, hence, an underlying value?
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follow me plz
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SMTs will be their own tokens, and will be tradable on the internal market for STEEM.
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Exactly what I'm looking for... thanks @timcliff
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Can anyone explain briefly , what smts are ? Thx
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They are going to allow users to create their own tokens, similar to STEEM and have them run and distributed by the Steem blockchain.
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pls vote & comment me
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I would like to add my 2 poor cents in:
https://steemit.com/steemit/@dv8/smart-media-tokens-what-i-learned-in-small-hours-of-the-dawn
TL;DR I believe the announcement represents a structural shift from centralised to hub-spoke model with chages in the role of STEEM as a currency
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Here is my 2 poor cents in:
https://steemit.com/steemit/@dv8/smart-media-tokens-what-i-learned-in-small-hours-of-the-dawn
TL;DR I think that SMTs have a potential to change the role of STEEM coins as we transition from centralised to hub-spoke model with this announcement
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This is gonna spark plenty of ideas. Social currencies for all.
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Wow! This is good news for the steemit community and cryptoworld at large.
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I'm thinking of launching an ICO for my social network called ureka. :)
I just made a post on it - more feedback to come once I finish reading the whitepaper!.
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Absolutely true! A complete Game changer, you said it best!
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hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts
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Truly well said! I personally look forward to the future!
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Agreed, this truly is revolutionary, a real game changer, nice work and congratulations. Cheers ;)
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Hail to the chief. More of the steemit innovations which blazes the never ending trail. Hail.
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at times when i think about how much i have missed in cryptocurrency world, i wonder if i can turn back the hand of time.... but since i found out about this amazing steemit, am already rest assured that the future is bright.
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We are still in the early beginning!!!!
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Excellent job for sure! But steemit.com need to work more on the basics first.
New website design
Android app
IOS app, before trying to offer smart contract.
Also I don't think steemit blockchain will be able to handle the load! They have to scale the transaction per/second.
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Does it mean that more people need to keep up the blockchain by infesting in mining hardware in order to handle this potential new load?
I completely agree with you that Steemit needs new webdesign, perhaps make more use of the STEEM metadata and the apps, how do these not even exist yet.. The time is due!
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They have to find a way to scale up the chain to be capable of doing more than 1 million transactions per second before thinking about smart contract.
In my opinion it's look like they just trying to make some money, because the price will go up so high.
If that the case then what a shame.
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That would be very short term oriented. I feel like Steemit or at least the idea of a crypo based social internet is very much so a long term thing.
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hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts
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Indeed
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There's tremendous potential with this platform; this is definitely one of the most promising new developments I've seen so far.
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u are right bro....
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hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts
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Great Work !!
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yeah man change is coming :D cheers to all stemmians
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You are right ...
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@firepower
Can this also be used in monetizing our blog contents in steemit... I mean the older ones...this is truly a game changer and am happy to be a steemian and will work harder to benefit from this innovative options
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Steemit is great, they are showing various ways in which block-chain can have a significant impact on people everywhere.You guys are amazing, I just joined Steemit a while back and I see why they can be a game changer like red-dit.It's great to see block-chain applications,with smart media tokens they have opened the oppurtunity for expansion which expands the community and educates the people about block-chain technology and what it can do.
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A complete game changer INDEED. 🙏🏻 🙏🏻 🙏🏻
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Absolutely agree!
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Need to read more about this! Awesome!
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Now every major content site / community out there can launch their own token, and inherit the economic properties similar to what we're used to here at steemit.
I'm looking forward to the impact of SMT enabled commenting systems. This could reduce the hate and inane trolling, as people are competing for rewards by being helpful and nice.
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Exactly, every application, business on top of Steem can have their own token and build up/expand community, incentivize users, contributors, etc. Exciting times ahead!
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I feel like esteem might be brewing something in the near future?
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I strongly agree with the content of @good-karma comments, we can expand the Community for the better and more.
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Wow
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really nice
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This is very exciting. I am getting all the folks I know that have heavy traffic sites to look at this white paper. We are all very fortunate to be an early adopter of STEEM.
I would like to wager all my PeerPlays tokens on the Peerplays app as to what major website adopts this first.
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@good-karma I have been following your opinions for a pretty long while now, and its always top notch...I agree with your opinion on this new tech Steemit is providing us, and am glad its also a game changer for everyone
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A good troll sometimes adds great comic value too :)
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Very valid point and an incredible potential influencer for a brighter future!
