In my last article I was criticised for promoting Smart Media Token projects who want to build on the Steem-based technology which is not yet released. They have great concepts but are investments into future technology. It is a very hot topic and while many people are excited others are sceptical if Steemit will deliver the test network in time. The mood is low during this bear market and Steemits roadmap is vague to say it generously.
Where Is The Steem Hardfork?
Part of the problem is the slow development of Steem and Steemit. The upcoming Hardfork 20, codename Velocity is long overdue. It promises to change a lot. Much HAS to change. The last Hardfork 19 happened on June 20 last year!
With it the long awaited Communities, codename Hivemind, are finally allowing users to create their own communities on Steemit based around a community account. That will simplify the process for people to come together and find the content based on the niche they are looking for. And it will increase the activity and endurance of members who often otherwise give up after a few weeks of near zero upvotes.
They also want to simplfy the registration process to allow more new users to come in. They would then finally be able to open the floodgates to their million dollar marketing budget which has not been touched so far while Steemit is growing organically.
SMT Development Slow
At the same time they are building the SMT technology and they want to make that good so they have not released any time frame. Everyone is getting impatient as the promises have been huge and the expectations even higher.
It is a patience game and the market is eager to deliver solutions for niches to create new ecosystems outside of Steem. It is rather difficult to distribute high upvotes into communities on Steem as they all need to be funded by whale power and Steem is already relatively expensive and by far not disributed into enough hands. An SMT can change the ratio entirely anew and make it fit for their own ecosystem, allowing for a flourishing content creation where people will find their audiences much easier.
Steem and SMTs have Mutual Benefits!
You need Steem to buy into SMT ICOs. This drives traffic to the Steem blockchain which is hopefully similar beneficial as it was for Ethereum to have all these tokens on it.
SMTs require Steem Power bandwidth for transactions instead of fees as they are using the Steem network and don't need their own servers or blockchain development. That makes it much easier for projects as they can concentrate entirely on their product. At the same time people are incentivized to hold sufficient Steem for having enough bandwidth for posting, commenting and so on.
SMTs can lock away some of the generated funding in Steem for an on-blockchain automated marked maker enabling immediate liquidity to the SMT via Steem at a specified reserve ratio.
Conclusion
Personally, I am trusting that Steemit will deliver both the hardfork as well as the SMTs as fast as they can. In the meantime the SMT platforms can develop their products and test it with Steem instead. I think the direction is crystal clear and the potential massive. Good things take time.
And if you invest keep in mind that you always risk your money so be smart about it and don't invest more than you can't afford to loose.
Is there a roadmap for STEEM? This is the first time I hear about hardforks here, would be nice to stay informed.
Upvoted for visibility
Any info why Ned hasnt been active on steemit for the last three weeks?
Thanks for this. Yes, development on Steemit is quite slow. I wonder why. Dan Larimer has talked about Steemit 2.0. Steemit will soon have very strong competition so the developers really need to move quickly or lose out.
having gone through the arduous sign-up process myself, i found it too long. i initially thought it was just on my end.
i'm curious as to the account approval process.. who approves the new accounts? is it a collaborative vote of the witnesses?
There is a shortcut using anon.steem, i waited 2 weeks on one account, and it still has been approved, took me 3 minutes to make this one.
thanks for the information.. aren't steemit accounts free? why do they charge fees for it?
Check out this post too :)
https://steemit.com/news/@timcliff/new-tool-from-busy-org-create-new-steem-blockchain-accounts-with-steemconnect
that delegated option is cool.. sponsored accounts is more like it.
thanks @cardboard! more learnings.
No, a Steem account is not really "free". Each account need to pay a fee to buy some bandwidth, but this money goes to the newly created account as Steem Power. So someone need to pay for it.
I think I read the other that Steemit has hired to people to manually approce the accounts faster than they did before. Not sure how that works exactly but they thry to get faster.
pocketsend:21@flauwy
Successful Send of 21
Sending Account: dillagr
Receiving Account: flauwy
New sending account balance: 179
New receiving account balance: 3001018
Fee: 1
Steem trxid: 725a0206411238d3ce1caecc1f4d31125443fdec
Thanks for using POCKET! I am running this confirmer code.
Upvoted and reestemed, thanks for the info man, i personally wasnt aware of that communities development: sounds interesting, hope the devs will pull it off.
Thanks for these updates. The technical end of steem can be very overwhelming, but thanks to you and a few others I am starting to learn more.
I didnt even know a fork was coming, but all of the updates sound good, especially making it easier for new people to sign up, everyone has been complaining about that.
