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7 years ago in #idea by kevinwong (76)
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I may have totally misunderstood but won't this kind of make Steem worthless?
I think itll create more dependencies on steem which could be a good thing, which is one of the big reasons why Bitcoin is valuable today.
Something which would be easier to introduce new people to crypto would be good. Over time I think we will see more of this though. Universal wallets, decentralized exchanges, and PoS are all on the rise in the crypto world. Long term I think we will see more of a shift away from PoW to more PoS type systems. Steemit is unique in it's Steem Power. Though a lot of PoS have somewhat similar stuff. More of a crypto gives you more weight to stake on the network. Would like to see more platforms to better offer interaction between users and ease of use to new people in the crypto space.
I would add the ability to choose payouts in Steem Backed Bitcoin ;)
I like the way you think :D lol
Kevin, Excellent idea. While I am a former Tech, Steemit and Ecurrency environment is rather cumbersome for non Tech novices. A central wallet for all coins and powering up is a fantastic idea. Wondering if the EOS blockchain will the basis to get something like this done. Followed, upvoted and resteemed.
Plenty of possibilities. Yeah perhaps EOS will get it done since it's based and improved upon on Steem. Everything On Steem lol :P
going to wait for the next pull back on all Ecurrencies before I get into EOS. Besides, hard to buy something that does not exist yet.. But the old tech in me believes in the concept...
Some times as a tech novice I get more confused than I ever know. But I wont give up until I know how these things work ...lol
gloglo, take it easy dipping into this space. If you are American start with small amounts in Bitcoin, Etherium and Litcoin throught coinbase. User interface is easy and you can buy partial coins. Steemit just start buy creaating and posting content. Think about guy more steemit coins to get your reputation ratings higher and your pay outs even more.
So, this is some sort of derivative of other currencies that mean I get some sort of power in some other domain?
So like, I have 1 BTC, I'm not doing anything with it while I'm waiting for it to hit $50k so I lock it up in BTCPower and that lets me do what? Help me out here.
No worries, I'm also confused myself lol. The idea is to "share" other assets and have some parallel / concurrent distribution when people vote, something like that. See, most crypto projects out there don't have any convenient ways to reward their contributors in a social manner (other than through rigid cryptoeconomic incentives that their protocol provides for the purpose of distribution, and off-chain solutions that are not very immediate like voting on content on steem). I think its something that improves the notion of decentralisation, at least when it comes to supply distribution. In terms of having a derivate that grows in value over time, well that's another story.
Good Question
We already have a pretty good currency exchange just for SBD and Steem at the moment.
As steem begins to grow and draw in more users it would be pretty cool to see if we had a market trading many cryptos right here on steem with wallets that can take any currency.
One day we will have a platform with millions of users and steemit will be many peoples first stepping stones into the crypto world so it would definitely be easier if we had everything integrated into the steem blockchain.
We may have a day when we have SBTC @kevinwong! :)
I understand just a small fraction of this but even then, it makes no real sense to me because the currency is just locked up and not exchanged. It means, you have to create an equivalent token or value on the steemit blockchain which does not add value to steemit's digital currencies because btc and other cryptocurrencies remain on their respective blockchains. Although this may work, it is for now, beyond my scope of complete understanding.
This just made my head explode with ideas!
I think the potential for integration with other projects might be the way-in for this concept.
For example, there are a handful of "Masternode Coins" as well as "Staking coins" that require a node to be configured a special way in order to join the network's overall mining weight.
You get rewarded based on your contributions.
There are ways to automate this process if you want to startup your own nodes and have it run as an auto-profit machine.
There are also other projects like Bitconnect which has a similar concept to STEEM on the back-end, where you handover your deposit as a loan to the pool, and you receive spendable rewards daily.
And I'm thinking of a new token called Pillar (PLR) which is looking to signup thousands of businesses to their wallet/exchange platform as smart contracts!
It may be possible to have Pillar run alongside STEEMIT, and it may have the option of doing things like:
The list is endless as to what might happen if we allow these projects to start shaking hands, we are at the cusp of the new age of computing!
Cool idea, hangs on the thread of if these Steem-generated tokens ala "SBTC" would actually have any value. I don't know if the market would accept them but I am curious to find out
Incredible piece brother, what I love about this community is we are all growing together and we as a family are all learning along the way. Thank you for shining!
@kevinwong,
Actually I like your idea, but I don't know how they could manage such multi currency in one block chain. Actually I am not a technical guy so no way to say anything...