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Good insight. Imagine STEEM revolutionizing online civility and saving mankind as a result. I'm not kidding.
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YouTube needs this badly lulz.
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Funny I was just thinking today on integrating comments with reputation, I'm looking at you YouTube... So I mean with all these tokens, where will they be traded? Won't it be confusing? I mean I was already doing that on #bitshares, so will we be using #bitshares?
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The SMT tokens will be integrated into a DEX in the STEEM blockchain using a protocol similar to Bancor as explained in the SMT Whitepaper:
In other words if an ICO is run for a SMT it can be specified at launch that a certain amount of STEEM can be set aside as a reserve currency to provide immediate liquidity.
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Thanks for the explanation. Will there be enough liquidity though? Or is also Steem Power being used as a reserve pool?
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The tokens that use the reserve currency function will have instant liquidity. This is part of the Bancor protocol that the steem developers are emulating. From what I gathered on the white paper Steem Power will not be used a reserve pool.
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That's a good question!
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I'm not sure how it works yet but I could forsee this with Steemit jobs. I've already done some work to further our community and I by letting my voice be heard like on the #whaletank for example it was nice to feel supported and valued. I'm not sure how #dtube is funded or that he started by himself?
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Indeed.
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LOL
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Well this is officially the first time I've had any use for the differential equations I learned before dropping out of Engineering school. Lol.
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obviously you dropped out too soon!
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I think you mean too late.
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6 or half a dozen
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42
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hahah :)
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xD tip!
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Hi @inertia! @cardboard is sending you 0.11 SBD tip and @tipU upvote
:)
@tipU - send tips by writing tip! in the comment, get share of the profit :)Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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Amen!
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amin
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Wow if this helped reduce people competing, manipulating, lying, trolling etc and helped people work together that would change the world!
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Many whales are talking now. Its a whale reunion.lol
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Your publications are really beautiful I've checked most of them and found them amazing you're really worth it all thanks for sharing I hope to be like you in the future I work with all my efforts and perfection of God
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follow me please
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Page 41
Is that true? I thought
*_UPVOTE_LOCKOUT_HF17was to prevent upvote abuse by only allowing downvotes for the last 12 hours beforecash_out.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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This has me confused too... Is it the new votes or the old votes that are being locked?
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@busy.org + SMT (Busy Token) = moon
We're definitely on it with Busy
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Busy (moon)rocks!
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Moon rocks are busy? This sounds steemy...
I'm off
to see the wizardread the white paper!Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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hahahaha good comment ;-)>
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How I´m feeling right now
Thanks for all the hard work @ned the community is obviously stoked and grateful which is great!!
Cant wait to see how this unfolds and benefits us all!
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Can't wait for this to go into fruition 😀
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Can we start last week?
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Ned this is like being on the crew of the first Apollo mission.
Yes the Moon does Rock! And so does the Mind that STEEMs!
Thank You for being brilliant!
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follow me
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I approve :)
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<3 Busy.org
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I've been drooling over this idea ever since you first mentioned it on steemspeak months ago, I'm so stoked to see progress on this.
Resteemed and working my way through the WP now :)
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First time in my life that I feel like I'm right there when a disruptive technology completely transforms an industry. I wasn't there in 2009 when bitcoin launched, I wasn't there when Vitalik produced the Ethereum genesis block, wasn't with the program when Steem launched in 2016.
But I'm here now. Eyes open, wide awake, front seats at the show. Let's build a better world for us and our kids!
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Cant wait to see more good progress here in steemit.and i'm very happy for being part of this community
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Couldn't agree more. This is why I stuck around! :)
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Not because your name has steem in it?, hmmm... Guess I should read this token white paper! :D
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:P
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The idea is amazing indeed, the over dependence on adsense and ad based revenue is alarming. And with the massive crackdown of ads with ad-blockers these days, this should be able to help good content creators get what they want.
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Well then... The drool is over :)
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WOW this white paper provides a clear path to cryptocurrency mass adoption and how Steem will reach the #1 spot! I am opening Bittrex to watch the price blow up as the traders realize what this means for the future of Steem!
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Goota love @jerrybanfield's enthusiasm!
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Jerry has his shirt on Steem rising so pumps it when possible.
