After a busy couple of weeks getting HF21/22 stable, we are back to focusing on SMTs. Despite the hardfork-related work, we still managed to complete 18 points last week.
SMT Voting and Delegation
We completed two big issues, #2748 and #3373. #2748 implemented the logic that allows users to vote on content using their SMTs for the purpose of SMT reward allocation. #3373 implemented SMT delegations. Both of these are key features of STEEM that are important to have for SMTs as well.
Issue #2748 was severely undersized (required far more work than predicted) and took much longer than anticipated to complete. These two issues offset one another, so our velocity for the week ended up being pretty close to the actual work that was completed.
SMT-Specific Voting
We were able to complete #2745 with minimal effort thanks to work that had been done previously. #2745 enables Steem account holders to vote on content with different amounts of mana for each SMT in the comment's votable assets. This is an important feature for SMTs. When anyone creates content on Steem they will be able to specify which SMTs they want to be rewarded in.
Imagine someone writes a poem and specifies that they would like to be rewarded in 3 hypothetical tokens: POET, RAP, and DRAMA. Now imagine that you think the poem is extremely worthy of earning a lot of POET tokens, moderately worthy of earning some RAP tokens, and doesn’t deserve any DRAMA tokens whatsoever. Without this feature, if you wanted to reward the content creator with the maximum amount of POET, you would also have to reward them with the maximum amount of RAP and DRAMA too!
What this feature will enable users to do is adjust the power of their votes for each token. Before rendering the vote they can specify that they want to vote with all of their POET stake, 50% (or some other moderate percentage) of their RAP stake, and none of their DRAMA stake. The end result being that the content creator earns the tokens they deserve, and doesn’t earn the tokens they don’t deserve.
On Schedule
We are now right on schedule. Several weeks back we were able to jump ahead of schedule on SMTs, which enabled us to spend time bug fixing Harfork 21/22 without falling behind schedule.
Scope Increase
There was no additional scope increase this week.
Summary
Completed : 18
In Progress : 8
Scope Increase: 0
Net From Ideal: 2
Status: Good
You can see our previous post on SMT Burnup Methodology for more information.
The Steemit Blockchain Team
Who else feels steem is finally heading in the right directions? 🙋♂️
I do!
What is right direction?
Less reward pool rape
More community
Me too. The manual curation has been increased a lot since the initiation of HardFork 22 (HF22). And Steemit, Inc are generated enough money through ad revenues to pause the Steem selling this month. I hope that things will continue like this, and even improve in the near future, and the value of the Steem will come back up to $1 USD and more again.
Huge improvements over the past year on all sides.
#2745 sounds like an important one and the Tribes have shown it is a pain in the arse to allocate specific weights (especially 0) to each token without creating a bunch of accounts.
Yuuuup.
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There is a way to change your percentages but it requires some coding skill which i don't have. It will be an important one for SMT's to get a slider for.
If it could be done through some coding, can't that be integrated in some front-end interface for the tribe? I hope SE team will deliver this feature before SMT's, if it's actually possible.
DRAMA is a fictional token, any similarities with existing token(s) is purely coincidental ;)
!dramatoken
Great news. You guys should add the SMT Burn Up graph in here for a visual. :)
Definitely, makes more sense.
This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
@steemitblog,
Did you mean comment base voting like what $trdo wish to implement soon?
Cheers~
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@steemitblog got 6 TRDO & @theguruasia got 4 TRDO!
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Who else is going to create a token on steem??
🙋🏼♂️
delegate to steemhunt, busy... they did the most for this chain
Thanks for the update! I like the Idea of adjusting voting power for the SMT tokens! 😎
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heres one for tribe tokens
https://economicstudio.github.io/vp/?a=stackin&t=PAL
How would this work? Does it work only if you vote on the front end of say Pal? and it wont effect your steem vp?
dont know, i stay on steemit, and set tribe weights, ie 1 % steem 99% SPACO etc
I am still trying to understand how Smts and SCOT tokens will coexist. It will get very complex. Is it not better to unify them under one banner?
