Thanks to @abh12345 for sending me the link to this video.
It's Ned talking at the GAPOX Meetup in South Korea.
I can't embed the video because it doesn't work. You will have to watch on youtube itself. here. (Starts from @45:30).
Reasons to watch this video is because Ned explains in a perfect way how the Steem blockchain operates but he also talks about new things regarding SMT's (start from @1:04:00).
One of them is account based voting.
As you know currently we have a linear stake weighted voting algorithm on the blockchain. Which means that accounts can give away rewards according to the stake that they have.
It means that an account with 2000SP can give away twice the rewards compared to a 1000SP account.
There are minuses and plusses to this model discussed many times on the blockchain.
Account based voting will be an option with SMT's.
As far as I understood from the video there will be a 'new' model implemented with SMT's for developers to choose from. (I'm assuming next to linear stake weighted voting but I'm not 100% sure if you can choose.)
It's called account-based voting. Content will be valued according to the amounts of up-voters and not stake.
That's interesting.
I think it's nice they will allow the creators of SMT's to choose from different models.
I guess, the free market will ultimately decide which model will be the best.
What will happen to the STEEM token when SMT's are implemented and used?
Why would STEEM be valuable?
The latest information I have is:
- You need STEEMPOWER to buy bandwidth on the blockchain for the SMT's.
- It will be the main trading pair on the internal exchange vs SMT's
I'm going to try to get this confirmed once more.
I talk about it from (From @ 4:05)
EDIT 4-5-2018 - 12:05
I got confirmation in the SMT Telegram channel that the above is indeed correct.
Weiss Rating report:
I start the vlog with the new Weiss rating report.
Bitcoin, Bitshares, Cardano, Decred, EOS, Ethereum, Iota, NEO, Ripple, STEEM, Stellar = B's.
No A's this week.
I am a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
We build Steemify a notification app for your Steemit account for iOS.
Get it Here:
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Greetings, exyle
I hope that at least part of what you said will come to fruition, because it will be very good for all of us who are in here. I do not really know what this smt is, but it looks like it could leverage the value of the steem currency.
Now, at the time I write, the steem is exactly 4 dollars. If it goes up to $ 25, it will leave a lot of people here, including us, Brazilians, with a good dimdim in here.
I do not think that's enough for 2018. My guess is that in December it's worth between $ 7 and $ 8. If my guess is wrong up, no problem no.
When it comes out smt, will we win that new currency ???
Thanks for the post and good night !! Let's stick to the cheering up of the steem !!!!
@exyle I think a sample of the dtube smt might of been dropped today, check out @dtube.rewards looks like they are testing out that account stake payouts.
I got one of those payments today and wondered where it came from
Cool! Well spotted. I wasn't aware of this yet.
If steem power/bandwidth is needed for smt's Do you think there will be a big market in loaning out SP ?
Yes, I can see this as a future use case.
Thank You Mark for the New Weiss Report I have a Stake in 4 of the 9 cryptos that are mentioned as "B's"........... Yes Steem Power will always be the Engine even with the New SMT's..............got to have Bandwidth. @exyle
Account based voting AND quadratic rewards.
That was an interesting twist. I wonder if they can be toggled independently.
I like the boom/bust stake weighted voting and quadratic reward model.
Go hard or go home :)
Sounds like account based voting option will be available to SMTs but it is not being proposed for steem itself. What others say!
Thank you for sharing the link to the video by Ned. I will definitely make some time to watch it and get to understand steem and the yet to be launched SMT. I think this will be a game changer and will take this platform to the next level. Fingers crossed for the future :)
I even transposed the Q&A after the speech from ned if you want to check it out with all the timestamps...
and this was also something that struck me as important: account based voting
https://steemit.com/steem/@felander/ned-in-korea-some-insight-and-video-breakdown
Based on this Issue on Steem's Github one can assume that the way we earn STEEM won't change.
It will remain the main token of the blockchain, thus the bandwidth will be calculated based on vesting STEEM (as you said in the video, user will have to have Steem Power to perform operations on the Steem blockchain).
Developers will have the ability to define which SMTs are accepted to vote for a given post, but Steem Power will always be used along with them.
I might be wrong, I've just started digging deeper into the progress of implementing SMTs. It might be worth to ask someone working for Steemit Inc.
