Ever noticed the DNA-like structure of a chain? Every new blockchain stands for a small DNA mutation. Just like Darwin stated, natural selection will dictate which blockchains are best suited for their environments.
Sometimes, out of 1 little mutation like Steem, a totally new species arrives, welcome to Smart Media Tokens
If you don’t know what SMT is about, this post is not (yet) for you, announcement happened here , whitepaper you find here
The concept of rewarding is as natural as saying “Thank You”. Whether it is for thanking somebody to answer your question or for just providing you some information, fact is that we like to express our gratitude to anything that enriches our path.
Any subspecies of SMT will provide just that and IT IS APPLICABLE EVERYWHERE.
THERE IS NO DOMAIN FOR WHICH A REWARDING SYSTEM CAN NOT BE USED
Currently we have fantastic Steemians who are working successfully on DTube, DSound, DLive, DManiia, etc., all systems with the same principle as Steemit, i.c. media production that gets rewarded.
The “M” in Smart Media suggests similar MEDIA applications for SMT, e.g. other type of social platforms, get paid to watch porn etc... (This last is announced as SMT by Vice, check it out or maybe not)
But the M in SMT is way too limiting for what is coming, I would have chosen “Smart Reward Token” or “Smart Information Token”. SMT will be broader than media (e.g. Utopian.io) and last but not least SMT could stand for “Suck My Teeth”. Ok, forget about that…
Fact is that in the silent corners of Telegram and Discord, entrepreneurs and developers are seeing possibilities that would blow your mind away. As @Ned stated in his last public interview...
"...Our jaws dropped..."
Just to give you a tiny publicly known example; In that same interview, somebody came up with the plan to make a kind of WebMD SMT. Rewards for best solutions for medical problems.
If you know how the classic medical websites are influenced by pharmacy and how alternative solutions are being pushed away, then you might realise this is a winning horse. Now I wouldn’t mind the same idea for other topics such as car problems, computer issues, etc.…. I already see a thousand other SMT’s based on what I hear with this one example.
But then, there is oh so much more that fits SMT. As I said before and I repeat “There is no domain for which a rewarding system can not be used”. I invite you to think about this instead of giving you 100 other examples. Think about all these rewarding systems already existing going from game credits to frequent flyer miles.
To say that SMT’s are going to be big is the biggest understatement ever, this is going to be massive, a new species will arise and remain forever.
ARE YOU READY FOR SOME FUD?
SMT is not ready yet and I truly wonder if they will be able to pull it off in an acceptable time frame. The original creator of the Steem blockchain has left. What have we seen since then? Nothing that made me enthusiastic. Modifications like Linear rewards and delegations were meant to draw investors in!? The programming time needed for anybody following up on @Dan is at least 3x the time @Dan would need. These are general development statistics and it might be x 10 for a genius like him.
The announcement of new Class A Programmers entering the team doesn’t make me happier. This mostly slows down the whole development, another known development statistic
While a test net is close to ready, it will be a very meager version and I don’t think we should expect SMT before Q3. That is painful as it was announced for Q1, so many times investors have been (again!) deceived with Steem.
Anoter annoying news is the tension between @Dan and @Ned. Dan really has the ability to create a faster, leaner and meaner SMT Species on EOS. He is one of the best blockchain engineers out there. Please make him your friend @Ned, not your enemy, he is one of the reasons you are where you are now!
THE END OF STEEMIT
This is no FUD and a very interesting possibility arising with SMT. You can create your own coin, you don’t have to airdrop and give tokens to Steem holders. Imagine you create an SMT and you airdrop with a maximum of 50K Steem per person, by this action the whales are out. We now have a more democratic Steem with a good distribution, the whole concept of whales can be dropped.
And then you have a lot more parameters to play with, you can make a SteemIt as you would like it, back to n2 rewards, no delegation, a lot will be possible, up to you. Imagine rewards based on number of votes coupled to reputation of the voter, isn’t that we all dream of?
Suddenly, the existing alternatives on SteemIt like Busy.org, ChainBB, eSteem etc. could launch an SMT and get rid of the existing rules introduced by SteemIt. A Trending page might finally reflect what we like.
There are also existing communities who are ready to launch an SMT and make us forget about what we once knew as SteemIt
Another feature that will be possible is that you will have posts that can be upvoted by different tokens, this could lead to different kind of Trending Pages all in the same interface, this opens up so many possibilities.
I am very excited about the competition that Steemit will get and i think chances are pretty high of a competitor taking over the lead
MY TAKE ON SMT
As a personal note and as a developer, I would be most interested in approaching the Steem blockchain through an application, not a website. The result could be the first 100% decentralized social platform.
SteemIt, the company, isn’t decentralized.
- You only need to count up the top 5 accounts to get more than 50% of Steem Power.
- It is an American company that can be taken down.
- The website SteemIt.com can be taken down, things we have to consider as we want FREEDOM OF SPEECH!!!!
