Well you're certainly not wrong that it's basically a copy of the Steemit system, but that's kind of the whole point of SMTs, just branded extensions of the Steem protocol. Dedicated sites and new networks are kind of the ultimate in curation. I like to show bescouted.com as a great example of this. They've already integrated their existing site with the Steem blockchain and are planning to offer an SMT when they are more publicly available I believe.
Different front end sites will have their own user interface and tools that will appeal to different people, as well as just a different character of community and different focuses. For instance Steemit is still heavily dominated by crypto enthusiasts, while Appics could launch with a much more casual user base that better engages with and rewards general lifestyle content. SMT platforms will also have their very own whales. If a current Steemit whale would want to downvote content in an SMT community they'd have to buy into it first! SMT launches can give a community a bit of a reset button, immunity, and new camaraderie that some might feel is needed.
Appics already seems to have their act together better than Steemit in the UI and Marketing departments, and since they can leave a lot of the heavy tech lifting to Steemit Inc. blockchain development, it's a win win for everyone. Of course, that's just based on promotional materials so Steemit has time to catch up before Appics launches! But I already feel like that Appics promo video is one of the best things I could show to people I know to explain what's going on here at Steemit.
I also love the fact that my blockchain account will travel with me through the years and new sites. Imagine if Facebook had just been able to import all the data from MySpace because it was on an open blockchain. Whoever presents the best user experience will "win". But if the SMT exchange system works as intended, all the value transfers through Steem at some point and will increase the value of the core Steem token. There will be an interesting trading dynamic as people who convert their tokens from one community to another at the right time could see great value increases. Again, imagine MySpace had awarded tokens for use, which users began converting to Facebook tokens as one site grew in popularity and the other waned. The early adopters of Facebook would have outsized gains while the last to abandon MySpace would have seen the $ value of their token conversion plummet.
There's going to be some wild dynamics playing out, I hope they design an excellent wallet & token management system for everything as a whole!
LOVE this. And this is exactly why I am so excited. I am a user of Instagram and from what I have so far understood, an Appics account holder will be able to post and share content in a very similar way. Only difference is Appics rewards the content in tokens. This is why it's all a no-brainer to me!
Exactly! Even now at this early stage, I can post a blog post on Steemit, a quick micro blog on Zappl, a couple pictures on Steepshot, a video on dTube, and maybe a meme or two on dmania.lol ... and it's all through my same account on the Steem blockchain with the potential for rewards. Every platform has something different to offer but they're all part of the same whole. I've never had an Instagram and though I was considering it, I can't bring myself to do so now! I browse Facebook for friends, but all other online platforms for me are Steem based now.
But this is more than another front end, a smt uses a token that's backed by Steem but is a different token. Not sure how this works exactly, but it will be a separate system in some way.
From my understanding of the published paper, SMTs will all be linked to Steem via an internal automated exchange. Think of the currency market we have now to change Steem/SBD and extrapolate that to deal with SMT tokens. In order to ensure a minimum value & liquidity that will allow token holders to sell, the issuers will lock up Steem in their token exchange as a perpetual automated “market maker.” So SMTs should drive Steem demand for this, but also, with Steem as an intermediary before cashing out to fiat or other cryptos - all the transaction volume in the system each day should be reflected in Steems price.
SMT sites then have all the operation capabilities of Steem, but the site can customize variables like rate of inflation, how the tokens are distributed, how they impact voting, etc.
Hope I’m not inaccurate, and of course things could change. But SMTs really are parts of the same whole. One way I conceptualize it is imagine we all had our own tokens. The tokens in my account are BRY, yours are DHS. Of course mine have no value to you... cause they’re mine! But by sending them to you they become DHS. We’ll be moving between SMTs but there will be an overall value of the Steem ecosystem as a whole. You’ll have to put your tokens into the communities you care about most.
Well you're certainly not wrong that it's basically a copy of the Steemit system, but that's kind of the whole point of SMTs, just branded extensions of the Steem protocol. Dedicated sites and new networks are kind of the ultimate in curation. I like to show bescouted.com as a great example of this. They've already integrated their existing site with the Steem blockchain and are planning to offer an SMT when they are more publicly available I believe.
Different front end sites will have their own user interface and tools that will appeal to different people, as well as just a different character of community and different focuses. For instance Steemit is still heavily dominated by crypto enthusiasts, while Appics could launch with a much more casual user base that better engages with and rewards general lifestyle content. SMT platforms will also have their very own whales. If a current Steemit whale would want to downvote content in an SMT community they'd have to buy into it first! SMT launches can give a community a bit of a reset button, immunity, and new camaraderie that some might feel is needed.
Appics already seems to have their act together better than Steemit in the UI and Marketing departments, and since they can leave a lot of the heavy tech lifting to Steemit Inc. blockchain development, it's a win win for everyone. Of course, that's just based on promotional materials so Steemit has time to catch up before Appics launches! But I already feel like that Appics promo video is one of the best things I could show to people I know to explain what's going on here at Steemit.
I also love the fact that my blockchain account will travel with me through the years and new sites. Imagine if Facebook had just been able to import all the data from MySpace because it was on an open blockchain. Whoever presents the best user experience will "win". But if the SMT exchange system works as intended, all the value transfers through Steem at some point and will increase the value of the core Steem token. There will be an interesting trading dynamic as people who convert their tokens from one community to another at the right time could see great value increases. Again, imagine MySpace had awarded tokens for use, which users began converting to Facebook tokens as one site grew in popularity and the other waned. The early adopters of Facebook would have outsized gains while the last to abandon MySpace would have seen the $ value of their token conversion plummet.
There's going to be some wild dynamics playing out, I hope they design an excellent wallet & token management system for everything as a whole!
LOVE this. And this is exactly why I am so excited. I am a user of Instagram and from what I have so far understood, an Appics account holder will be able to post and share content in a very similar way. Only difference is Appics rewards the content in tokens. This is why it's all a no-brainer to me!
Exactly! Even now at this early stage, I can post a blog post on Steemit, a quick micro blog on Zappl, a couple pictures on Steepshot, a video on dTube, and maybe a meme or two on dmania.lol ... and it's all through my same account on the Steem blockchain with the potential for rewards. Every platform has something different to offer but they're all part of the same whole. I've never had an Instagram and though I was considering it, I can't bring myself to do so now! I browse Facebook for friends, but all other online platforms for me are Steem based now.
But this is more than another front end, a smt uses a token that's backed by Steem but is a different token. Not sure how this works exactly, but it will be a separate system in some way.
From my understanding of the published paper, SMTs will all be linked to Steem via an internal automated exchange. Think of the currency market we have now to change Steem/SBD and extrapolate that to deal with SMT tokens. In order to ensure a minimum value & liquidity that will allow token holders to sell, the issuers will lock up Steem in their token exchange as a perpetual automated “market maker.” So SMTs should drive Steem demand for this, but also, with Steem as an intermediary before cashing out to fiat or other cryptos - all the transaction volume in the system each day should be reflected in Steems price.
SMT sites then have all the operation capabilities of Steem, but the site can customize variables like rate of inflation, how the tokens are distributed, how they impact voting, etc.
Hope I’m not inaccurate, and of course things could change. But SMTs really are parts of the same whole. One way I conceptualize it is imagine we all had our own tokens. The tokens in my account are BRY, yours are DHS. Of course mine have no value to you... cause they’re mine! But by sending them to you they become DHS. We’ll be moving between SMTs but there will be an overall value of the Steem ecosystem as a whole. You’ll have to put your tokens into the communities you care about most.