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RE: Smart Media Tokens by STEEM - My Explanation and Thoughts

in #steemit7 years ago

Will you first fix the ability to simply buy control of the witnesses, and change the way rewards are based on wealth, or will those 'features' be things established media platforms will have to consider when looking at adopting SMT?

Steemit has retained about ~11% of accounts created in 2016, and I believe most of the 89% that are no longer active came to believe that the centralized oligarchy that controlling stakes (from mined stakes, almost exclusively) have over rewards and witnesses is simply going to continue. There are other issues, such as rage flagging, and botnets, that have also been problems.

Given that these issues remain relevant, is it wise to release SMT before these matters are resolved? Potential adopters of SMT will certainly have to consider how these issues will affect their coins, and further consider what may become of Steem itself, when the SEC has increasingly indicated they are going to regulate ICOs, in view of the fact that SP is a security, and was released for sale to the public after being mined.

I'd really like to get some idea of where you think Steem, and Steemit, is heading in regards to these issues.

Thanks!