Blockchain is about the power back to us, the people. It is a revolution, don’t let anything get in the way of that!!!
Think Torrent if I say application, nobody will ever be able to stop torrents. They can take down all websites referring to torrents but torrents will just keep running, just like the Steem blockchain and the nifty app I am talking about.
These thoughts are out there and I think that’s fantastic because we will get what we want and some internal competition will be very healthy.
I see some scary whales but absolutely no need BECAUSE…
100 000 COMPANIES
@Ned mentioned a possible 100K companies going SMT in the coming 5 years. Ha! Wow!
Is that a possible scenario? Seriously, what do you think? I think it is quite a big number but if the necessary easy plug-ins for existing infra-structures come into play and the first implementations in certain fields start to gain on their competitors, we might get a pursuit avalanche effect. That is probably how @Ned thinks this will manifest, a few 100 in 2018 and then 2000, 6000, 20000, 70000 in the next years. Phew.. Big numbers eh...
Let's take it with a grain of salt. There would be another problem as (if I remember well from the white paper) +/-5K Steem has to be vested to have the necessary bandwidth for running an SMT. That would mean there would be a demand for 500 000 000 Steem.
Wait a minute, we don’t have so many tokens :-) Did anybody say Moon? :-)
Bottom line is that even at a 10% realisation of this bold statement, SMT's will be good for Steem, no need to panic .
1000 FOLLOWERS
Almost 1000 followers while I made 15 posts. I hope that proves you don’t need to be the most amazing blogger to get some followers. I am using my 10 votes/day wisely and I participate a lot in the comment sections.
Haha, i am tricking you, i just have Steem Power
Who am I? I need a few more lives to find that out but in my current reincarnation I escaped the European system and I live in India with my partner and 2 children 11 and 15yr old, born and raised here. I am a digital nomad, programmer for a living, working for European companies.
I lived in an amazing community with @eco-alex, founder of the @Ecotrain, for +7years and I am now exploring new horizons with my family. My children want to experience life down the lonely mountain top. We moved experimentally to Goa only 1 month ago and we seem to like it here.
I have fought and lost many freedom battles but I won my personal battle and I think the advent of blockchains is the biggest revolution ever that will change EVERYTHING and I am willing to fight for that.
I hope you too!
Take care,
Bub
a post by bubke! i have to click on that even though i normally wouldn't read an article with that title :) haha! but i'm glad i did because the way you described it finally helped me understand SMT! omg! that's a big feat...
so sounds like there are incredible possibilities within that. the FUD around dan leaving and the fight with him and ned and possibility of competition makes steemit's future a little shaky, i agree. but it will be exciting to see if any of the evolutions you mentioned take place at all!!! i would love to see a trending page that we actually want to read that demonstrates the true value and diversity of what's on steemit..
glad to hear a little more about you, too. i didn't realize you and @eco-alex had lived in community together! I'd love to hear more about that sometime...
be well... and hopefully we'll have more Blockchain for dummies posts from bubke himself ;) ;) i think us non-developers need them (most of steemit lol) <3
Hey jewel, fast reaction. I suddenly saw i was on almost 1000 followers, i wanted pass that milestone in a good way :-)
Steem's future looks great and not so shaky, i actually powered up after looking into smt. SteemIt is just 1 interface to that most amazing blockchain Steem and now we will have many more so it's all great news really, it is healthy FUD :-)
Much love
good, looking forward to seeing what the healthy competition brings out for the steem blockchain! thanks. and congrats on the 1000 followers for your minimal posts & comments ;)
<3
There is a lot to be taken in from this one. I'll try to organize it a bit:
The technical bottleneck. I'm a developer too and, from this position, I can tell you that nobody is irreplaceable. So, even if @dan left, that doesn't mean the STEEM blockchain will die. It may take a bit longer, we may hit some roadblocks, but it will survive. I also watch what @dan is doing with EOS and I think it has a lot of potential. What lacks in EOS, though, is exactly what's already in STEEM: adoption. There are hundreds of thousands of people already using STEEM.
The suitability bottleneck. I like the idea of a SRT (Steem Reward Token) but I do think the processes involved are a bit more complex. The current SMT implementation is suitable for a specific set of processes, namely the ones involved when you publish and share content. Of course, you can still use this part in other processes, but that doesn't mean it will substitute it completely. I don't really see and WebMD on top of Steemit, but I can see an SMT measuring the engagement related to medical content.
The scalability bottleneck. From all the potential problems, this is the most difficult to tackle. I ran a content node, I currently run a witness node and I know what it takes, from a hardware point of view. This thing is greedy. So, unless there is a fast and reliable sharding solution, one that will involve fragmentation of the blockchain in a way that it will make it affordable to run a block, Steem will either collapse or it will become badly centralized, in the same way ASIC hardware centralized the mining market. What I mean by that is that it will be extremely expensive to run a content node, with RAM requirements in the Terabyte range.