@exyle elke dag kijk ik uit naar je vlog om terug up to date te zijn over het reizen en zeilen van de steemblockchain, vandaag terug heel wat bijgeleerd over SMT, thx en ik kijk al uit naar het nieuws van morgen, groeten
I was very curious about SMT´s information, that´s why I watched the video too, I liked most of what he said but I think that the new updates will bring some change to Steemit and all this platforms. Most of them we are waiting for a long time, others might be a little bit controversial.
In relation to the Weiss Rating report it is very clear that more and more coins are getting B´s, and I think not much changed within those coins, what happened was their research done on those coins, and they realised how good some projects are and they are giving them some projection...
so many updates you shared today which is great to know awesome video to came to know a lot of things
I woke up this morning and saw about a half a dozen posts from people I follow raving about this news...
It's way above my pay grade but everyone seems to excited!!! And if I understand it all...Basically, get more Steem Power now :) lol
Wow, $1500 for 10,000 Steem...It's interesting you mentioned that and then I think back to you previous video where you talked about people being rewarded for actually staking their claim and investing early.
Congrats on seeing the potential of Steem so early. So awesome to hear success stories like that. gets me fired up to stay the course even more!
Even though Ned didn't sound enthusiastic or anything, I watched the whole video because I'm genuinely interested in this blockchain.
What I am confused about is the account-based voting system. That would make everyone's votes the same, right? It would be similar to YouTube in that everybody simply Likes the content. It doesn't matter whether a minnow or whale upvotes it.
If that's the case, then I guess having more SP won't really make a difference in the payouts you or others receive. The point of Steem tokens won't be to increase your voting strength but to either keep it as an investment you can sell later, or to buy bandwidth, correct? I don't understand how Delegated Proof of Stake will work in that case...
With the SMT it looks like what will happen with stake or the SP those hold is that it will be a pair to any other SMT that exists.. so if you hold a shitload and now can't really use it as voting weight on steemit due to a 1:1 voting system.. then all that now dead SP, will be converted to other SMTs....
So whales here.. can and WILL then convert themselves into whales on whatever other SMT projects arise... If that other project doesn't have a democratic system in place then whales will essentially syphon rewards from elsewhere and cash out in all kinds of ways.
It's like not really fixing anything...
In analogy.. Imagine the plague... rather than fix the issue...
They will export all these rats and faecal waste out to other towns...
Steemit got the sickness... Not no more.. Now fucken everybody gets the sickness!
1:1 voting will also become a bot paradise.
How will they disable those who already have a tonne of bot accounts.
What about the account creating services that let anyone create unlimited anon accounts.
How can they know when one entity is getting represented by multiple accounts.
What about flags.. how will they behave? If votes a incremental.. will flags too?
That would render flags meaningless. IF not incremental.. then why will flags be supreme??
Shit do devs fucken think about things or just throw code into a bucket and then go from there..
This place amazes me.
It's like the school of the death and blind.
Taylor Swift doing a concert next week I hear!
@teknow you're on the @abusereports naughty list!
If you do not stop, your account will be rendered invisible on Steemit. Bad Steemian! Bad!
Wow great news i am waiting for smt , good job .
I recieved your post on resteem my blog .
Your post is always different i follow your blog everytime , your post is so helpful . I always inspire of your post on my steem work . Thank you for sharing @exyle
Follow my blog @powerupme
This is fabulous to catch wind of the SMT.
I've been waiting for this smt for a long time. Smt will take steem to the next level
amazing! I watched it again from SMT part after reading your post fully! thank you for sharing. honestly I'm thinking of some ideas to put on test with this facility. I'm running a B2B startup and I can see a flesh!
maybe I ask for your consultation if possible?
Wow!, this is fantastic to hear about the smt, I just feel great waiting for it to be lunched.
This could mean they people will try to get as many accounts as possible or use these worthless bots that are giving 100’s of Upvoted worth few cents. I saw recently posts with 100 or more upvotes and few cents in owerall rewards. It has its pluses and minuses and until it’s put in practice we can’t tell if it’s better or not. With SMT’s, Steem will definitely raise in its value. It’s logic, growth automatically expends in price as well.
