Introduction
Yesterday @steemitblog updated us on the development of SMTs. This update, after the one we had last week regarding Steemit Inc reflecting on the 2017 roadmap, was very much appreciated. Here I detail what I think about it and the reaction I've gathered from other veterans.
Communication
Steemit Inc hasn't been the best at keeping the community in the loop last year. As an investor/user, when you are in the dark regarding what's going on, time feels like it is slowing down. Everybody welcomes this new approach from @steemitblog to keep us in the loop when something happens. Even if it's just having a new exchange listing STEEM.
SMTs
We can all agreed that SMTs shouldn't be rushed. They are basically changing the engine while flying at 1,6M transactions per day. In that last blog post, they made it clear that they wouldn't cut corners.
Automated Market Maker
This makes Steemit.com the most appealing ICO platform I can imagine. Not only those tokens will be instantly tradable without fees...those tokens will generate their own liquidity!!!
For anyone who ever tried to bootstrap a token (I did on bitshares way back), it's almost impossible to do unless you have massive resources to get listed on exchanges.
Speculation
Through the automated market maker, what will happen (if I've read correctly), is that STEEM will be locked to generate the liquidity similar to how the bancor project talked about it their whitepaper. That will make it so that the supply of liquid STEEM will fall as more and more successful SMTs are launched.
Add to that the process of burning steem with every new user signed up and we've a recipe for massive upside in the price of STEEM...to the point where being a Top 10 crypto is easily imaginable. ($20+ per Steem)
Hivemind
We are still waiting for more information around the development of Hivemind, the community layer for the STEEM blockchain. I have been waiting for this a whole year to be honest...in January 2017, I thought it was priority #1. As much as I am excited about SMTs, Hivemind is what I think is the biggest need that we have from a front-end perspective.
We are still dealing with a firehose of content that is impossible to curate properly. Spending time in the "new" section is a fools errand.
I'm looking forward for a more detailed update on the Hivemind protocol. Right now, we can see that the 1st milestone is about 80% done, while milestone 2 is a 10% and milestone 3 is a 0%. I don't know what it means in term of front-end implementation but I can't wait seeing it live on steemit.com
Conclusion
If you don't know if you should power up everything you've earned so far, I think this is your cue. This thing will moon sooner or later. Please let me know how you feel as an investor in STEEM and what you think of those weekly updates.
Image credit: @voronoi
I read many posts about it ever since I woke up and I’m SOO happy that it’s finally starting to fall in place . The idea that you will be able to purchase tokens is jsut amazing , I want to see what people will produce. Steem paltform itself has already made good marks being on top this year , this is be the highlight now !!
Thanks bro
She's a girl...
@cryptoctopus,
This is very informative! Actually I heard about these developments via @steemitblog! But had no way to go deeply! This is very useful and now I got the idea behind it! Thank you!
As you said, yeah power up process is going well!
Cheers~
Everyone wants a product that is released to be good, but I'm just hoping they don't spend all this time trying to release something that is perfect and ends up being a perfect pile of useless tools.
I'm hoping they're going to eventually release a product that might be 3/4's finished so that way the community can give feedback if it should be polished, or it's nothing that we're interested in and they should start over.
I'm still not convinved I should be powering everything up. I really appreciate the weekly updates, but to me that's just a step in the right direction. They have a lot more trust building to do before I'm back to being all in.
So true!
SMT promises to be a widget into Wordpress sites, and thats massive. Every big blog or community can engage the users with a Coin. I think they are rushing the SMT becouse EOS is coming.
if STEEM doesnt make a difference, EOS will prevail to be the main platform for Social Media. Its bigger, faster and better designed. STEEM MUST do a first move advantage and implement SMT in big communities and they need to do it NOW.
Thats my guess,
D.
Wooow
Thx for your words regarding the update. I truly hope to believe that steem will be $20. This would make a lot of dreams come true.. I hoped to see at least some reference date that they will launch the SMT's. now people have to wait and decide whether to use the STEEM platform.
Oh yeah, when I came to the Steemit, then of course I did not understand much, but the very idea of a social network based on a blockchain I immediately liked! Now in general it is clear that without the investment in the Steem the process of reaching the top will take a lot of time and effort, but the introduction of new updates in my opinion should improve the very work and attractiveness of the Steemit, which will undoubtedly increase the value of our activities and give us new horizons! Thank you @cryptoctopus
We are eagerly waiting for SMT this will bring boom in steem and list it in top crytocurrencies. Please keep on updating us. I am so happy that I have joined this wonderful platform in its early days. Thanks @cryptoctopus
I can't comment from an investor approach since I am not the one right now but as a user, SMT is a great and unique approach of attracting the world to Steem Blockchain.