Anyway your idea seems great and they way you describe about the practical problems I am really like that. Thank you very much for this valuable post!
really appreciate your effort!
Cheers~
Lol i have no idea as well. Side-chains and all that magic. Well if its a technical thing, I believe it can be done!
It would certainly take Steemit to another level. Definitely an idea very much worth exploring, and hopefully one that can be successfully implemented!
It is so exciting to be a part of a community that has so much potential, and so much room to grow. I've been promoting Steemit to close friends and family, and just as it is now, it seems like it's already enticing enough for a lot of them. So I can imagine how this platfotm can easily explode in popularity, especially when it starts to adopt even more desirable features! We have an exciting future ahead of us here :D
I always thought it is really annoying to have so many defferent walkets and the fact you have to move the currencies around a lot.
Maybe something similar might come with another hard fork?
"So shooting for a decentralised exchange directly first might not be the best idea. I think the ability for anyone to deposit and power up their cryptocurrencies on the Steem blockchain may present a better case before any form of decentralised exchange becomes successful."
Completly agree on that!
Great ideas overall I like them!
Cheers
Oh that's a great idea! That didn't even slip my mind before. Now, I can't get it out of my head. It would be great since the currencies work while it's not moving. There are a lot of people sitting on other coins, so it would be great to put them to use here. Awesome, man!
Would be awesome if we could use our Steemit wallet to keep all those coins. I've been downloading separate wallets for separate altcoins. It's a little annoying in that sense.
Good Work !!
Yes...
Very annoying !!
Multi currency wallet could be so convenient :)
Nice idea, so steemit need to improve in integration with own exchanger. But for this moment we can use blocktrades , but we must do manually to do power up. Nice :)
I like the part of having multiple wallets built in, but it would be interesting to see how this Graphene base blockchain would interact... but quite interesting... I think the Steem Wallet is by itself is currency with value without including the social media aspect, the free transaction and speed is just amazing
Most of you guys probably know whats better for the platform than myself. I'm just an internet marketer :)
That is a very interesting concept if people could do that. I will have to think a lot more about that.
Interesting and cool idea to say the least. But it would be even more interesting to actually see all this happening within the Steem Blockchain, where Steem will power up the altcoins. I guess we just have to wait to see the outcome, right? :)
It will great if steemit can integrate a multi crypto wallet on their platform for ease of exchange.
awesome post @kevinwong , very useful for me and fo all steemian all over the world.
This will make sense too doing that and powering up the whole system
So basically one of your point being, we powered up using other alts?
Yea, instead just steem power and its supply distribution in its own universe, there could be parallel universes running alongside Steem for other coins
A foreign currency reserve . I believe that would make us more attractive to institutional investors .
very unique idea you got there!
I wish it was something in works but for now it looks like its only What if
Awesome!
This post received a 2.8% upvote from @randowhale thanks to @lichtblick! For more information, click here!
and resteemed :-) Best greetings from Berlin :-)
Cheers @lichtblick, appreciate it!
Interesting and cool idea to learn. But it will be even more interesting to see all this happening inside the Stech Blockchain, where Steem will ignite altcoin. I guess we just have to wait to see the results, right? :)
Goodpost...
Great Article. Good job @kevinwong.
good posts....thank for share my friends...
Amazing post @kevinwong
good information @kevinwong
O my good!
Post great!
Great informative post. Thanks for sharing.
I m newbie here. Please upvote and support me.
Here is my introduction post. Have a look on it.
https://steemit.com/introduceyourself/@raist/namaste-from-india-the-beautiful-city-chandigarh
Very helpful information, thank you for sharing your information and understanding on how to make good decisions about steemit problems. Thanks to your post we can find a good idea or decision.
Very amazing your article, I really like your article @kevinwong
so good
@kevinwong awesome post it help me to understand
80% Benefits - 20% Problems :D
steemit steemit and steemit great news @kevinwong
good info
Thats a Pretty Unique Idea !!
Especially Multi-Currency Wallet.
Have you checked out the EXodus wallet?
Not yet
Important information for the entire steemit community, I congratulate you for the great knowledge you have regarding this topic of the cryptomnedas, it is very important to have people of great potential and study in this social network ... I congratulate you friend @kevinwong
@kevinwong - Sire, this is a great thought. I really like the way you think. Decided to RESTEEM this post Sire.
+W+
I think that steemit will be the first social network in the world because it has the potential to be, it is a new concept different in the world in the social networks, it is time to invest a deep money And time
RESTEEMED
steemit is a strong coin, it has a great potentiel, it will be huge in the future, thanks for sharing