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Yeah Steem to #1 spot? Lol
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I will trade you 100 steem for 100 btc. Do it now, Steem soon #1, Jerry said it.
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Well, that's not going to be a fair trade even if Steem beats Bitcoin in market cap, seeing as the current supply of Steem is around 242.6M and Bitcoin's is about 16.6M.
242.6/ 16.6 = 14.6
So, the offer should actually be 14,600 Steem for 100 BTC...and, no, I won't take it ;)
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follow me
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Indeed he's just great lol .. something about the guy!
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He is the best :)
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I was wondering where that crazy spike came from. Bitcoin is currently well above $4200, if we get a descent rally today, Steem prices might go above $2 again! Reading the whitepaper now...
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Jerry...was that you buyin up all that steem?
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I just moved some btc across.
I thought @blocktrades was getting cute with the exchange rate, but didn't notice steem's really jumped in the last 24 hours.
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best of the best steemit is the best
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Yeh @ned great invention!
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This kind of attitude is what I hope will be steemits saving grace. There are still a ton of problems on steemit but by asking the entire community to "tear it apart" when there is a new feature, you can mobilize the entire community which consists of tons of brilliant minds who could potentially solve any problem. Engaging with the community on your part is why I believe that as long as there is crypto steemit will make it's way to the top 5 and stay there.
I hope that one day soon you mobilize the community to come up with innovative ways to prevent (or better yet, reverse) a similar distribution of wealth as that of society at large. Will these tokens help? I guess I'm about to find out...
Thanks Ned.
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everything that human produce follows the 80/20 rules, any attempt to change that reality is bound for failure.
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I like how you think.
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You do NOT have 350,000 USERS! MAYBE 350,000 accounts but anyone looking at the site, or data (which you obviously don’t), who isn’t mentally handicapped, can see you’re 100% full of shit.
Trump may be able to pull of the constants lies, but you’re failing.
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For better or worse, I doubt anyone will take any of the claims you make in the comment section seriously at this point unless you post the actual numbers and sources.
Frankly I don't care about the total users right now though. We're no where near counting our money. Still sitting at the table.
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I first thought you were launching a new coin...
After scanning the whitepaper quick I think I get what your doing now. Your basically allowing any sort of token to be created and secured through the steem blockchain.
I might actually find this useful for my website I plan to launch here soon. Upvoting plays a major role in certain functionalities. Using the Steem blockchain to create a token may be a good approach to reward users... I'll have to read more into this.
Thanks for the update. This certainly adds value to the steem blockchain.
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Thanks for this, Ned. I have quite a few ideas of ways to use the SMT system for some upcoming projects. I'll do some research around it and make a few posts soon!
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Hello @Ned, I have read the white paper and I have one simple question that is probably answered on the whitepaper but I am not technical enough to understand:
Can the Token Reserve be depleted by token´s sellers?
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Rock on Bring it
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Changing the game!
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Wow, Amazing! Will be looking forward to Smart Media Tokens!! 💪🏼🙌🏼💯
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Haha, I am excited now too.
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😬🤣🙌🏼
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You and me both Stackin - this is the thing that Steemians have been waiting for ever since early 2017. Can't wait to see what comes next... :-D
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Still listening to the video as I write this 😂
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Will Smart Media Tokens have the ability to receive perpetual payouts, or do they have the same 7-day limit that Steem has?
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SMT - Steem Moon Time? :)
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almost there.
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great idea!
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A question about the 'automated market maker' that provides liquidity.
Will this be a requirement, will anyone making a SMT need to provide this.
If it is that will lead to a lot of STEEM being locked away and make it more scarce and therefore more valuable
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This seems like HUGE news... Does this means that any social media can give tokens just like steemit does?, do they have to build a blockchain?... There are so much questions...
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Any website will be able to integrate an SMT just like Steemit integrates Steem. Reddit, facebook, The New York Times, 4Chan, etc. No blockchain development necessary. It's all powered by the Steem blockchain so that platform owners and managers can focus on what they do best: create content.
Community Liaison, Steemit
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Yep!, i just gave a quick read to the whitepaper... This is CRAZY HUGE, if this works as its planned, we are in the rise of a new era, and hopefully steem could moon higher than we ever dreamed about...
Really exciting news...
