Hello Steemians, welcome to the 4th installment of our progress report on SMT development. We’ve made steady progress this week!
Automated Actions
This week we’ve continued our focus on the Automated Actions Framework which allows us to solve the problem of generating SMT emissions without those emissions having to be user-driven. This means that a timed chain of events, such as inflation, can occur without manual intervention for a SMT. The goal is to make it as easy possible for people to create their own cryptocurrency that will autonomously bootstrap their community‒and its own value‒without creating blockchain bloat in the event that some tokens fail. The goal is to create tokens that work great when fueling vibrant, engaged, and valuable communities, but that effectively shut themselves down when they do not.
SMT scope added this week:
- None
SMT work completed last week:
- https://github.com/steemit/steem/issues/3100 - Remove vesting_liquid_less Class
- https://github.com/steemit/steem/issues/2719 - Event Driven Automated Action RC Scheduling
- https://github.com/steemit/steem/issues/2718 - Event Driven Automated Action Push
- https://github.com/steemit/steem/issues/2721 - Automated Action Delay Due to Block Size
- https://github.com/steemit/steem/issues/2722 - Block Space Partitioning
The blue dots symbolize the number of points that we have completed for SMT development. For those who don’t know, assigning “Story Points” is part of Agile Software Development. They are a “unit of measure for expressing an estimate of the overall effort that will be required to fully implement a product backlog item or any other piece of work” and determined by using a Fibonacci Scale.
At the current rate, the team could be back on track as soon as 2 weeks from now.
No promises :)
The Steem Blockchain Team
Our goal with this series is to bring even more transparency to the development process of Smart Media Tokens. In addition to these weekly reports, you can follow along on our GitHub project organization and tracking system for SMT development which is (usually) updated daily.
I have a question and sorry if it has been answered a hundred times already....
But will creating SMT's burn steem? any mechanism that requires burning steem will make me further believe the value of steem will rise above $5 again
It will cost SBD, price has been discussed to be around 10 SBD but I don't think its set in stone yet, or should I say set in block. :)
In the whitepaper it says the price will be 1 SBD, which may be changed in later hardforks.
Yeah, at Steem Fest 2 they mentioned it may be raised to 10.
Ah... sorry, I totally forgot whitepapers are usually out of date seconds after being published. Thanks for that.
Since Steem now supports perpetual edits I think white paper also needs to be moved to a steemit blog. That way we can track all the edits and whitepaper is upto-date.
You are definitely not wrong there! That's a great idea!
The answer above me is not entirely correct. Read this section from the smt-whitepaper titled:
"Increasing Market Demand for STEEM with SMTs and Implicit Value Drivers rather than Fees"
(https://smt.steem.io/smt-whitepaper.pdf)
It starts on page 56
The creation fee can be paid in either SBD or STEEM, and it will be burned when creating an SMT.
@remind-me in 2 weeks :D
Hey @adasq, I will notify you on November 19th 2018, 12:00:00 pm (UTC)
Later! ( read more... )
Hehehe - cool bot you're calling here - didn't know it existed until now!
Me neither :D
WOw! Like others have said, Cool bot!
Hi @adasq!
You asked me in this comment to create a reminder.
It seems the time has passed!
thanks for the update
@steemitblog In before BFL
Keep up the good work and this is appreciated for the continual update toward SMT.
Gogogo SMT ! We count on you !
Could we know who is in Steem’s team?
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Gogogo SMT ! We count on you !
Could we know who is in Steem’s team?
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Nice!
I had assumed that SMTs would all have their own starter value, and we could either decide to create/purchase 1/10/1000 or any other number of our SMT from Steem... but it's great to see that in writing.
Can I ask a question; if someone creates a SMT and they choose to purchase 1000 of their SMT for 1000 Steem... is that 1000 Steem held in escrow to be exchanged back by the receivers of that new SMT... or is it all market driven? (Apologies if I'm totally misunderstanding something super obvious).
Read this section from the smt-whitepaper titled:
"Increasing Market Demand for STEEM with SMTs and Implicit Value Drivers rather than Fees"
(https://smt.steem.io/smt-whitepaper.pdf)
It starts on page 56
Thanks for this @jondoe... I really appreciate it.
I think I found the answer around page 23... I thought that as a business I would have to purchase 100 SMT tokens from Steemit or other with my Steem tokens and then I would hand those out to contributors. I now understand the SMTs to be more of a situation where I create an SMT, and people have to buy that SMT... in that purchase, I decide whether I get 1 Steem or 1000 Steem for each SMT purchased, and the market decides whether they'll pay that or not.
That's totally flipped my whole comprehensive of how SMTs work. Thank you for that.
Yep, there is a lot of info in there. Glad it was helpful.
Awesome. Hope to see this in near future. Congrats to the Steemit team.
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CREEPIN' UP ON THAT RED LINE.
Keep on the great work. It's cool to see your progress.
Steem on!
thanks for your efforts ! :)
SMT ♥ LOVE !
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Agile development is good. I wonder if it was chosen for convenience or efficiency.
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Thanks for the report / It is appreciated !!
lol... #4. Try 4 posts a day from this account if you wish to even come close to the definition of Transparency.
So, are we back on track ? :)
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