Also as far as SMT, it seems like it would only make the steem blockchain more valuable.
Yes, it is also for me overwhleming to research all these little details. But it is also cool because I think they are on to something really big.
I am very interested in this subject mate @flauwy. I need to be able to expose my articles according to my "niche". I have read something on this topic but I need more information. I thank you for your contribution. I will continue in the search to continue growing on this platform. Regards!..
I think niches are the future of Steem both through Hivemind and SMTs.
Sounds like a great idea.
Does Hivemind have a website to find out more?
You link goes to GitHub.
There is no website as this will become part of Steemit itself. I have not other source than the GITHub.
You have a minor typo in the following sentence:
it should be happened instead of happend.Thanks, I changed it.
OMG, that screen name is hilarious! Great Article @flauwy I do enjoy these explanations as I am not very good at deciphering these things into language that I can understand yet. Keep up the good work!
@grammarnazi you need a profile pic to match your name 👌
I think criticism on your last post was not unexpected even though I quiet agree with you. People will always air their view in the form of criticism. However I am of the opinion that we should excersise more patient with steem and steem development. In no good time, our expectations will be met
Yes, let's trust in Steemit that they will deliver as promised.
I don't see the added benefit of SMTs, when Steem and SBD should be able to handle all that SMTs are promising. @flauwy
I think the biggest argument against that is that Steem is distributed badly as Steemit.inc sits on such a large stake of the entire pool. However, there is much going on directly on Steem and there will be much more to come. But SMTs can redistribute the economy power and create liquidity that way for the projects. To run anything on Steem you need to have whale power.
ok that makes sense, I think that many of the whales need to be more generous with their upvotes for minnows. Right now I am noticing that once your voting power runs down you don't have to rest to get a recharge, it just automatically fills it up for you.
Fee-fi-fo-fum... waiting for the giant to awake!
Let's plant the magical beans.
Ha ha... yes!
It seems good to know what you raise friend @fauwy, you have given me back the hopes of growing up in this wonderful community. Because I was hopeless to move forward, I thank you for the news.
Such steemit posts, if there are mediapersons, will be of great benefit to us
Need Stimit Post, If You Are Or Mediaperson, Will or Great Benefit Are
Needed Stimulated Post, If You're Your Mediaperson, Will Great Benefit Array
Thanks fot this peek behind the SMT curtain. 😎
Hola @flauwy, excelente post, cuidate cariños y besos en la distancia.
good post, thanks a lot, i upvoted and resteemed your post.
Lol who criticised you for that the thing which is not in existence and doesn't seem to be coming hahaha
Hivemind looks pretty cool! Thanks for the info... it helps us newer steemians understand the lay of the land 😊
I love it how on-point your post is @flauwy. Your posts are simply getting better and better.
And on topic:
I feel the same way. SMT's and communities (hive) will be a game-changer. But maybe it's for the better that things take a bit more time, we are currently in a bear market and positive changes are not really effective right now.
could communites be build around excisting accounts or should one register a new account for that ?
Thank you very much a very good news, we hope Success is always my friend @flauwy
I was wondering if anyone could possibly explain some of the key differences between Steemit's SMTs and tokens created via the Waves platform. Currently, as some of you probably know, you can open a Waves account, create your own custom token (for 1 Waves), determine the supply, decide if you want a re-issuable token, etc. The process is extremely simple, requires no coding, and can be completed in under a minute. While I'm still in the process of making my way through the SMT whitepaper, it seems like SMTs are a more powerful version of what Waves is currently offering, though maybe it's too early for me to make that kind of characterization. For instance, the Comments Widget for online publishers (see page 9) seems like a useful tool to quickly integrate the SMT into the potential community. On the other hand, integrating a Waves token into a community seems like a much more manual process. Moreover, the Proof-of-Brain approach for SMTs appears to set it apart from the Waves token. Any thoughts? Has anyone created a Waves token and actually used it for a project? Thoughts? Frustrations? Thanks for reading!
Can you make self upvote impossible please.
Thank you for the information. I hope some of these changes are favorable. Sometimes it feels like Steemit is a marvelous community — for developers — but if you're a blogger and/or content creator, you feel a little overlooked.
I'm certain it's a wonderful thing that you can develop all these apps for the Steem blockchain and create SMTs and stuff, but unless something is done to make users and potential users happy, all that stuff is a bit like owning a Ferrari... in a small town in northern Alaska that has no paved roads.
=^..^=
With api.steemit.com already on appbase, it looks like SMT is happening behind the screens.
cc @vimukthi - thanks for the resteem. One more relevant and re-assuring post for some of the clients putting their faith in SMT