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With the increased workload that this would cause the network will we need to scale and are there scaling plans in the works
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Awesome!! @zurvanic introduced us to SMTs at our recent Steem Saturday event. Exciting times 😁
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I am amazed by your SMTs, @ned. I would set up an ICO for a strong serverfarm to speed up the Steemians. For faster applications ie. like my pretty new project SteemWiki. I would make the Steemians faster and much better informed. Don't ask the Steem what he does for you. Ask what you can do for the Steem. That for I ask you for the Tokens named HELP, to build an international, professional Help–Base as fast as possible.
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It IS gonna be huge! Super exciting development. Can't wait to see where this can go and dig into what SMTs can do! Crazy exciting to think of the possibilities, I've already got a bunch of thoughts on existing platforms that I'd be excited to help bring SMTs to and some brand new plantforms this could hugely help develop. Well done Steemit team!
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@ned interesting information
yes i will membaritaukan all my followers about the recommendation of this application.
may be useful especially for me personally and should all users steem
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I was just wondering why the price of steem was skyrocketing and the volume had trippled, now I know why, this is HUGE!!!!!
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I love being member on steemit, the best way to catch up with everything that’s happening in cryptoworld
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@ned can this be used to enable the creation of a world-community-owned media network capable of going toe-to-toe with CNN or Fox?
PROBLEM TO BE SOLVED:
GOALS:
enable the citizenry to come together, from all over the world, to contribute content and efforts that create a media network that can rival CNN and FOX.
use this network to spread good news (instead of fear) and real, relevant content (docos, shows, etc) that uplifts, enables, educates people instead of the "bread and circus" bullshit the sheeple are fed with as a distraction to real issues like environment, new energy innovations, new social structures, etc
CHALLENGES & SOLUTIONS:
high-end video content > people watch more than they read. To produce a documentary or show at worldclass levels (beyond a simple talking head webcam video) requires resources and collaboration amongst several people. These people need to cover their costs and get something small back beyond costs. How can SMTs be designed to facilitate that?
distribution > CNN and FOX have huge budgets to reach the masses. How can SMTs be used to help with that, keeping in mind that the more eyeballs such a network gets, the more advertisers will, out of self interest, actually pay the network money to place ads on - I mean, if millions of people start watching a good news network instead of CNN, advertisers will follow, whether they like it or not.
PARTICIPANTS/ENTITY:
In short, besides empowering bloggers etc, how can SMTs REALLY change the game, and bring BIG MEDIA power back to the people? Not small media, but big media, the one that the masses get to watch? Or at least enable people to have a fair go at creating such a challenge?
How can SMTs be designed to support such a vision?
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Super exciting smart genius economical progress~ 👊👊
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I heard about this first at the steemit Saturday held here in SA. I have so many ideas and I haven't had a way/knowledge on how to get them from the idea to the action plan. I think this SMT system is the answer to the problems I have been facing. I recently read through a whitepaper from Enijn where they had done something similar to an idea I had last year and also something similar to the SMT's. Will this work, well I want to be the first person to try it all out.
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Alright you sold me on downloading the whitepaper. Let's see if we can tear it up!
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Great initiative, I'm so exited
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Great initiative
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Holy cow...ERC-20 token kind on Steem? The genius is out, wait wait wait. You can't launch a product like this without a party @ned.
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This is big news for steemit! ERC-20 doesn't stand a chance vs SMT Oh crap look at that candle on polo lol Slow down I need more steem!!!!!!
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Sounds great!
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Great website, love the look of it! Seems to be the next best evolution of the platform and easiest way for anyone to start their own currencies / communities in a way that makes sense for any projects out there.
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This is huge announcement.
I say BUYING STEEM is a GO.
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Holy Sh*t - this is amazing! Just read the whitepaper and it sounds too good to be true.. but this is when old standards are broken and new ones introduced!
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So did Steem when it launched ;) The truth is that making the decision to pursue an application-specific approach (e.g. Apple) versus an application-general approach (e.g. Windows) is what enables everything from 3 second block times to fee-less transfers and now SMTs. By focusing on what matters for real app developers and not everything that is possible to enable we are able to accomplish far more with our protocol. And by "our" I do mean our: the Steem community's blockchain. We know implementing SMTs is possible, it will just require a lot of engineering work by our blockchain wizards who are absolutely mad geniuses, witness support, and community support, but certainly do-able.
