SMTs Release Dates!
UPDATE, March 11th, 2019: We have delayed the release of SMTs to focus on MIRA, which is software that leverages state-of-the-art database technology developed by Facebook to move the blockchain from RAM to commodity hardware. We expect the release of SMTs to dramatically increase the amount of transactions made to our blockchain (already one of the most used) and as the team behind the largest blockchain application in the world, we understand that the most urgent scaling consideration is not transaction throughput, but the cost of operating high-traffic nodes. That's why it's critical that we complete work on MIRA before releasing SMTs. That being said, much of the work on SMTs is already complete. Be sure to follow @steemitblog if you would like to remain updated on our progress.
Hello Steemians! We have some exciting news to share.
We are about to put the finishing touches on Hardfork 20, thanks to our core development team and your thoughtful suggestions and review. As a result, we can now focus on delivering Smart Media Tokens (SMTs) to you.
SMTs Release Date
We’re happy to announce and commit to a release of the TestNet in January 2019 along with a release and launch of the protocol on the MainNet in March 2019:
January 15, 2019 - SMT development complete and live on the TestNet.
March 24, 2019 - SMT fully released and live on the Steem Blockchain. ~~
See update above.
What are SMTs?
Smart Media Tokens are a token-launching protocol similar to ERC20s on Ethereum, but with all the state-of-the-properties enabled by the Steem blockchain, like three-second fee-less transfers. SMTs enable anyone to launch their own STEEM-like token with customizable features including Founders Tokens, Token Emission Rates, Proof-of-Brain, ICO Smart Contracts, and more.
A Post-SMT World
After the launch of SMTs, anyone in the world will be able to create their own cryptocurrency with industry-leading capabilities, and immediate access to the largest cryptocurrency community in the world. To learn more about Smart Media Tokens, check out the SMT whitepaper at https://smt.steem.io.
Steem Blockchain Team
Oh geez. In my opinion better not to announce release dates at all if they are in 2019. It's not what people want to see at this time and will crash the price of Steem.
What people (and the market) want to see is a release of SMT sometime in 2018. I would honestly consider retracting this post because of the impact it could have on the market and Steem price which already is floundering.
How about don't announce any launch dates or release dates until the year it's going to be released. If it's more than 6 months away and we are in a bear market it's a forever away.
I'd rather see firm dates that are a ways out but can/will actually get met, than vague promises of "soon" or "hopefully sometime this year". Even though 2019 is further out than many have hoped, it sounds like by very early 2019 (January) the protocol will be to a point that people can start playing around with it and writing SMT-based code. I think that is very good news!
I would agree with Tim. We are really only talking a quarter away. This has been on the roadmap for a while. If you follow the project on GitHub the check-in activity is up and the progress is happening. This is fantastic news! I'm eagerly awaiting the testnet. Time to start getting excited.
Yes. I believe we have been some variation on "soon" for nearly two years now!
Well in just 4-5 months, boom. That is fast.
Agreed, Tim. It looks like people have gotten really into hating on the platform even when announcements are positive... And yet they're still here...
This is the perfect time for them to attempt to save themselves. They won't deliver on time, we know that.
Reminds me of the government always kicking the can to the next generation to pay the bills.
Didn't they already tell us that SMTs would be here before the end of 2018?
Now another promise of something that is going to depend on more than just the developers of steemit.
Yes tomorrow always comes and every thing else just stays the same. NOT!
There are way to many factors in this fast changing world we live in to keep making promises for future events.
Even Elon Musk cant do that right, Look at the Model 3! And Steemit is no Tesla!
Yeah, you're right. Steemit Inc is actually more responsible than Tesla, lately :p
Obviously, it doesn't matter about the release date except to not expect SMT before then.
I don't mind the updates, anyways.
Surely, ethereum's smart-contracts were a financial boon to the entire ecosystem. There's a good chance of SMT doing something similar for Steem. I'm interested. However, not as interested as I am in having a competitive UX on steemit.com
hey @berniesanders, lets verify, whether they are capable to launch test-net on time.
@remind-me on 15 January 2019
I love this! Great idea!
Hey @adasq, I will notify you on January 15th 2019, 12:00:00 pm (UTC)
Later! ( read more... )
Haha reddit vibes.
Hi @adasq!
You asked me in this comment to create a reminder.
It seems the time has passed!
The thing is if they just say they'll release it when it's done that is better than to announce a day so far into the future that the market could react negatively. Now the market can price in that Steem might not have SMTs at all this year and also the fact that Dan Larimer is busy working on Steem 2.0 which probably will launch sometime this year. This is actually worse than no announcement.
Now, I do think they should take all the time necessary to get SMT right because we all know the fate of the entire community and platform depends on the success of SMTs. The problem is we want communities, we want new features this year and the price of Steem has collapsed. So it's not going to be easy to tell people to wait until March 2019.
