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RE: How To Deploy Your Own Smart Media Token On The Steem Blockchain - The SMT White Paper Series, Ep. One

in #steemit • 8 years ago

There are two scenarios:

  1. The "token_unit" is "$from.vesting" - This means that if you contribute STEEM to the ICO you get VESTED SMTs directly when the ICO launches.

  2. The "steem_unit" is "$from.vesting" - This means that you can participate in the ICO by simply showing that you have vested STEEM. I guess you could call this a "proof of STEEM stake" ICO?

8 years ago in #steemit by
$0.77
  • Past Payouts $0.77
  • - Author $0.58
  • - Curators $0.19
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     8 years ago  

    I agree with (1), but think that it needs to be new vesting rather than proof of existing vesting.

    $0.10
    • Past Payouts $0.10
    • - Author $0.08
    • - Curators $0.02
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     8 years ago  

    Yes, on re-read you are correct. The whitepaper says:

    In this ICO, you don’t send STEEM to the issuer in exchange for tokens. Instead, you
    vest STEEM (to yourself), and tokens are issued to you equal to the STEEM you vested.

    So it is newly vested STEEM (to yourself) which is your payment into the ICO. Not sure why anyone would really want to do this, but it's an interesting concept. Would love to hear a use case.