SMT Burn Up: ICO Issues Complete! RC Delegation Pools Functional

in #smt5 years ago (edited)

SMT Burnup ICO RC.jpg


We are now 25 points ahead of schedule thanks to an incredibly productive week! This is in part due to the large amount of work that had been in review which was completed. In addition, some issues had been oversized. Sizing work is an art, not a science. We overestimated the time needed to complete some work, which resulted in a higher than normal velocity. As long as issues aren't being intentionally oversized this is great because it means we were able to complete a feature faster than we originally expected.

Screen Shot 2019-08-13 at 9.37.06 AM.png

Some work is probably under sized as well, which means we expect to have some weeks where it does not look like we got much done at all, when in reality we are productive. If that is the case, then the errors in sizing will come out in the wash and we will be on target for our estimated completion date. Even though we are currently ahead of schedule, we will keep the current estimated date of completion. The last thing we want to do is assume this increased velocity will continue and then miss completion of an earlier target.

ICO Issues: Complete!

We finished reviewing the ICO issues and were able to mark that portion of the SMT spec as complete! This is quite a large portion of the SMT work and accounts for a significant amount of architectural work required for the remaining SMT tasks. These were issues #2731, #2732, #2733, #2734, #2735, #2736, and #2767.

RC Delegation

We continued work on the RC Delegation Pools (#2697, #3103) and have a functioning version of the feature. The remaining work needed to be done is the ability to delegate RCs to an SMT directly to fund emission and market maker actions by the SMT.

Lastly, we completed issues #3379 and #3455 which added additional verification and testing of the SMT setup operation which was missing from the original implementation.

Scope Increase

We added 3 points of scope to the SMT MVP, issue #3455 when we realized the SMT extended destinations were not fully implemented or tested during the SMT setup.


Completed : 64
In Progress : 0
Scope Increase: 3
Net From Ideal: 25
Status: Good

Back On Track

We are now back on track with SMT development. Morale on the team is good and we are looking forward to finally completing SMTs.

Curious about SMT Burnup Methodology?

The Steemit Blockchain Team


Excellent. Now please do an update of the ad revenue, costs and team size chart.

Can someone ELI5 on how do SMT's capture value for underlying STEEM token?

You need RC in order for your SMT to be able to do things. In order to get RC, you need to stake STEEM as SP.

There is more, but that's a shot at an ELI5. What do you think @furion?

Maybe also the RC delegation will enable you to earn SMTs as reward?

Resource Credits do not impact any ability to assign rewards, just transact on the blockchain. If it makes business sense for someone to use RCs and wants to pay in SMTs, then they are free to do so. But the blockchain will not use RCs as a way to earn SMT rewards.

Maybe , if there are SMT bid bots and im sure @booster and @postpromoter and @boomerang will be right there to take SMTs to upvote with SMts and youll delegate to them for passive SMT income, just like people do that now with SCOt token bid bots already listed on

This is fantastic. Thanks heaps for the updates; its incredibly refreshing. RC delegation is poised to be a real game changer.

Well done!

Good to see the team is back ahead of of schedule. Let's start the campaign trail for 2020, MSM 2020! #makesteemmassive

moving forward and morale is good - nice!

RC Delegation is sorely needed; glad progress in that direction is occurring :-)

I think this time you might bring SMT alive! Coz till today, it's a myth and wish it will not be in 2020!


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Everything is on track (for the currency to fall another 20% this week, down to 0.15 USD)!

Great work team! Another day, more progress.

Hopefully there is some buying volume, we have been getting rekt we need a nice steem 300% pump to start things off

Have an intuition this might be a local bottom around 17/18 cents, it bounced off that area pretty nicely. But hey, who even knows?

I think we bounced up because @roelandp new steemwallet update making it a keychain compatible steem dapp browser (Like eos lynx wallet) but also i heard fyrstikken say he was the one pumping steem, finally buying uup more, and look at how much he uses on steem engine tokens like @steemspeak and @booster

Oh cool, hadn't heard about that! I'm not around that much these days so a bit out of the loop.