On Dan Larimer working on steem2.0 is that an actual fact or just rumours, if yes, is it a social platform just like this one? Or just coins.
Good point it may just be rumors but knowing how Dan Larimer does things I would think it's likely not just a rumor.
Even without rumors it is a safe bet to assume that a strong competitor will arrive because of EOS.
I guess we just have to wait it out. I'm in for whatever benefits the SteemiSphere and CryptoSphere at large.
I have a ton of respect for you, but on this I disagree and don't get your argument. On the one hand you're saying that Steem has no value as a protocol (strongly disagree) and that SMTs are what will give it value. Then you claim Steem 2.0 as a threat, despite the fact that Steem 2.0 is not SMTs 2.0. I do not believe it is rational to think that somehow while Dan is trying to make EOS work he can build a better Steem while at the same time the team that actually built Steem is working their butts off making it better and better. That being said, it's odd to argue first that Steem has no value and then that Steem 2.0, derivative in its very name, is a threat. Now let's assume that there is also an SMT competitor in the works. First, where's the specs? Second, where's the timeline? Third, do people believe that Dan is incapable of generating actually original ideas as opposed to just copying what we do? I actually have more respect for Dan than that, and hope he's working on something that will bring additional value to the sector. All the work we've already done on Steem and SMTs is valuable. Nothing we've done has been "fat" so if someone wants to beat us to the punch, they'll be starting from a serious deficit. This is how long building this takes. There is no other team on the planet that can build this, and certainly no team that could build it faster. Finally, we believe firmly that our approach of building an application-specific protocol will enable us to scale while simultaneously outpacing our competitors. That is our strategy and we're sticking to it. Also, the market doesn't seem to be following your logic today, but you know markets, I'm sure they'll back you up tomorrow ;)
I do not argue that Steem has no value. If there are over a million users then clearly it has value. I am arguing that the market does not value Steem as a store of value and that the evidence shows this if we look at the chart history. I argue that something has to be done to reverse this or it's going to allow competitors of Steem to win.
How? Well first their reward pools will be bigger and so the Steem users will simply follow the rewards in most cases. So it is important that the Steem Power and Steem token become a store of value (in terms of BTC price).
That's one theory. Based on your reading of the charts, you have derived a theory on the value of Steem. My theory on why Steem is undervalued is because: 1. Most people are not even aware it is a protocol due to the success of steemit.com. 2. People do not yet understand how they can leverage an application-specific protocol without smart contracts to accomplish everything they need in a blockchain protocol and they require education. 3. All cryptocurrencies effectively move as a unit and the individual variations, whether in price or time, are illusory. 4. Eventually Steem's value proposition, which is already widely recognized, including by you, will be reflected in the price. 5. SMTs help people to see how Steem can add value to their enterprise and provide an opportunity to inject capital into the economy. But that's just my theory, like yours, I have no idea if its right. All of that being said, the witnesses are the ones to convince. Of course, I would support any proposal for which there is consensus among the community.
I have no idea what you are talking about, but, I'm buying into steem as fast as the money comes to do so...
Can we stop with the fat shaming ?
Boobs.
Thank you for those reassuring words @andrarchy and for all the work you and the steemit team are putting into this.
Let the countdown to SMT's begin!
Whether or not I agree with @danaedwards depends on when communities drops and what that looks like, how effective it is in keeping people around. As far as I can see, one of steemits biggest flaws is it's high turnover rate with users, because it's harder to gain users back once they quit and a lot of the great passionate people who indirectly added value to the coin have left the platform. I think a lot of this has to do with how it is organized and how finding a niche has bascially taken the form of some auto-vote club or top-down structure, rather than something like a sub-reddit that you like.
We still don't have a date on communities do we?
I'm sorry to intrude on such a great conversation, but why would Dan Larimer feel the need to piggy-back on the name of Steem with Steem 2.0? If he will have a great product, why not have its own name and announced as such, with the community built from the ground up as Steem has over the passed two and a half years?
He has created awesome projects, but so far he managed to leave them all behind. That's not very reassuring for its current project.
I don't know. Why don't you ask him? He has an account here and can respond.
Good for him, I just checked and didn't know @dan account was still active here. The question stands, lol.
"Securing a Decentralized and Prosperous EOS". See from that title he cares about the community being prosperous. That is I think what Steem is currently missing.
Steem has a lead but if EOS is more prosperous? How will Steem as a community remain in the lead?
Yep, that is a slogan. And Steem is "the blockchain of opportunity" if I'm not mistaken.
Frankly, I don't believe in prosperity for all. But I do believe in opportunity for all.
But again, both are merely slogans.
We will see what happens. So, what is now in the making (or at least in the declarations)? Steem 2.0? BitShares 3.0? Using simple logic, when will we see EOS 2.0, with @dan on a different project announcing it?
I don't agree, companies trying to take advantage of SMT will need months of preparation as well,.
If you don't announce it in advance, it will delay the adoption (you can only starting to get ready when you know if and when is coming) and some companies will look somewhere else because the uncertainty of the release dates
Agreed! Steem is on the way to "trash out" and they want to save it by attempting something which could or could not be happened in the next year!
It is better that you know that WILL happen then, isn't it?
Well, you were right.
Steem is stuck in the overall trend of the alt coin market and One announcement is not going to change the course of an entire bear market even if they had said 2018. All coins have been going down.
Yes I'd prefer to see 2018 as would we all. However I'd rather see hivemind first.
I'd like to see some people analyse how other companies using the steem blockchain with their own currency will impact the price of steem.
Okay but they said in this post they want to focus on SMTs. They did not mention Hive Mind coming in 2018 or anything for 2018. Big difference.
Also the problem with Steem is it can't hold value. It's literally leaking BTC value on a daily basis and now it's to the point that the reward pool is so small that it's not just unsustainable but even the community now is complaining about it. I would say the Steem developers need to do something to make Steem a better store of value while they work on SMTs.
Yes, exactly this - there should be work on fixing the economic incentives to make it better to hold SP. Better to buy SP for profitable content curation than buy SP to profit from trading votes. Why has this little bug been left on for so long?
Hivemind is a non-consensus application layer, that is independent of the blockchain code. From what I've heard, the two projects are independent and being worked on in parallel. SMTs will be the next big "blockchain" development, but that should not mean anything in regards to Hivemind development slowing down.
I would start with mixing some promoted post on the trending page
That is a good idea. A lot can and needs to be done honestly. They can do this simultaneously while building SMTs. Build the store of value for Steem whilst building SMTs.
It's following the market trend is it not? In fact the other day it crashed 10% while the majority of coins on binance went down closer to 20% ... i don't want it to go down. But I just don't think one announcement can be stronger than the general market cycle. Traders these days are trading trends not investing long term off of awesome news. (wish they were of course)
That is not the point though. The point is Steem has a community and ecosystem bigger than probably all the top 10 platforms combined yet isn't in the top 10.
Oh i didn't realize that was your point. #noted
Bitshares has a higher market cap than Steem. Can you believe that? Not saying Bitshares isn't good tech but the Steem community has over a million accounts. Even notorious sh*tcon Dogecoin has a higher market cap.
now you know what is undervalued. It is unbelievable that even Dogecoin has a higher market cap! Perfect buy time.
The lack of news about Hivemind worries me. While both HF20 and this post are very welcome, do they imply that communities have been pushed down the road, and will arrive later than SMTs? Or will there be a separate announcement?
(repeat of a comment I replied to a similar question)
Hivemind is a non-consensus application layer, that is independent of the blockchain code. From what I've heard, the two projects are independent and being worked on in parallel. SMTs will be the next big "blockchain" development, but that should not mean anything in regards to Hivemind development slowing down.
This alleviates my concerns, thank you.
I strongly disagree with your statements here. The announcement does not have a negative impact on the market whatsoever. The market is still so young that valueations of Alts strongly depend on the value of BTC.
Most altcoins dropped 90% (so did STEEM from 9 to .90) This all happend before the announcment, not after.
If you cannot wait until mid 2019 for the price to explode again, then please power down now.
I honestly believe that STEEM dropping to 50 cents or below is the best thing that could happen. This is a life changing opportunity for many people. If you don't want to buy more when the market is in crisis mode, that's your issues.
Ha, young? It's been since 2016. EOS is younger but look at it's price? What about other projects like Tron? Can we not make excuses for the poor market performance of Steem?
Even if you disagree with my opinion on the announcement it is objective fact that Steem under performs in the market chronically.
Buy with what? Bitcoin? I don't see others doing that. Show me where people are trading Bitcoin for Steem because if that were happening the Steem to Bitcoin price would be going up not down.
lol. How old are you? 24? A new market needs at least 8-12 years to be considered mature.
Don't you remember the early days of the internet, or pcs in general or dotcom campanies? They were laughed upon for many years in the beginning. Look where it has come to now. The same exact thing will happen with cryptos in a few years. Steem is not even a toddler yet... 2 year old blockchain with a developer team of 20 people at max.
Bitcoin is over 10 years old. Steem you are saying needs 8-12 years? You mean like Myspace? We don't have 8-12 years in a competitive market. I'm with you that Steem is important but I think more emphasis needs to be put on making Steem profitable/sustainable.