SMTs are going to tokenize the Internet; SCOT everything else.
SMTs fit into a small box. It centers around the content/reward system along with a tie into to the resource credit quantifier. Hence, anything created using SMTs mirrors STEEM along with using the same resource credits for each operation.
Anything that does not fit into that box has to be a SE design. For example, you cannot create a token whereby one can receive recurring payments using SMT. That is outside the scope of the protocol.
Thanks for you answer, I suppose when we see the first SMTs things will start making more sense to me about their use-cases.
I feel like it will be the job of an interface to help them co-exist under "one banner".
So at steempeak we'll work at making the usage of the two pretty seemless. Token supported communities for example: well why would the interface have to make a big deal that one token is a side chain token created by Steem-Engine and the other is more deeply integrated into the main steem blockchain, just let them know they're tokens and give them the economic aspects of the token I don't think the actual actions and voting and stuff the user does really has to be very different. Maybe the user will say why can't this community do this thing and we say it's because it's an token built on SMT instead of Steem-Engine.
In any case they're both token systems... I mean honestly if someone wanted to create a steem community that distributed EOS or TRON side tokens in a reward pool manner I think the interface could support that community just the same and the feature set may vary a bit. EOS ones may allow some different types of governance structures.
just a few thoughts... we still have lots of time to think about it.
Thanks for your reply, It would be great that in Steempeak when we give a vote we could choose the token to apply and the weight. It is probably more complicated to apply this but I have no doubt Steempeak dev team could make it so. Thanks for such a great interface to all of you.
If i'm not mistaken this is a steem-engine thing, we could provide the interface but still has to have a backend enabling... and when SMT comes about that and we fully support that... I'm not sure how they'll do it so we'll see about that.
That would be amazing for the @devcoin project for example! Looking even more forward to SMTs. 😎
From what I understand you don’t have to use either, you just get an extra layer of benefit when you do.
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#newsteem
Good job and thank you for the update!
Can't wait for the SMT's
I like the SMT-specific voting. It's something that steem-engine lacks so having feature is definitely needed.
Some people were able to make a work-around this by having multiple accounts. But this is not duplicable by other members who don't have enough SP to claim an account.
Here's your
DRAMA. Don't spend it all in one place!To view or trade
DRAMAgo to steem-engine.com.Great news. Looking forward to seeing the MVP for SMT's. I've been on the fence for a while if I want to use scot-tokens or SMTs for my project -- keen to see the similarities / differences.
On an somewhat unrelated note -- I asked a question re: HiveMind and the requirements on a previous post by @steemitblog. Are you able to provide a response to the comment here
Is comment the correct word here and, if so, how exactly does a comment have voteable assets?
I would imagine that "comment" here is interchangeable w/ "Posts" and "Comments", which are both comment-objects in the eyes of the blockchain -- just with references to different authors / parent-authors.
Makes sense purely from a token economics and blockchain point of view but I can't help but think the UI for this is going to be a nightmare, or simply not be used.
Hey @smooth
Question:
How does the blockchain converts the STEEM for the SPS to SBD?
Does it convert (buy the SBD on the internal market?) ...
It doesn't use the market, it uses the same mechanism as post payouts (when payouts are in SBD) which is the 3.5 day median feed.
What is SMT?
For me the #2748 is the most important. I think the ecosystem will change quite a lot... and voting too.
Then the rest... to be honest, #2745 will just drive unnecessary orders... hopefully "shit" tokens will not invade the market.
Hello @steemitblog ..... I want know when steem price go up what you did for steem economy.????????????????????????????????????
Hello Dear, @ steemitblog
Lots to be said with this post thanks! Any period where STInc doesn’t have to sell Steem to keep things moving is a huge win in my book considering there were layoffs last year. Looking good! Follow Now @timesoffitness