Community Liaison, Steemit
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hold on let me think of a generic comment pointing out the obvious so I can get in all this comment-upvoting action
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That's a really great comment you made. Keep up the good work!!
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Yo ,
Thanks for the great content
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Great, so glad to see Steem is to be used not just on Steemit.com. Look forward to seeing a more broad use of Steem (SMT) on the internet. Thank you @ned and the Steem team.
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This is great news! Steemit's going to become the Internet of coins. I look forward to see what Steemians can create with this ground breaking technology! Steem-on!!
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when can we start using SMT?
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It was said to be aivailable early 2018
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I am spreading this great great news. Steem will change the world
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use #smt for discussions and posts
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This is going to bring in a whole new ecosystem, actually many more!!
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I requested this functionality with one of my first ever posts on Steemit - I'll definitely read the whitepaper and provide feedback! Good move!
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This sounds like Steem could become an underlying protocol technology for rewarding all social interactions on web. This does make ones mind race.
Ned, you're on to something here.
Will read the whitepaper tomorrow and make a proper comment after some thinking.
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And maybe coffee shops and restaurants would have them too!
Kind to your server? Here's an upvote for you! :D
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Why not. We should able to upvote anything, anywhere, making Steem the ultimate tool to reward and get rewarded for doing/sharing something of value.
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Steemit really needs to be simplified for mass consumption and all these tokens are what I consider Advanced Mode, but I was still willing to give you the benefit of doubt and check out SMT's white paper until I saw that it was 61 of the longest pages I had ever seen.
Each page meticulously crafted to ensure that acronym-lovers will promptly cream themselves while the rest of us say: Fucking gross!
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Do I understand correctly? The 7 day limitation for content to earn money is optional and payouts can be continuous? (
cashout_window_seconds = 0???) I'm not that much into it but I consider this limitation to be a major drawback for something like a steem-based stackoverflow for example. My reputation on this site is constantly growing because of posts I made years ago. On steemit.com this would not really add value to my account. I already thought about a stackoverflow like UI for steemit.com but rewarding a really good answer/comment only for the first 7 days, although it helps people over months and years, doesn't seem to be fair.Maybe SMT solves this... interesting for sure!
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This is amazing! I haven't read all of the white paper yet but I'm loving the free market at work here. Also, the ability for us under dogs who struggle to get a move on and upwards with creating a living here to have more chances to do just that. #ned thank you!
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Woot. Well said!
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This is huge news!! the possibilities are countless... its like the Bancor of communities!
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Well, I guess I can't sleep tonight to working on this! Excited :)
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All that reading to do :D
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Wow, this will change the face of social media. I also look forward to the increased attention to Steemit this will garner as the public discovers all of the lost hours they have worked for Facebook for $0.
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Wow, the white paper would reduce fears of publishers who are no crypto geeks, cause now they don't need to worry about the operation of the blockchain, but rather focus on what they know how to do best - creating value for their community. Great work.
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This changes EVERYTHING again just as STEEMIT did.
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So this is what y'all were working on.
Looks paradigm-shifting.
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Among other things! ;)
Community Liaison, Steemit
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Well Mr.Scott, proposed a good introduction about SMT's. These tokens may be good , how these media tokens differ from steems.?
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would you like to help me post. @ned
why every post I always have a little payment, please help me.
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Seems like a cool idea however I don’t see people spending actual cash to purchase a “New York Times Token” to tip people in the comments section.
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Couldn't sites (like the NYT) build their own similar to Steemit? Maybe for their regular subscribers ---- to receive a token each year they are subscribers (then they could 'gift' that token to another person)?
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This is very interesting. I look forward to 'reading it and tearing it apart', as you have requested! :D I, and I am sure many, many people totally appreciate what you are doing here for this incredible community @ned.
Thanks for everything. I can safely, and undoubtedly say that Steemit is the absolute best platform I have ever come across. Totally grateful right now, and I look forward to the future of all of what is happening right now.
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You had to buy a 15$ vote for that?
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I never bought a vote? :D What you mean haha
Besides, what was wrong with my comment lol?
Edit (after 30 minute wait): I am honestly very curious to know what was wrong with my comment :D Looking forward to know why you took $15 off my comment that was clearly (I could be wrong) going for a good, kind intention.
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15$ upvote from @Photobomb, a vote buying scheme.