Screenshot_2019-08-14 Live Coin Watch.png


Daaaaaaaannnng! So what you are saying is SMTs will be done in a few weeks based on the new slope. 😁😛

RC Pools to save the day :D

The best thing you could have put in the title was RC delegation pools.The other things are probably also cool..

Not bad, not bad, we haven't hit the new deepest bottom (yet...)

Depending on how you look at it. Steem is currently in its All-time low against BTC.

That being said, becoming a Steem whale is easier than ever, not all doom and gloom!

Steem-BTC All time Logarithmic Chart

When is the expected Timeline to release SMT? Will it be completed this year?

They are hoping for around September 20th, if all works out i believe.

that's to testnet isn't it?

Yeah indeed, but take into account that the testnet cycle will be longer than usual.
This post sums it up nicely:

I think for launch of SMTs we should celebrate with the best SMT memes I think it’s been such a hot topic of debate it’s only fitting that we meme it I mean market it to the moon


@steemitblog, Thank you so much for this update team and keep this morale high and achieve the goal as per timeline. We are really excited for the SMT's.

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Nice pump!

RC pools have me excited from the day of the announcement, I'm glad it is done and I really hope this brings new users to steem...

Sounds good! Just curious.... how do RC pools bring new users to Steem? (in layman's terms if possible)

So good to hear we’re back on track! Thank you guys.

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RC Delegation is great feature!

Excellent! Keep on doing what you are doing!

Question: Is @ned still on the team and involved actively in what once was his innovative and disruptive blockchain idea?

I believe he handed over a bit of his responsibility to the new lady who is working for steem. I'm blanking on her name. I'm sure someone will know it.


Thanks shadows

Thanks for this update information.

This is good news that you are recovering and now ahead of plan. This should be continue with more effectiveness. Cheers!

Great to hear about more progress. This is the communication that we need and that we can hare on other social media sites. It's free and simple advertisement for STEEM that might get people to take a look at what is happening and take an interest.

Very good work #steemitteam and I know you know what is the best for steem to let the masses use our platform for the benefit of us all, just do not drop tons of steem in the markets okay?

SMTs will be the game changer for Steem and I am glad that everything is fine. Cheers!

All i want is what best for steem and it is happening now.. Good to see this..

will there be seperate mana bars for different communities?

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Fantastic option

Interesting to follow your development chart and hope it continues to progress as promised. Still not sure what this is going to do now that all these tribes are out of the gate

They can just do a coin swap with smt coins.

Bot detects you sent coins to said account and you have your coins sent to you. It's as easy as that.

wow steem will rock soon

Good Job Guys :)

Way the go Steemit Blockchain Team! Hopefully, we can launch SMT soon.

Thanks for the update!

We're also tracking Steem's commits and developer activity since forever...

Steem Developer Panel

With over 7,000 stars by CoinGecko's users on the platform, Steem's Open Source Development is certainly being watched closely by many even to those outside of the Steem ecosystem.

Congratulations @steemitblog!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Comments - Ranked 8 with 54 comments

I am working on a game that needs IAP and I want to use a SMT for it. But it took them so long to get to this point, how much longer? I lost 3 developers waiting on this.

Why you must use SMT instead of simply Steem Engine token?

You just planted 0.06 tree(s)!

Thanks to @ucukertz

We have planted already
6645.09 trees
out of 1,000,000

Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 24872.49
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku

Steem-engine token is waiting for you already u can use that while still waiting for our previous smt

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Am guessing after SMT launch steem Inc will reduce the qty of steem sold out monthly.

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@steemitblog you mean after 3 month SMt will start so right time for investors to Hold more steem and sell on launch of SMT Steem is going to 1$

I hope to a 100 usd.. 😉