It seems that there is good news coming for the platform.... Let's hope this new idea of SMTs gets a lot better Steemit!!
Thank you for the information and keep us updated on all my friend @exyle. Greetings! :)
Reasons to watch this video is because Ned explains in a perfect way how the Steem blockchain operates but he also talks about new things regarding SMT's
Man it will be quite intresting because I want to know more about SMT, how it will benifit the steem platform. This is a quite informative blog.
everything points to great things coming for steemit.... Let's wait for these new ideas from SMT´s, which apparently will improve the site, hopefully, very interesting content friend.
@exyle
I think that will be interesting to see a new model of voting on the steem blockchain, because the so called whales and dolphins in the platform are abusing the voting systems . Where crappy contents are reaping the rewards more than quality content. Another good innovation is the launching of the SMT into the steem blockchain
Sub and like
Who is with me?
Hey man! When will the SMTs launch. Do you have any information about it. how is this going to work. share new news
Its a shame you couldn't embed the video here, would check it up on youtube. The voting being an option with SMT is great. It would bring some fresheness in. Thanks for the info
I saw the video before now and it brought a smile unto my face . The future is in steem , smt is simply the future . Bright future I see
Waiting in pain for the launch of smt
I am yet to understanding this SMT's stuff. Maybe when they are fully lunched i will have a clue of what it is about. I really need someone who would put me through what they are really about.
Almost all of the other people i have asked don't really have straight answers and explanations at all.
I like that, total votes should be more important than just whale votes
They will have to make account creation hard though because scammers will really be trying hard to have 100 accounts
It will be a break through in the launch of SMTS .
Account based voting is a very good idea I'm sick of seeing comments with 1 selfvote at $10+ which is the inherent problem with proof of stake
I'm not sure account based voting will fare any better @exyle since the people with most power also tend to get the most votes due to voting circles and people wanting to get a bit of the curation. However, it's good, as you say, to have another option.
What I would like to see is a way to reward quality engagement, whether through posts or comments, similar to what @abh12345 does with his commenting leagues. 😊
SMT will take steem to the next level. Waiting for this.
thank you friend i like you it and i flow and share you.
Wow that's a good work buddy apreciate you ..
Please Stop - @beautifulplaces
You just said "good work" and in your your last 100 comments you used 33 phrases considered to be spam and you made this exact same comment 1 times. You've received 4 flags and you may see more on comments like these. These comments are the reason why your Steem Sincerity API classification scores are Spam: 50.20% and Bot: 6.80%
Please stop making comments like this and read the ways to avoid @pleasestop and earn the support of the community.
Oh man cant wait to watch this. I just hope for the love of the blockchain, that this doesnt turn Steemit or its platforms into a popularity contest. That would just increase the amount of trending spam. "who can get noticed the most"
Now that i listened to this, im glad he acknowledges the downfalls of Steem. 1 account/1 vote system seems cool (a popularity contest rather then a large wallet winning the trending page battle, but then what would be the incentive for whales to stick around if they can no longer bank on their investment? He doesnt seem to go deep into all the aspects in his speech. Wouldnt they all just cash out and kill the price of Steem?
Hahaha. I just took you to 15k followers. Youre welcome. :D
@exyle,
Thank you for all those valuable information! One more thing I would like to ask from you, is there any kind of 10:1 coin burn process can be happened in STEEM to keep market supply in right manner?
Cheers~
upvote for upvote everyone?
I think that will be interesting to see a new model of voting on the steem blockchain, because the so called whales and dolphins in the platform are abusing the voting systems . Where crappy contents are reaping the rewards more than quality content. Another good innovation is the launching of the SMT into the steem blockchain
interesting video that was just checked thanks to you for sharing that
smt's are going to play a huge role this is really good thanks for sharing
If as you explained in the post its true. There are few problem in the model. i.e. Many people will create lots of fake account and vote in between themselves to earn rewards (with out investment much in the return).
nearly 300 vlogs , wow ... you ve been vlogging for a year if a video every day ? that's alot of work , gladly it's paid off as i can see , congrats exhale !
Thank You Mark for the New Weiss Report.......best of luck
This is good news for everyone on the blockchain, is there a way everyone on facebook can just switch to Steemit? So more people can be happy, make friends and make money at the same time. Just saying.