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I know about the service. But where did I send $15 to photobomb? :) You are punishing me for assuming I bought an upvote.. Which I didn't :D
Does it look like I am trying to cause any harm here haha :P You know me bro. We used to talk on chat :D
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It was a free vote. No problems here.
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Upvote my post
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No offense transisto, but I am just curious. Isn't almost everyone on steemit using bots and all to upvote their content. So what's wrong with this case. Just want to know so I don't get a downvote down the lane.
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How much Steem should this guy have bought and powered up for 3 month to be able to shove his face up there with 15$?
Answer about : $180 000
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So only those who buy steem have the right to get big upvotes! It can be argued that his post was spam or not, but I think downvotes only bring disappointments and hatred on steemit. Probably things which are really offensive, fake, plagiarism etc. should be downvoted. I feel sad to see posts/comments being downvoted, which could be avoided by probably discussing it with author.
Just my opinion. Of course, it's your power, so it's your use. 😊
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I agree with your question :) What is your opinion on this situation?
I am just open to opinions haha
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He downvoted because no one gives a fuck about your stupid pictures trying to get attention from ned
Try saying something interesting that adds value to the conversation instead of wasting everyone's time
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Don't be rude.
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I sent you 1sbd and you haven't upvoted my post yet
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@photobomb
More than 30 hours now you still haven't upvoted my post
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It's true that his post added nothing to the conversation, why did you feel it was a good thing to Pin it up there with 15$?
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Sometimes it's better to be real then to be nice. His post adds 0 value to the discussion, just more static.
No one wants to scroll through a bunch of shit posts to find the posts actually worth reading.
@enazwahsdarb if you really want the pictures to add value make them reusable - a generalized cartoon character saying "Stay Awesome" that others could use on future posts
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Thanks for your insight. I appreciate your opinion.
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Interesting. Thank you for your opinion :)
Just saying, you can go and check my comments all over this platform, 70%+ of them are with my pictures I designed. If you think I was doing this to get attention from Ned, you are highly mistaken. I did alost nothing different with this comment as I did for the rest :) But I will take it as a compliment if you think I am 'trying to look for attention' :) Because I ain't
Simply being nice.
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Nothing wrong with the comment, although I'd say the repeated oversized signature image is unnecessary and looks kinda spammy. Just drawing a parallel to advertisement billboards plastered all around town. Just a matter of preference though.
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Mmm thanks for your point of view. I honestly did not think that it could look spammy :D I assumed they were a sign of a compliment as each one was unique to the user.
This isn't just some copy/paste of the same file.. I need to render each image. It takes time haha. Again, thanks for your opinion :)
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Oh I just have a pet peeve for large sigs that take up my scrolling time lol :) opinions are like assholes anyway
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Hahaha nice one :D Checked out your blog by the way. Why don't you post more often? :)
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Im asking myself that as well. But its been a few months that i felt disconnected with my communication of ideas. Its flowing back again!
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This is maybe the most amazing news I have heard after all my time on Steemit. Dtube, dsound and now this? I've never powered down and this move proves I did the right thing. IMO, every "steem" token is precious and should be treated so.
See you on the other side of $10 Steem soon. :)
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It's the best piece of news in my life!
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Innovations and new life on Steemit! We're immortal, thank you!)
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@ned This news takes Steem to ORBIT
you just nailed it !!!
I am so happy today...
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Dear @ned
I am @chandrayunita from indonesia, please visit my blog and I also hope you wish to upvote my posting.
Thank you very much
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Sounds really interesting, but what is the value added to use smart tokens instead of STEEM on our steem blockchain apps ? For example on stage.steemiz.io, how could we implement smart tokens in a way that makes sense ?
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How can this be implemented in the IRC community? IRC and blockchain :-)
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Yay, let's do this :)
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i'm a noob, but what's different from WAVES and BANCOR? Thanks.
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Steem is platform with no trade or transfer fees , with built in communication and social media features.
Add to that 3 second transactions and scalability to tens of thousands of transactions per second, so able to support large number of users.
Can Waves or Bancor do that? No. Nor can Etherium, Bitcoin or any other crypto I know of (Steem clone Golos can too)
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Steem is already working empower users. It's focusing on social networks.
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time to buy more steem. .
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Oh my! I finally bought my first bitcoin last week... I have so much catching up to do! But thank you for steemit, I would never have even gotten started if not for this unique platform.
