@ned's announcement of a new SMT created token by Steemit was huge.
He introduced the idea in a Telegram group. Called the Good People's Token, this new token will use account based voting. Also, it is going to be available only to verified individuals. This means that voting bots will be excluded from voting totals, rendering them useless for this token.
Is this going to change things?
STEEM is still the base token on this blockchain. Also, the way Steemit functions using this token will remain the same. Hence, anyone still opting to have posts pay out in STEEM will see no change. Bid bots will still have a place in this area.
The question is how many will still opt for this path?
There is still going to be a lot of STEEM distributed each day. If everyone migrates to the account based voting, does that not put more STEEM in the hands of those who already have it who, I presume, will still use the present system? Will this not create a situation where the rich do, indeed, get richer?
Until we see the final details, this is all speculation. However, we do know the new token will offer a completely different voting system in an effort to find quality content.
But will it work?
Time will tell on that one. The one thing that will happen is the more popular content creators will be the ones who are upvoted the most. Since each vote counts the same, one is not rewarded more for having a large pool of STEEM or for being on the site longer.
To be eligible for the token, one must be put on the whitelist by Steemit. This list can be used by other SMTs if they do not want to go through the process of doing it themselves. This means that voting bots could be eliminated there also. From what I understand, this could apply to any application that opts for account based voting.
Of course, there is a downside to this. While voting bot abuse is a problem, they do serve a purpose. Automatic upvoters enable one to reward an author even when not online. It can be a great time saver. This will not be allowed when using the GPT.
The goal is manual curation. The latest announcement by @ned appears to do that. Will this result in "quality" content being pushed to the front. That I cannot answer. What I can say is that it will turn into a popularity contest. Hopefully, the fact that one is popular is the result of creating good content.
At least there is a better chance of that than one with a lot of SBD buying votes.
The good news is both systems will be in play. Over time, we will see which one works better. Those who are happy with the stake based voting can still use that on Steemit. Anyone who wants to use the account based system is free to go in that direction.
To me, this is a win all around. Voting bot abuse is one of the causes of division on the STEEM blockchain. The idea of putting an alternative out there and letting the community opt for the direction it goes in speaks to what this is all about.
Blockchain is about choices and a different way of establishing things. I commend the development team for this approach. It addresses one of the major flaws that Steemit had. It also makes the SMT protocol more attractive since developers of applications get to choose which system they want.
Perhaps this is a way for Facebook to get rid of its bot problem also. Anyone have Zuckerberg's number?
To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
Picture by Google Images.
This is going to be one of the best economic experiments I’ve seen play out with a front row seat. So many people on here complaining about stake weight voting, but now we’ll get to see them put their money (or time) where their mouth is. If this does in fact increase rewards for stake weighted voting, it will be the most awesome thing I’ve ever seen. I think grass is greener for a lot of users here. Be careful what you wish for, right? Options are always great to have and I give Ned and his team major props on this one. Can’t wait to see it roll out! Thanks for the share!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Do you suppose there will be a SMT that either expands or eliminates the 7 day voting window? I know it was made to counter potential abuses, but a wider pay window could encourage higher-quality posts, particularly animation, films, etc etc... projects of a larger scale.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That’s an interesting thought. The pay window is an important factor for sure. When content has such a short time horizon to earn rewards, your thought process when writing an article reflects this and discourages you to take more time or increase quality. Evergreen content is less desirable considering people reading and engaging with the post will not be able to support it after a short time. I almost feel like this quest to find quality content may be misleading. Steemit may work better if we all know that we’re here for our own “selfish” reasons and not put so much weight on quality. I do believe that it’s possible to find and curate quality content on Steemit, but the rewards functionality is really the unique value proposition here.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This sounds the perfect to kill the voting bots.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If votes continue to have value I think there will continue to be voting bots.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly. There will be vote farms that pay cents to use real people's identities. Just like Rhett Creighton paid MTurkers to claim free Stellar Lumen coins.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So far steemit seems to have done ok and I have heard of bad users losing their delegations but it is something to be wary of.
You don't self upvote? You might want to sign up for @dustsweeper.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Just saw @dustsweeper mentioned on another reply. Clever idea! Luckily, I don't need it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You don't want upvotes from people like me to count? If I upvote your comments it doesn't count.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't know what you mean. I thought we were agreeing.