@cryptoctopus - Sir now I understood the new released update so well... Sir if we collect STEEM, it can reach $20... How good news it is... I'll follow your guidance Sir... I want to see a big picture with STEEM Sir... This is a life changing blockchain technology for me Sir... Nice you decided to talk about it Sir...
+W+
the news release you summarized well. according to your article smt is not only the top update of this year. so many developments also planning to process with it too. impressive article & valuable information to all steemians @cryptoctopus
@resteemia
reteemed & upvoted
Thanks for the post @cryptoctopus.
I wrote a similar article about this today also.
It is very exciting. I commend the development team for their openness and new communication style. Keeping the users in the loop is big.
I have powered up since I got here. This is going to be massive. $20 is a low target...my first major one is $100....I think it is reachable this year.
The fact that each new token is paired with STEEM and instantly has a liquid market is huge. The most common question people ask with tokens is "what do I do with them once I get it" (or some variation on that)? Now, the answer is trade it for STEEM which should have many more real world uses in the next 12 months.
It is an exciting time and STEEM is going to create a lot of millionaires. There will be a point where even 500 SP could be worth more than $1M USD. People really do not know how big this can become.
I made the comparison to ETH to try to put it in perspective for people. @aggroed had a great interview about that.....when looking at the technicals of STEEM and ETH (the blockchains) it isnt even close.
Definitely, Steem blockchain will create a lot of millionaires! We will all be filthy rich if we just stay patient and wait for the masses to realize the potential of this blockchain! If we see people with just 500 SP and it being worth more than $1M USD, then this would be so fucking crazy! And I do believe that this is a possible reality, because there's just no limits to what can happen on this blockchain!
ETH is a great lesson...look at the explosion that token had.
STEEM can go on a similar run simply with the SMT technology. Add in all the other things that are on here and you see a blockchain that can be doing 10M transactions per day by the end of the year.
That is powerful....ETH wont be able to scale up that quickly.
@taskmaster4450 Your reply definitely made me wake up before my cup of coffee! Happy to hear you are so optimistic and it makes me feel the same. I feel almost frantic to buy as much Steem as possible but I know I have to pretend to be responsible with my money and all that ;)
Well I am all for powering up. I bought a bunch of STEEM between $.80 and $1.35. I used up all my fiat on crypto....I guess I am not responsible with my money....although I have money, just no dollars....in a different form.
I am uber bullish on STEEM...I wrote a number of months ago about getting people to 1000 SP....that was a game changer for most people....now I am beginning to believe the potential is great for even those with 500 SP.....
$100 by year end is still my target and if the SMT protocol does what many think, we could see 4 figures in 2019.
Ugh, I wish I would have looked into Steem back then. I have to try to stop constantly kicking myself over it but I cant help it. I do have a goal for 1000 steem in 5 months and I'm chipping away at it slowly. Love your enthusiasm.
really??? that is just spitting numbers in the air in my opinion...
4 figures that would mean that we would have 8TRILLION market cap
we have 800 million now so x1000 is just wishful thinking at this point
I am bullish and would love to see steem at 20-50 but the longer this can wait the easier it is for all that are here to get more SP
the more SP is worth the harder it is going be to get some
Do you mean STEEM is better than ETH from the technical pov?
I think most of our peers agree that there are amazing developers on both projects. The real difference between the projects is in approach. Ethereum is taking an application general approach to their protocol, whereas we're taking an application specific approach. A good analogy is between Linux (application general) and iOS (application specific). Ethereum is trying to be everything to everyone and in the process not doing anything particularly well for specific developers or entrepreneurs. The application specific approach is to basically say, "What are the 20% of possible features that account for 80% of the features which are actually leveraged by real developers and entrepreneurs?"
The application general approach basically treats all potential features equally and results in 80% of the engineering bandwidth being consumed by the 20% of features that no one actually uses. By choosing the application specific approach we can focus intensely on product-market fit. The single biggest use case for Ethereum is launching an ERC20 token. But ERC20 tokens don't DO anything. People use them because they're basically the only option. They don't do anything because no one else in the space has experience creating tokens with built-in distribution mechanisms that are capable of functioning at scale because no other blockchain protocol is yet capable of functioning at any kind of scale.
Entrepreneurs want tokens that work, that are safe, that are ungameable, and have all the Smart Contracts they want pre-audited and built into the protocol (ICOs, Founders Tokens, Token Emission Rates). With respect to these needs of entrepreneurs, yes Steem is better than Ethereum ;).
I was surprised with such an excellent answer and after checking your profile I realized you are the "Content Director for Steemit" haha!
Thanks for taking the time to give answers like that man! Really appreciate it!
STEEM is light years ahead of ETH from a technical point if view...at least right now.
3 second transaction time.
Zero fews
100K trans per sec potential
ETH is working on getting past 25 transactions per second.
Plus there is no built in content reward system like with STEEM.
I think it would be great if they did these updates more regularly, like perhaps once a month would be good.
Either way, I do feel a lot of confidence for this platform and clearly it is a hold.
You also mentioned a 20$ price and I have seen even more higher predictions, we all hope for those predictions to come true one day, but the high inflation on this blobkchain is probably the thing preventing a more aggressive upward trend.
But with the SMT and the hivemind development, adding a huge increase in popularity, steem should indeed grow a lot this coming years.
I would like to know what you think about EOS platform, since they are apparently planning to develop some competition.
Yes, I agree that regular updates would be nice. I believe they will update us more regularly, because they want us to know what's going on with the development. So expect regular updates from now on!
I think 20$ price is going to be the beginning. I'm pretty sure we can reach even 100$ by the end of the year. But, we will have to wait and see what truly happens!
With the above it is already clear that, powering down now will be a total loss of what is to come
lol exactly, each seconds close to 10 different post are been generated and spending time there, will be no use, picking a specific tag, just like what you did with photofeed its likely the only way out. if only we had quite a considerable of amount of users with high enough sp, specialize on different tags, curating problem will prove to be no more.
So I have 300sp, but I still think am an investor, the recent update on the happenings of steem its quite needed and I think the weekly update is really needed, although not all happening might be broadcast after all we are all humans and we are bound to miss some
well its really good to hear about SMT and hope it will give the more strongest steem us with the high price
i thinkg we should power up other wise there is no any better choice to invest in steem than powering up because if you use steem as a bank and save your coins and get profit it crash your daily earning which you can earen with steem power on daily bases and on the end can get a big profit with holding
Wonderful approach of the report what happens to Steem and know that we must ignite our steem because this will be great.
The updates are really cool @cryptoctopus they keep abreast with all the happenings that are going on in the steem blockchain. Users get to know the lastest news and drop their suggestions which are looked upon.
These news are indications that Steem will soon moon and we can't wait for it.
Be sure to get all the Steem you can while it's still cheap!
You've said it all in the conclusion
I believe with all this in place the price will soar this year.
About weekly updates, it's great as one who has Steem as SP, this will let us know what's going on behind the doors.
Holding Steem is the best way as you can take profit immediately
I am so excited for the future of Steemit. I would appreciate more frequent Steemit updates. You are doing a great job explaining potentially complex topics in a simple non-technical way.
Cannot not wait for higher Steem prices. $20 per Steem would really change my life. A steady second income may motivate me to reduce my current hours, go back to school and learn new skills.
Onwards and Upwards!
STEEM provides a great platform
Yea you are not the only one making this observation . @dragosroua in his post this morning made same observation and applauded @steemitblog for the continuos updates they give us as regards the steem blockchain and seriously it is well appreciated by me and many.
Of course I do agree with you. It is true that SMTs will change the world and the face of blockchain at large but when something that great is being rushed, mistakes are bound to happen and it is such mistakes that we want to avoid. I recommend that they take things slow so as to introduce pitch perfect SMTs
Well I am still new around here and havnt heard about this Hivemind before ...where can I go get updated about it?
Talking about mooning, I don't think anyone is as enthusiastic as I am . My Faith in the steem blockchain is second to none and I know steem will take over the world soon .
SMTs will add more value to Steem, new and existing websites, and create more demand for the Steem blockchain. This will essentially increase the value of the platform. With the growth of communities, applications, and adoption, new markets can be created all while being cost effective.
By creating such an ecosystem, this makes Steem a global advertising network to change the internet as we know it
There's just so much new things coming in to this blockchain... The future is so bright! We just have to be patient and wait for everything to come in place. I'm excited to see how SMT's will benefit existing websites!
Great post. I am long term investor in Steem, since I believe in this platform. About a week ago their was an article on Bloomberg, about Websites that pay users and this is a very good sign that Steem slowly getting into mainstream. We are still in beginning stage, so their is going to be a lot of volatility in the markets, but in long term we will be big winners.
Even though I don't earn much to power up, since I heard about SMT I've started powering up. I think the best anybody can do now is to start powering up
Great explanation. I have a question though. Steem has circulation around 265 millions right? We are currently at 250+. Sooner o later there won’t be other steem for ‘mining’
I think that is when it will rise it s price.
So the question smts are coming to replace an existing coin in the platform or will be just added to those two?
There has been so much talk about SMT recently. I think it a good development and it's goingvto add more value to Steem. Let's all do all we have to do in preparation for SMT.