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Can you guys imagine google or some huge platform creating their own token using this?... Man that would moon steem even higher than BTC itself...
The possibility are endless... really exciting news!...
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That is an understatement @ned. The main reason for the success of SMTs will be the usage of the automated market maker concept. Building a DEX will allow the integration of the SMTs into the STEEM economy and with the addition of simple IOU type tokens the possibility of building bridges to other economies (FIAT & crypto) is HUGE. Don't get me started on the possibility of using native contracts.
Of course some projects will fail and some will succeed but such is life.
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I see what you did there with the name SMT = SteeMiT :) I like it.
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Amazing what your announcement does to the Steemit community! I just feel this is huge although It is beyond my understanding as It is far too technical and in-depth for me. But nevertheless, I am super happy to already be a part of this community and to call myself a Steemian!
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@ned I am curious whether you remember, when I first time told you about idea of multiple tokens on STEEM, during our lunch on Steem Oslo Hackathon :)
It looks like dreams are finally comes true :)
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Such a great news and thank you for all you and your team' hard works! steem on!
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That is awesome! I really like the approach you are taking in asking the community to review and "tear it apart". We have a lot of smart people in the community and if it will stand the reviews this thing will sky rocket and the steem price with it. I will read through it now as well. Thank you!
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You've made my year @ned! I heard you speak about it on Steemspeak and was left extremely enthused. Now I'm glad we've got a whitepaper for it and a general timeline :) This is gonna be big. I'm diving into the whitepaper now.
This news should be spread out as far as possible. I hope to see this announced on sites like coindesk.com and cointelegraph.com... Perhaps you could send a press release or something, and if there's someone here who can get the websites' attention on this development, I ask you to do it.
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This is great news. Already we are seeing some positive reaction, in a few more steps into the development Steem and SMT can be really huge. This may be the best innovation in this space since BTC in '09. I am new to this still, but confidence is surely building up. Thanks to the dev team, the whole Steemit Inc. and the entire community.
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This is amazing! The more I read the more excited I get. I knew steem would be a world changer! They way I am described by this to friends is "Think of something that is free on the internet. Now monitize that."
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Is this like an ICO but less messy and more focus for web content? i dont understand the technicals =0 Can someone clear the benefits in plain english? thanks in advance =)
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Great question! Nope there is no ICO. This is just a whitepaper (basically the "blueprint") for a protocol that enables other people to create their own Steem-like tokens. This is an open source technology that just increases the utility of the Steem blockchain for developers and makes it easier than ever for the owners and managers of online platforms to monetize by creating their own cryptocurrency with the power of Steem but custom tailored to their application and without the need to build or even understand blockchains! People will be able to launch ICOs for their tokens, but we won't be. This is all powered by Steem.
Community Liaison, Steemit
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"People will be able to launch ICOs for their tokens"
Do you envision this used by media sites, or will this be useful for companies considering which platform to do an ICO on?
Will SMT be tailored to media tokens or are they going to have all the features neccessary for a business ICO?
(distribution plan, white lists, black lists, other ico related options..)
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They do not have 'all' features of ICOs but they do have some features, and work well for vanilla ICOs without special rules. Other ICOs can be handled manually or with a script. I've noticed that even with ERC-20, there are many ICOs that use a script to distribute the tokens after ICO rather than having the smart contract do it automatically. This protects against coding errors, unusual circumstances, etc. Of course there are some that do distribute by a smart contract according to complicated rules and those are not currently a good fit for SMT.
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Do you know if there is forum or chanel to discuss SMT white paper?
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When I joined Steemit I knew it is going to be a revolution in social media. Now with SMT people can monetize all kind of content they create from different sources. Awesome job 🎉👍🎉👍🎉
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Great job guys keep up the good work
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I think this tweets speaks for itself..!! Stephen
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Phew! 50 pages, any chance of a summary? OK, well it looks like my weekend reading slot has been filled.
I will read and give the most constructive criticism I can; you've said tear it apart so here goes nothing :-)
Cg
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If you’re like me it won’t take that long to read! You can get all the structure details while skimming the code & calculus examples!
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Summary is that anyone can create a token which can be distributed according to a variety of ICO rules, and/or can further be distributed by voting, as with STEEM/SBD (voting rules can also be somewhat customized and don't have to exactly match those for STEEM). There is support for internal markets.
Content can earn STEEM/SBD and in addition up to two SMTs. Presumably that sort of setup would be managed by UIs.
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Awesome, thanks @smooth, that sums it up nicely, it'll be nice to start reading with that info in mind :-)
Though on the face of it, it seems like a good idea because it'll be good for Steem . . .
Cg
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Hahaha agreed :P
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hahaha was thinking the same thing!
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LETS GO!!!
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Great work! Hopefully we will see a lot of sites embracing this system of reward. This could hopefully reduce the number of trolls and haters on the internet while launching the price of steem through the roof (: Resteemed for support!
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It is a conceptually interesting advancement.
Is it a risk or a feature though, that this could facilitate a fragmentation of steemit into smaller sub-communities? (Each with own interest and corresponding coin)
I'm certainly curious about the implications
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All of the content that is eligible for SMT token rewards will also be eligible for STEEM, so STEEM will be the token that unites all of the content on the blockchain.
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Does this mean steem owners will be able to vote on content from a community that uses a SMT?
I've read earlier that ICO's will be funded with STEEM or other cryptocurrencies.
Imagine if ICO's on the ethereum blockchain could be funded with bitcoin, no one would convert their bitcoin to eth and the price wouldn't be where it is today. The smart thing they did with eth is that eth and only eth can be used to do ico's.
I don't understand why @ned wants ICO to be funded with other crypto other than STEEM...if you have an idea?
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Posts that receive SMTs will be eligible for SMT rewards and STEEM rewards. The STEEM rewards will still be based off of vested SP (the same as it is today). The SMT rewards will be based on the vested SMT balance of the voter. Also, SMT creators have the option to allow a portion of the influence over their rewards to be controlled by vested SP.
It sounds like other cryptos will be supported to an extent but it is not the primary use case.
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There is still something that's not clear to me. Do SMT users need to have a steem account? If yes/no can you explain why? Thanks
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Yes. All SMT tokens will be within the Steem blockchain, and the accounts that they belong to will be the same account as your Steem one.
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So for example if I want to send you XAP coins ( appics ) I will just send them to @timcliff. Steem accounts could have many different SMT's in their wallet balance right?
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Yes
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A really good question!
I am hoping you are going to be at SteemFest any chance you can tell me?
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I would definitely count it as a feature. Too many people have been focused on the success of Steemit.com and not the Steem blockchain itself. It was necessary for Steemit Inc. to create a working proof of concept, but the potential is much more vast. Every time I’m on a site with Disqus or Facebook comments embedded I think, “That should be Steem...”
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I agree, the technology entails more than just the steemit community.
In addition to that some form of separation would be needed anyway at some point. Above a certain user count any blogging feed becomes effectively impossible to follow
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great.. now i know why steemit going u
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White paper looks really interesting on a 1st skim.
That video tho Ned, there was a second there when I thought you were going to deliver the whole pitch with your eyes closed 😑😂
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LOL! I perceived it as a good natured bracing for the criticisms and tearing apart to come! Sort of an extended flinch...
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Ha yes i guess it like first day of school as a parent, putting your baby out there in the world for the very 1st time. Terrifying and exciting!
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Very interesting idea, Authorship is a similar token which just had their Airdrop, I was wondering will there be a airdrop or bounty program for SMT?
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I wonder if this does make airdrops an option here
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Hi it means steem tokens benefits of it?
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OMG! This will be a game changer ... one more to the plate apart of Steemit itself hahahaha. Was talking with some friends yesterday about this, wondering when they will come and ... here they are, SMTs for everybody. Will check the white-paper asap!
Looking forward to see you again at SteemFest 2 man! For sure very exiting times ahead @ned! 😎
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@ned, what features are coming that will help people publish e-books on Steemit? I have one novel and another one coming, and Steemit could be a great way to profit from my efforts . . . but not at the moment . . .
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That's a good question and I've been thinking about that. I think an app like Wattpad will cater for this need. It will have STEEM integrated into it obviously through a Smart Media Token. I'm pretty sure that with time, someone is going to develop it. We are still in the early days and a lot of new products will pop up in this space like how dTube has been developed as a STEEM equivalent of YouTube
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Excellent work! at times when i think about how much i have missed in cryptocurrency world, i wonder if i can turn back the hand of time.... but since i found out about this, am already rest assured that the future is bright.
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This is awesome news. This will change monetization of the internet as we know it.
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