My vote is worth more than 2 cents and I don't vote for my own comments because it would be tacky.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
My vote is not worth 2 cents so if I upvote you it doesn't count.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ok so I don't know if I got it right but you are saying that Steemit might shift from STEEM weight based Voting to Account based Voting.
If this is right then we have another Big Problem.
There would be no reason for us to Hold STEEM Tokens. There would be a massive Sell off.
Account verification is a good Point as by doing so we can Eliminate almost all Fake Profiles and Duplicate Profiles.
@taskmaster4450 could you please reply about my first Point as I am a bit confused.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
There would not be a massive sell off. You hold STEEM tokens to be able to pair with SMT Tokens. And you need Steem to power the Blockchain. Steem will always be in demand.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Correct!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
your comment is great...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So basically you are say steem tokens will pretty much be useless
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You know it's in their best interest to not make Steem useless since that is what they primarily own?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Which can change in a instant.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
In theory yes. Same as everything else in the universe.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Not at all. STEEM is the main token on the blockchain.
Every single SMT is going to need STEEM since it is how bandwidth is paid for.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have to say, that @ned's hair has never looked that good. Even without hair, his hair is just perfect. If everything on the blockchain would work out so perfect as @ned's hair, what would we complain about? It would be boring....
Oh, and SMTs - well, let's wait and see - did I already mention that @ned's hair looks gorgeous?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Just one example - I use @steemdunk to vote for @qurator posts and then they in turn upvote me. I assume that is bad in every way possible to this new idea.
I'm good with manual voting and do it but at least 50% of my votes are done automatically now. This took a big job off my plate a few months ago and also gave me better consistency in voting.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I've been thinking about this a lot actually...
I think it will all come down to the process of 'verification' - will it be a photo with a name on it, a twitter account, will it be extremely difficult, incredibly easy or somewhere in between.
I can't help but think that the introduction of the GPT (if we're all right on how it will work) would have to decrease the value of STEEM.... or, will we essentially not care about the GPT because it's not valued on the market place? It might be nothing more than a digital collectible.
I also can't help but think we're a long way off from this.. as far as I know, it's only been presented in that Telegram group and not on any official Steemit Inc communication avenues.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think Self-upvote is an other type of abuse as well, as many users use it the wrong way. It is very difficult to get rid of bots, as they are a part of the system, but something should be done about the Trending page. At least bot promoted posts should be pushed to the "promoted" page.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's a great idea. It would be simple to do and makes sense.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hopefully they will apply it :) Everybody is complaining but nobody is taking action :(
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Steemit test a persons moral standards.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Absolutely!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think this is a step in the wrong direction.
Exactly. This has already been done before on other platforms. I like to see something innovative and new. Back to the ol' think tank.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Different options are what we need and the GPT sounds like a good way to do it since their is a vetting system, votes will be account based which can be good since an account would have the same equal power as others and bad because it may turn in a popularity contest.
I would think that engagement would be a key skill that people would need.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice piece of article !! I hope this can solve a lot of the "rape" that is happening on a fantastic platform such as Steemit !! @ned your ideas are great keep on thinking about MASS !!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
In the post of @nairadaddy about this topic @ned replied that this token is hypothetical and merely an idea for the power of SMTs. (link).
I think the thought is honorable but the currently circulating idea would be a centralized control system - a thought police. So there is still a lot of work to be done to create an SMT that incentivizes more beneficial behaviour without sneaking in a mechanism that can be hijacked by politics and industry to control us once more.
Either way: It clearly indicates the power of SMTs and that we will see a whole new era for Steem when they are released.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yup! Yup bro.
I think you got the whole idea.
SMTs are huge!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
interesting... i'm pretty big on manual voting, so that's ok by me.
peace
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good news for Steemians who write original and quality content that are usually entombed under those extremely poor quality posts.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Engagement is currently undervalued. That is what the new system is trying to solve. Making human relationships and building up trust to be worth more!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If this happens @freedom will start posting instead of delegating to bots 😃
Let's wait
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
How are they going to verify?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good info brother, but it really is all about the hair!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This SMT is an interesting idea, but it still does not address the popularity contest problem. I like to use a more apt word for it - nepotism, and that is the problem. I know of one whale who said in a heated debate in the comments section of a post about that person, "You're just jealous because you're not one of my family or friends." That's nepotism, voting for someone's work just because they're a relative or a friend, irrespective of qualification. I'm pretty sure that person had a tight little voting circle.
