For this article, it is going to be very important for those in the West to put their experience aside. Essentially, this is not something that many of us understand. The United States, Western Europe and we can even through in Japan, all have stability when compared to the rest of the world. This is true for both the economy and the currency.
Source
The announcement yesterday by @steemhunt notifying of the progress with Daybit and the potential of getting coins for Steem applicatoins listed on there was huge. The idea of being able to acquire STEEM with fiat is attractive since it is something that is called for regularly on here.
Sadly, it is at this point we see the advanced economy thinking.
Fiat is not required for the explosion of the Steem ecosystem, at least from the user perspective. Why does STEEM need pairing with Fiat for users? To buy STEEM? Most of the world does not have money to buy food let alone cryptocurrency. Where fiat conversion is vital is for investment. This obviously will translate into more development since funding will be able to go directly to where it is needed.
For the users, fiat comes into play, not entering the ecosystem but leaving it. Most of the world needs a way to turn cryptocurrency in their native currency.
That said, having the ability to convert Steem-based application tokens and transact with it, is enormous. We are about to enter a new era which addresses a major challenge throughout the world.
Steem allows people to get tokens. Each application pays based upon something different, but they do pay. Many of the tokens reward in a fashion similar to STEEM and based upon the same premise. Posting, commenting, and upvoting, in some form, are rewarded. Others pay for activities that are done and use the blockchain as a verification system.
We are literally seeing a new economic system being constructed.
Here is a comment that was left on the article I linked above.
https://busy.org/@taskmaster4450/smts-going-to-be-listed-on-daybit-exchange
That is the value of what is being created on here. Without getting into the validity of the numbers, we can expand the idea out beyound @actifit. We are going to see hundreds of utility tokens created on here paying people for all kinds of different things. There will be some with great value while others might not be worth much. Nevertheless, they will all be rewarding people in some way.
What will determine the value on these tokens is the ecosystems supporting them. Those that are able to attract a lot of loyal users will thrive. This is one of the reasons I am so optimistic about Steem. There is a foundation of people in place who are intent on making this a screaming success.
SMTs are just one type of token that we will see on here. There are going to be others created to do things we cannot even imagine at this point. The next few years will see an explosion in creativity (and copying) throughout the entire cryptocurrency world.
@dlux-io is a very interesting project in my opinion since I feel that VR is going to be one of the technological areas that explodes over the next decade. It, too, is still in the infancy stage so we much be patient. However, the idea of coupling that arena with cryptocurrency opens up near infinite possibilities. Consider what the world will be like when people can buy virtual assets using cryptocurrency on Steem that was acquired by engaging in daily activity on here.
Then add to the picture the fact that these assets can appreciate and be accessed from anywhere in the world via a smartphone.
Naturally, Steem will not be the only game in town. This is what makes those tokens that do use the SMT protocol so powerful. They will mirror the characteristics of STEEM. Hence, whatever one can do with STEEM, can also be done with an application's token. This is important simply for the fact that so many people are accustomed to posting, commenting, and upvoting. With the Facebook trio having over 2B monthly users, there is a wide range of people who are already involved in what we have to offer.
The only difference is they basically do that stuff for free. On Steem, "Get Paid to (fill in blank)".
For now, the key is getting people involved in the cryptocurrency world. The idea of targeting people to buy crypto is short-sighted. The masses will not be doing this. Instead, it is vital that we, somehow, get crypto into their hands. This will open up the door of an entirely new economic model to them.
Fortunately, we have a number of applications in this ecosystem that do just that. Trying a single application can change the fortunes of an entire family.
This is how powerful an undertaking this all is.
If you found this article informative, please give an upvote and resteem.
We are heading towards a future where we don't have to buy cryptocurrencies but earn them and that's the game changer, that's a way to alleviate the rat race or completely exit it.
I am loving every moment of this!
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Couldn't agree more. Glad to see the community catching wind of the potential with all these different dAPPS. You look at other similar tokens and their value, there is no reason why Steem cannot compete right alongside and bring us all wealth. Good breakdown
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Nice article..
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:) thanks!
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#NailedIT
This is a golden opportunity for us. People will only look back at this time and lament that those were the days. The reality is that we are making Steem hands over fist.
A post can make half a dollar these days and it still amounts to more than 1 Steem (including SBD and SP). What happens when the Steem token is around twenty dollars. People are going to wonder at that time why didn't we join in then - a time when you could easily make five steem (hundred dollars - @20$) from a post.
Then again, the serious crowd is not looking at the USD value of Steem now and probably won't be looking at it later. This is a mistake that people and newbies are making. They simply can't understand that Steem has it's own intrinsic value that is comes from the entirety of the community behind it.
I think this draws similarity in the proliferation of loyalty reward programs now used extensively in the world. It had an adoption curve that was slow but once the benefits were seen, the adoption rate soared and provided a competitive advantage to those with strong communities behind their program.
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There is one thing that should be mentioned in the post, economy, yes ActiFit pays for the user to do daily activity, but the value must come from somewhere, there are people buying and people selling, when the buyers are more than the sellers the price rises, it's not just "create a token to go to the toilet and get rewarded" there needs to be a system in place for the token to increase in value (staking, buybacks, dividends, store items, use cases, partnerships, etc...), because if there are no systems and the economy of the token is screwed, that token will lose value day after day until it's worthless, ActiFit actually has a goodish economy system which I've discovered from speaking with @mcfarhat, but there will be other tokens that won't have a good economy basis or legs to stand on...
What am I saying with this... Do your own research, look into the economy of a token, think about the ways that token could gain and lose value, do the math! There needs to be systems in place because if there are non, the tokens are literally worthless...
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