The month of March is go8ng to be great
Everybody is exited with the news of SMT. Even the whales are seriously preparing for it. This is one of the reasons why it's now difficult to get sp delegation in recent times.
My advice is to keep powering up
The weekly update thing is the best for the community. Everyone, both existing and intending investor can monitor the real progress made and the plans for the future rather than read or hear speculations all around.
People can also interact with the brains behind the steem blockchain operations. Any way it is, this is a win-win for both sides.
This is truly the best time to invest in steem because all these innovations and inclusions are pointers to one fact - that steem is moving with the speed of light and mooning is going to be sooner than anyone can think. We all need to gather momentum and power up. I as a person need to do some work on this.
Thanks @cryptoctopus for the update.
Would be a welcome development if implemented. The future of steem is bright
At last the update.....i was waiting for this.,..
Articles that are very useful for all of us, hopefull steemit can survive in a long time ..
wow very excellent post
Yes you are right...We need something solid ICO for better performance of steemit and coin where we can do trasection easily without any charge...I have been hearing about many ICO platform which is been developing to solve the problem of blockchain exchange with out any price cut.. Something which can take price upper level...@hivemind looks promising but as you said its still in process...I hope we will come with somthing very friendly ICO platforms where we can trade token without any hassles and user friendly...
Thanks for the valuable post. I'm trying to increase my Steem Power by using Sbd which I earn from my posts and comments. I also bought some Steem Power. I hope I will not regret about my decision :) waiting for new updates..
This is a god send to have SBD higher than $1...more steempower for minnows!
Will steem and SBD rise together?
Steem will rise for sure and if sbd doesn't rise with it, it will be really difficult to increase your steem power..
Man, I wish I had enough sbd now to convert to steem..
The week by week refresh thing is the best for the group. Everybody, both existing and meaning financial specialist can screen the genuine advance made and the arrangements for the future as opposed to peruse or hear hypotheses all around.
Individuals can likewise connect with the brains behind the steem blockchain tasks. Any way it is, this is a win-win for the two sides.
This is really the best time to put resources into steem on the grounds that every one of these advancements and incorporations are pointers to one certainty - that steem is moving with the speed of light and mooning will be sooner than anybody can might suspect. We as a whole need to assemble energy and catalyst. I as a man need to do some work on this.
very nice post
Today, writing on the internet, photo sharing, video sharing and so on. There are many people who love. Facebook, instagram etc. communities user no prize, money etc. a platform that takes care of SteMeT users when not demanding. With its own currency, it also has a payment plan that will not shake the trust of its users. so I think that people on other platforms, especially blog authors, will go to steemit..we can do this as support for each other.we can not go anywhere with our own efforts. we all must support quality content or direct each other to produce quality content.
The idea that you will be able to purchase tokens is jsut amazing , I want to see what people will produce. Steem paltform itself has already made good marks being on top this year , this is be the highlight now !!
I've been waiting for the community layer as well for a long time now. I think it's really something that Steemit is missing. Although SMT's will definitely be a huge hit and it will drive the price of STEEM up, we still need communities to make it more fun to be here, you know? Look at Reddit, if it didn't have Subreddits, would it be successful? Or even fun to use? We seriously need communities here, because there are more and more new users coming in and the amount of content posted in the New category is crazy. You basically can't find anything worth reading there.
Communities will have large imbalances in terms of Steem power, so the Community feature is a decisive move that shouldn't be taken lightly.
As hard as it currently is for most to attract any legitimate upvotes with monetary value, creating walled gardens within steemit will only make it harder for minnows to grow.
I have been sitting tight for the group layer also for quite a while now. I believe it's truly something that Steemit is missing. Despite the fact that SMT's will be a tremendous hit and it will drive the cost of STEEM up, regardless we require groups to make it more enjoyable to be here, you know? Take a gander at Reddit, on the off chance that it didn't have Subeditors, would it be fruitful? Or then again even amusing to utilize? We truly require groups here, in light of the fact that there are an ever increasing number of new clients coming in and the measure of substance posted in the New classification is insane.
hope it has a bright future, thanks for posting such things,....
Hi @cryptoctopus, this is another great news from you. I really want to follow your cue and I hope I can pile up more SBD to power up before Steem fly to the moon. Will wait for more concrete updates from the Devs.
Investment in steemit will be profitable if we are active in this platforms. Your inspirational post really will increase our interest to steemit. Thank for your great information.
Quite informative, keep posting stuff like this, thankyou
Very nice thoughts
Thank you for sharing good information.
Best of luck .
2018 is just gonna be up and up for Steem and steem holders. The time is now! Or nearly :O)
Impressive blog sir @cryptoctopus. Thanks for sharing with us