I'm not sure that new SMT will work, either, and for the same reasons. People will naturally vote for who they are familiar with. But I have a fair amount of confidence that with consistent effort over time, anyone can prosper on Steemit. One need only apply the skills or develop the skills required to use the system.
By networking we can learn the skills needed to get the upvotes. By engaging with others, we become familiar with each other. By writing consistently on a daily basis, we become a familiar face or voice.
The accounts that I follow that happen to be whales or dolphins demonstrate this consistent effort over time. They demonstrate to me that it can be done. Prosperity is within reach on Steemit. Even now.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The most needed reform in steemit. Unfair voting is what lets the users leave the community.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Don't know what will be happening then, but i am happy about the decision. Also, self - voting should be cancelled. it will be more fair contest, when the writer can not upvote his or her post, just to bring in the front with the power they have. It just a step, i beleive. Next should be self voting,Eagerly waiting for the moment.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good announcement by @ned. If it happens, it will be good for original content creators whose posts are burried under crap of trending posts.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
At least you will have the choice to use the option you want to implement in your application when using the Steem blockchain.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
From what I've seen you really can't tell the quality of a post based on reputation score. I've seen some really great posts from rep scores at 25. About all reputation does is filter out the spam fairly well. But many times I see posts from authors whose reputation is +70 and they're mediocre. The best content on here strangely enough seems to be from those who have a rep between 50 and 70 on average.
One of the problems I see with creating quality content is that there's no mechanism for rewarding fewer posts by an author who really works hard on a single article. For instance, how would the Satoshi Nakamoto white paper have done if it was posted to Steemit back in 2008 (ignore the obvious anachronism here). The point is, you really need to be a prolific writer and not excessively intellectual to do well here. More posts = more success, but it also means quality of content goes down the more you post.
I hope Steemit doesn't become like FB where everyone is posting their insignificant daily life drivel multiple times a day for a buck.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
DEATH TO THE BOTS!!! It's either them or humanity. The planet is too small for both.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very interesting indeed but the details will be key as the STEEM blockchain will support the bandwidth so it may still undermine the demand for any SMT created. Therefore, the value of both assets may be diluted until a clear demand of one over the other prevails.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have a bad feeling about this. We'll rely on a centralized system, and using Steem as money will be even more complicated and confusing for new users. We already have too many currencies.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
interesting. thanks for keeping us up to speed. i missed that latest announcement from @ned but will look further into it. super interested in this SMT from Steeminc!!! whew! things are looking up for the steem blockchain :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I choose to not pay for votes, but there's not much I can do about others doing so. Maybe Ned had decided its not the way he wants this platform to go. He has the power to change things by rewriting the rules. I'm really not sure how SMTs will go, but I hope this platform has a big future
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your posts are very interesting especially for me.....
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
SMT tokens being in use is a good thing. It puts more STEEM in demand. Their paired together right? So, this would take bots away and make it fair for all individuals right?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
today popular is having enough money to buy votes. popularity in the world outside of steem has always been about article affinity with its readers. there is a certain style and nature of content to actually attract readers.
question i have is, who curates the curator?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So, feeling a little bit skeptical about things here.
First off, this the first I'm hearing about a GPT. Has this been mentioned anytime before? If not, why? Why all of a sudden? What about everything else we've been hearing about over the last year?
It's bound to be the conspiracy theorist in me, but it's kind of like the flashy sparkly thing that diverts the attention while the antagonist gets away, or in this case, the other promised things don't arrive.
I feel like I'm raining on someone's parade here. It's not my intention. It's just kind of bizarre to have two different voting systems at once, both which require high stake, it sounds like, and then some kind of whitelist to even be a part of the account based voting. How does one get on the whitelist?
As you said. A lot of unanswered questions. A lot left to be seen. We don't even have a date for GPTs, or do we?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit