RE: How To Deploy Your Own Smart Media Token On The Steem Blockchain - The SMT White Paper Series, Ep. One

[andybets]

I was thinking that a blockchain function would automatically do the vesting for you as part of the contract when you buy the tokens.

Comments

[yabapmatt]

There are two scenarios:

1. The "token_unit" is "$from.vesting" - This means that if you contribute STEEM to the ICO you get VESTED SMTs directly when the ICO launches.

2. The "steem_unit" is "$from.vesting" - This means that you can participate in the ICO by simply showing that you have vested STEEM. I guess you could call this a "proof of STEEM stake" ICO?

[andybets]

I agree with (1), but think that it needs to be new vesting rather than proof of existing vesting.

[yabapmatt]

Yes, on re-read you are correct. The whitepaper says:

In this ICO, you don’t send STEEM to the issuer in exchange for tokens. Instead, you
vest STEEM (to yourself), and tokens are issued to you equal to the STEEM you vested.

So it is newly vested STEEM (to yourself) which is your payment into the ICO. Not sure why anyone would really want to do this, but it's an interesting concept. Would love to hear a use case.

[dragosroua]

Hmm, I see it the other way - as it is in the white paper, at least: if you power up, then you get some tokens. The connection between the power up and the token acquisition is unknown to me. It will involve some sort of a memo added to the power up function, to make it able to link it to an external event. Still complicated.

[andybets]

I see what you mean if you take the whitepaper at its precise wording, but that sounds unnecessarily complicated, and I think it might just be explained badly. There's going to need to be quite a lot of new blockchain logic anyway, so making it atomic in the way I'm saying would seem the easiest approach to me.

[dragosroua]

Yeah, probably. Let's wait and see :)