To remove all STEEM author and curator rewards and to replace them with SMTs is the only way forward, in my opinion. See also
Steem on!
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To remove all STEEM author and curator rewards and to replace them with SMTs is the only way forward, in my opinion. See also
Steem on!
Also, there are a couple possible downsides to this, which need to be considered. One being that it will likely entrench the current witnesses in their spots forever. As they continue to collect inflation while no one else does, it will get harder and harder for them to ever be removed, not a deal breaker, but something we need to be aware of. EOS faces the same problem. A reward pool helps with this.
Then there is also the problem of exactly how much value an SMT will actually bring to steem. With Ether there are gas fees that ERC20 tokens pay to transact. Steem won't have these, which means beyond the one time steem purchase to setup the SMT and then needing a relatively small amount for resource credits, will there be enough of a 'tie-to-steem' to boost steem prices if the SMT does well?! Something I am not sure of at the moment.
I am not for or against at the moment, just trying to brainstorm a bit.
Stakeholders would receive inflation as well. But the inflation witnesses receive isn’t merely enough to keep them in their spots forever.
People would want to have it for SMTs, RCs, staking inflation and as a means of payment. There should be sinks added for SMTs which go hand in hand of decreasing the supply of Steem.
They are trying this Gedankenexperiment on Whaleshares
Well, the rewards to 0 thing, not the SMTs
;)
It's not the same "Gedankenexperiment", not even close. Whaleshares is a useless token and implementing it as a tipping system is not what I was referring to.
The point is they are planning to get rid of their reward pool in favor of something else.
It's a completely different scenario.
Not sure why, but this seems to be .. offensive?
Why should it matter what Whaleshares does? They've f*cked up their platform more than enough times. I'm referring to removing the reward pool in favour of a SMT which takes it place. AFAIK, whaleshares will keep their tipping system.
...removing steem author and curator rewards... 🤔
You would earn SMTs instead of STEEM/SBD/STEEM POWER as rewards.
What are SMTs and what good would it bring to users instead of STEEM/SBD/STEEM POWER?
SMTs are little Steem clones, living inside the Steem blockchain. The difference would be that STEEM would stop being a token for authors & curators, and start being a token for SMTs to be built upon.
From what it sounds, are we not wanting Steem tokens to turn into SMT tokens?
I kinda understand why there is SBD and Steem power in the Steem Blockchain where Steem should be the number one token in its own blockchain. Like how are there MBTCs in the Bitcoin blockchain?
..it's just me here. ✋
I have considered this as well. Will SMTs have any value though? It will be very difficult if not impossible for them to get on a major exchange. Also, does this kill the main value driver for steem? Does it transition steem to just a base layer where something of value will need to be built upon to give it value?