Smart Media Tokens will need to be implemented in a smart way to be able to achieved the desired results. In this report we will take another look at another proposed way to implement the Smart Media Tokens.
This is the second and rather concise part of the first lengthy post which was supported by @Transisto, @NewsFlash, @Chitty, @Idealist, @Gamer00 and others. Many thanks to these whales for their support.
If you missed the first post, read it now > Comprehensive feasibility studies of the Smart Media Tokens.
The problem with Steemit
On Steemit we already have 3 forms of currency:
- Steem Power
- Steem tokens
- and Steem Dollars
However, users are complaining about low earnings on Steemit, despite these legit concerns Steemit developers are simply making it more difficult for people to earn money on Steemit by reducing the number of upvote a user can make at 100% power from 40 to 10.
Also the amount of money generated by an upvote's Steem power has been changed from exponential to linear. All these factors were supported to make it easier for minnows to make money on Steemit but it is not happening.
Again, there are rumors that the next hardfork could eliminate the ability of users to upvote their own post. The more users join the platform, the harder it is becoming to make anything on it - except if you have invested massively into Steem power or have lots of Steem Voter bots on your trail.
If even Steemit is not generating enough payouts for users despite the fact that it is powered by Steem, the very core tokens of the platform - how then can we ever promise the world that Smart Media Tokens will generate enough money for content creators?
How Steem Media Tokens could help Steemit
We can first implement the Smart Media Tokens on Steemit. In that case, it will serve as a secondary currency to be earned through upvotes.
However, as we have said in the former post, unity is strength. For that reason, only Steemit Inc will issue the Smart Media Tokens for Steemit. Likewise, on every other Steem client like eSteem, Busy, ChainBB, DTube and DSound, the client owners will be the only ones to issues these Smart Media Tokens.
If all users are simple allowed to create their own, there would be too much tokens to create or maintain any value.
How will the supplementary Media Tokens work?
Simple: they will also be earned from upvote, however their earning rates will be easier than that of Steem tokens.
The new Smart Media Tokens which respectively belong to Steemit Inc, Busy, DTube or ChainBB could have potential payout system to last for a month so users can make the most of out a post or they could allow for upto 50 upvotes a day at 100%.
Such as system will revive Steemit and give users more hope to continue using Steem. Most people do not want to run a full time blog and run all the associated costs and troubles that come with it - let alone the complications of running their own Smart Media Tokens.
All we want is a simple platform where we can post and be assured that we will earn from it, with no need to take care of hosting, traffic or token science.
However as it currently is, Steemit only solves the hosting problem - while Smart Media Tokens will even add a new problem: token management. On Steemit you still need to manually drive in traffic and pray for upvotes or else you get nothing.
The reason is simple, users are afraid of voting since it will drain down their upvoting power! It turns out the motivation of earning curation rewards is no longer interesting Steemians.
Since there is no guarantee of getting other people to upvote your post, everyone seem to be preserving their Steem power so they can use it for themselves alone.
However, adding a new upvoting feature which will reward Smart Media Tokens created by Steemit Inc, Busy or DTube without draining down their Steem Power will encourage users to upvote and support Steemit authors more!
In the former post we proposed that Steemit Inc should institutionalize Smart Media Tokens by putting the entire project under a new independent organization - not company. By institutionalizing Smart Media Tokens it would be more transparent while Steemit will still be able to create its own Smart Media Tokens.
There is a saying;
Before you take the speck out of your brother's eye, you need to take out the plank in your own.
Before we go out there to promise the world that they could finance their journalism on Smart Media Tokens, let us first try to perfect earning by blogging on Steemit.
What do you think?
Some really good thoughts you bring up here and I also think that Steemit needs to be a working role model before we can even think about serious marketing of the new Smart Media Tokens.
I like the way of your critical thinking and how you highlight some of the current flaws of this Steemit version.
Kind regards and keep on asking questions while offering solutions (:
I am glad you think so too
We need to all be thinking about this. It could be great. The evolution of steemit is still at it's infancy. Thumbs up.
thank you!
Thanks for the analysis, but the first question that comes to my mind is what will be the worth of these tokens in SBD or Steem values?
If these tokens have minimal value they have not anything to add to the system. If for example the 50 votes value in tokens worth as 20 votes in SBD then are just votes and do not add any motivation for better earnings to the users.
Instead of the tokens why steemit do not make a decision to give more power to the users, more vote worth and increase of the shared rewards pool? I think that this is the correct solution. Smart Tokens if have no real value will be just an elusion to the real problem.
I like your suggestion
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by blockrush from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
This a really useful article here. I wonder where we will land with all that different tokens here on steemit. But if that means that we ll get a longer payout periode, I welcome it a lot.
I shared your article on my promotion exchange, feel free to check it out here
Anyways, keep up the good work and steem on!
thank you
Your post made me aware of things that I was ignorant of. Where did you find that info, about reduction of votes at 100 to 10 votes and where can read more on this issue, it's all so confusing right now. I need more clarity, may you kindly point me in the right direction.
hello @insculpt, number of upvotes at 100% power in a day was reduced from 40 to 10 as in the article(you stated 100 - 10 in your comment.)
unfortunately however, there is no place that we are aware of that you can find this info, it happened through a recent hardfork and we learned about it from a whale and it is true as if you make just a few upvotes a day, all your steem power just shrinks
also if you have noticed, the upvoting bots are either increasing their bid prices or taking days to recharge
lots of changes are happening and it is unfortunate that there is not central place to find out about these developments. we did highlight this issue in an earlier post. you may want to see the other concerns raised there >
https://steemit.com/steemit/@blockrush/the-secret-behind-the-price-crash-and-recovery-of-steem-and-the-important-question-it-raises