Other than that, SMTs are a huge development and as any disruptive development it can go extremely good or extremely bad. It's all about execution now.
Thanks so much man, comment truly appreciated as it throws great insights on to my freestyle thinking here. All valid points, time will tell, it is all so exciting.
I saw a fantastic 90 min interview of @Dan by IvanTech yesterday, i just love this guy, he is really pushing the possibilities and it will be all on github on 1st of June. Once it launches, it will be out of his control, crazy times, crazy projects, we are blessed.
xxx
My interpretation is that you have a reserved opinion about Steemit now compared to the glorious review we read months back(Correct me if I am wrong).
Of course, situations change everywhere for the better or worse.
Sorry, I missed the post till now - assumed you're not doing anymore.
Hey there :-) except for the little FUD fun, i am actually believing more in Steem as a blockchain with a great future thanks to the advent of SMT.
Steemit, i don't have to tell you, can be on some days the best thing ever and totally opposite on other days. Money makes everything ugly when it becomes first focus. Some other ideas will sprout out of SMT's and it might lead to some healthy adaptations in SteemIt as well, let's see, exciting times.
Much love
Your post helped me to understand a little better that which is way out of my remit!
Thanks :)
Exciting times ahead for the world for sure as technological advances match a slowly gathering mass awakening momentum.
Maybe the ordinary folk will be able to take back their power and shine bright again, on their own terms, as it sounds you and your family are surely doing.
xox
Thanks for this nice comment, i agree SMT is something else than a kitchen sink, it is what i am busy with now, what to do?, boys and toys! :-)
But for me it is mostly about what you are suggesting, giving back power to the ordinary people and see how i can help with my abilities.
Thanks, reading effort much appreciated.
thank you for your support today!! appreciated!.
Welcome :-). I just stopped a 5K delegation, better support in 7 days :-)
Posted using Partiko Android
thank you!
Awesome review.
I disagree with the statement about the website. We don't need steemit.com, we can build our own interface. If the website is hacked and can't be repaired we just move on. Apps are becoming a part of the past with ever-evolving web app technologies. The progressive web apps thin out the line between an app and a website. Plus, an app is just as unsecure.
In my mind, it is only important that we have our financial transactions and posts on a secure blockchain. That's the immutability and security part of things.
I agree with you that without Dan the whole thing is an unlikely success, if that is what you were saying... Dan has shown himself to be a beast of a developer. For now, I am convinced that EOS will sweep both STEEM and SMT off the floor and build a skyscraper over it. I might be wrong, time will tell...
Awesome comment, thank you
A lot of sensitive content is published through SteemIt and DTube and my guess is they will try to stop that sooner or later. It will be easier to take some websites down than to forbid people using a software package.
I hope you are wrong with your statement on EOS for the simple reason i am heavily invested in Steem :-) but my reasoning is same so i better prepare, i only hope SMT's will be launched soon so i can step out with a nice return :-)
I like the term: decentralized social platform
Ha, i see you are like me, non-active for months and coming back alive :-)
A decentralized social platform is what Steem is all about, we just need to have some better decentralised distribution and if possible, a safe app replacing a website, SMT's might bring us just that.
Glad you liked it :-)
lol im glad there are ppl like your self to read a 50 pages long technical white paper 😂 still only getting a small grasp on it reading SMT for dummies, i hope it means more flexibility all round, i hope the future means more even distribution of wealth. Sounds like ur having a nice time by the sea must be a welcomed change :)
The sea is a welcome change, absolutely! We were actually on a holiday here and decided not to go back to our house, nothing beats the freedom to be able to take this instantaneous decisions, even when our children are now 11 and 14, the whole family in a new sudden adventure, beautiful.
Let's forget about these SMT's for now :-) Thanks for your comment, much love.
Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 12 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.
I upvoted your contribution because to my mind your post is at least 46 SBD worth and should receive 94 votes. It's now up to the lovely Steemit community to make this come true.
I am
TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!Have a nice day and sincerely yours,
TrufflePigGood work. Thanks for sharing, hehe. You are awesome. I'm Oatmeal Joey Arnold. You can call me Joey.
You are spamming the same comment everywhere, don't spoil your 54 rep by possible downvotes
I tell people what I think. That is my free speech. It is not spam. But you say it is spam. You feel justified in your definition of what is spam and what is not spam. People see things differently as we have different opinions. There are many bots going around giving thousands of people canned messages. In life, we tend to ask people general questions offline as well. On television, they dumb us all down with so many idioms that are repeated. While in Vietnam in for 5 years, I talked thousands of Vietnamese about this. I am the Original Oatmeal for a reason.
My wise Bubke :)
I am here and there at the same time. These days I speak in moderation and act selflessly. At the same time, life twisted my path a little, so I need to readjust to a new reality. It's ok, I know I can do it but it will take a bit of time. I do what I love and I love what I do and that keeps me grounded.
I will be back. 💚
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