Steemit's New SMT Whitepaper: Creating an ICO Using Steemit?
One of the very first posts I made on Steemit was to suggest/request development in the direction of being able to integrate Steem's powerful payout system into existing websites... with Disqus-like interfaces and finally, today, @ned has announced a major plan to do exactly that! Woooh!
This could very well be the beginning of a major evolution for the internet and society too. You can check out the full details by reading ned's trending post: https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts
I am still part way through reading the whitepaper for the idea and so far it looks well designed and planned out - way beyond what I or anyone else could have created without the inside position that ned and his team have.
Creating ICOs (Initial Coin Offerings)
Every cryptocurrency token has to start somewhere and ICOs are the way that many get started - fundraising for the project and gaining exposure too. It seems like nearly every day there is a new ICO launched, which is understandable considering the ease with which they can be organised and the potential rewards for creating them.
From what I understand the new Steemit model for expansion allows existing website operators to create an ICO and fund it via Steem Power and the Steem ecosystem and relatively easily integrate steem-like payout mechanisms into the website too - so we can all have our own apps running online that reward our users and basically bask and share in the genius design that has been so successful on Steemit.com! 8D
Ureka.org is ready to go!
I have put a lot of time in the last few years into creating an entire social network called Ureka: Earth Heart Community - which is intended to act as a catalyst for change and as a learning resource, plus a meeting place for those with shared intentions for healing, balancing and evolving. I definitely hit a brick wall along the way since I really didn't want to put advertising on the website, but had costs to pay out and food to buy just to keep going. I am very interested in creating an SMT via Steem so that ureka can grow to the next level.. So I will be reading through the whitepaper at warp speed and providing feedback ASAP.
Get your Username NOW!
One thing I notice in the whitepaper is that any ICO that is launched via this system will require the operator to have a username / userspace on STEEM - so if you have a website that you would like to integrate this system into - now might be a good time to create a new account on Steemit that has your project's title as it's username. I have just setup @ureka for that purpose ;)
EDIT: Page 13 of the Whitepaper states that the username of the 'control account' does not need to be 'the best match for the SMT brand'.. ;)
What you do think?
Do you have any thoughts and inspirations to share about this? I feel that there will be a massive amount of collaboration occurring with this project as we all figure out how to make the most use of this system. Let me know if you are interested to help out with my possible ICO for ureka too. :)
Wishing you well,
Ura Soul
Buy My T-Shirts, Gifts & Other Clothing Here.
A few observations:
Ureka I assume is not based as a site, on a blockchain. So it is under your control, and can be manipulated by you. - Unlike Steemit, if there was a community there, called Ureka, for example.
I do believe that people would be more prone to visit a community based on Steemit, because they are already there, and go to a different account to see it.
If you find it difficult to promote and make popular Eureka as a site, for any reason, I'm not sure that SMTs change that for you. If so, how?
It does seem to me, that rather than launching a new blockchain and currency in it's own right, called URKA, you would really just be adding to the size and power of the Steem blockchain. (Which in some ways then starts looking proprietary in many ways, and also seems ripe for attack by competitors that fork the software and then make more noise than Steem, thus capturing market share.
I imagine it is possible for Steem's code to be forked, yes - but since they have not done that and I have no intention of doing it - there are no such competitors presently.
Does this mean I should be setting up an @follandorganics? Might have to get you to explain it to Robert for me though :)
No, I was wrong to think that there were be a 'gold rush' for names due to the way they have set the system up. They just create a unique number for any SMTs that are created and then you can put a nice name on it later - which i guess might actually clash with someone else's name - but won't cause a technical problem that would stop the system from working.
i didn't know there was a folland organics website.. are you thinking of adding a comments section on there that pays in steem? :)
Weeeelllllll - Bob has paid me to set him up a website........I just haven't done it yet. Spending too much time on steemit! In truth I don't even really understand blockchains, steem or SMTs but like using steemit a lot and will make some time to figure it out one day.
I've also got to get him on here and musicoin. He has a lot of really great music to share.
oh, i see - ok. SMTs are mainly a way for websites to integrate Steem into them, so that when posts are made on the site, such as blogs or comments - the post/comment can be result in a payment just as it does on steemit.. However, I think this only makes sense if people are willing to invest in your SMT at the start to get the value of the tokens up and to make the payouts worth something. I might be wrong in my logic of that though, since I haven't finished reading yet. ;)
An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
I see, OK - I was partially assuming that the resulting SMT tokens would be traded in their own right. I need to finish reading the document and ask some questions to fully appreciate how exactly the scopes of STM powered sites and the Steem blockchain mesh with each other. It would be great to see a worked example, or at least know who is intending to make the first example site too.
It will be good to see the benefits of this blockchain spread wider. We know it works and I want to see others gain from it
Yes - it will solve a lot of problems for a lot of people!
I read this news from different authors, and every time I get pleasure :) You have an excellent overview!
Thanks!
I've just now gotten into reading about the news today as I was at work for 11 hours today and took a 10 minute lunch. I had been watching STEEM / BTC for a breakout and good lord it broke out! I didn't realize there was such major news fueling it til a bit later when I skimmed a couple of posts by people who had read parts of the white paper.
You pose a good point about usernames which got me to thinking...I wonder if we'll see people start snapping up usernames kind of like what happens with domain names on the web that got bought early on and sold to businesses or organizations who have an interest in using that name at some point.
Yes, that was the point I was making - but having read further into the whitepaper, I can see that the name of the account is not needed to match the brand of the ICO.. So no, there won't be a 'gold rush' for names. Interestingly though, I just ran a test to see if big company names had already been taken on Steemit and sure enough, 99% of the ones I tested were taken... @texaco @sainsburys @esso etc.
not surprising that big company names have been taken. Thanks for clearing things up regarding the gold rush for names. I hadn't planned on making new accounts but was curious if we'd see this happen and if there was something in place to prevent people from setting up a bunch of new accounts solely for this purpose.
I can see that the name of the account is not needed to match the brand of the ICO. This is probably a good thing.
Looks exciting. Looking forward to reading the whitepaper myself. Thanks for the info.
You are welcome!
I need to read the white paper myself. This is such exciting news. It is wonderful that you can use this to help your website!
thanks for taking time to write this and be sure to continue with the information..we appreciate it. 💜
realy great news.