Cryptos we all agree on anyway so no one is going to debate that here. But I also think cryptos (including altcoins) should focus or put emphasis on making sure that their platforms or their products not only produce value but actually create demand for the token so that the ecosystem can grow.
Developers are great but only can take a social network so far. I can write code myself but there are more things to do than write code. Most people who write code don't only write code.
I was a part of those early days. I was also a part of the early days of peer to peer, of crypto, etc. My point is that just like with Dot Com there was a time when many companies existed with no emphasis on profit for the shareholders. What happened to those companies and which ones survived until now?
I get your point about sharholder value, but in the beginning you were talking about how waiting another seven months for SMTs seemed unbearable or some kind of horrible for you as a shareholder who is only earning 20 bucks per day right now.
No, I always expected a wait. But I do think if you promise shareholders (Q4 2018) and then announce a delay (Q1 2019 testnet) then of course it could spook the market. It's so far though not having much impact one way or the other on the Steem price.
I also never said it's "horrible for me" or said I earn $20 a day; you came up with that. But sure, I would say the more Steem Holders can earn the more people will want to hold. Not just earn from holding Steem but from posting, the reward pool, or any other kind of interaction with the platform. The whole point of holding a token is either you think it's going to go up over time or you want to use it to earn $ or do something productive.
Steem allows people to add value currently but the reward pool isn't growing. As a result the community (not just me) is complaining. They say the reward pool is being exploited, or blame it on bots, but the truth is the reward pool hasn't been growing. Vote selling and bots are a separate issue but connected.
And one of the main problems is retention. People who join Steem post a few times and then leave when they see $1 or so as their reward. It's because the reward pool is shrinking and so the whole situation is unsustainable no matter what you do.
So while there are more accounts than ever (people tend to create accounts when it's a bull market because the rewards are higher) it would indicate to me that if the rewards are higher the rate of growth for Steem would increase.
So we look at it from that perspective and we can see the larger the reward pool the faster the growth of the whole ecosystem for everyone. SMTs can't come soon enough but what to do while we wait for SMTs?
What is the plan after HF20? No ideas to solve the demand problems? Even putting promoted posts on trending could help.
SMTs and communities have unbelievable potential in the mid to longterm. But with only 60k active users u can't expect miracles over night. The tokenization of forums and chats of giant websites could revolutionize the web as we know it.
Next thing that needs to be focused on will be scaling though. To run a full node is unbearably expensive now, because it needs 1 TB of RAM, that's insane.
No. You don't seem to understand how the reward pool works. Actually we recently hit a new alltime high. Never have been more tokens paid out before. Don't get confused with all the SBD that was printed (and worth 5$ each). It is just that the tokens are worth so much less right now that it seems unattractive. When you say reward pool you actually are talking about the worth of the tokens paid out (in Dollars). Yes, we had 5million before, and yes it is now down to 737.000 again. So we lost 85% of that, too. But it will rise again when BTC rises, because STEEM rise with it.
check out steem.supply to see how the reward pool grows and shrinks independently from the worth in Dollars (of it).
I strongly disagree. I think most weren't actually thinking they would get SMTs done, possibly ever. Having a date is extremely bullish, even if it is further out than most would like.
Yes man..atleast we now have a parameter for judging pass/fail...
I like how the operator didn't even flinch after that one move.
The confidence.
Crash the price of Steem, what on earth are you talking about?
This is good news, fantastic news in fact. Now we have a set date for launch and it's only a few months away.
This is a cause for celebration, not pessimism.
Bizarre. Only in crypto can a project announce a delay and be celebrated. If Tesla announces a delay the shareholders get nervous. Truth is this is a delay from the original roadmap. It is true that the original roadmap was never set in stone but this "setting in stone" now puts the team in a position where if they miss this upcoming date what will the community say?
Thanks for the feedback, @dana-edwards, it's always appreciated. We felt it was important to give developers considering launching an SMT as much notice as possible. We've spent the last year growing and totally reorganizing our engineering teams specifically so that we could generate an accurate forecast for the release of products. Once engineering felt confident it had generated an accurate timeline, we felt it was more important to let everyone know that information.
valid reasoning in my opinion. Seems like companies would need a few months.
However with that said I bet they'd be ready for a testnet in 2-3 months ;) haha
We'd certainly rather they be ready sooner, but we're confident that this deliverable is based on the max potential velocity. This isn't the type of thing that you can just accelerate with more hires. No one else is even working on something like this, let alone releasing a timeline.
No real surprise here... A announcement for SMTs which won't happen until 2019 (who knows when), meanwhile there are still serious scaling issues that need to be solved for the steem platform. Why not devote time to making it so that full nodes do not require almost 1TB of RAM to run? That doesn't seem to be a priority despite the fact that it would make the technology miles and miles more desirable then SMTs since the features all require better scalability. Steem desperately needs sharding or some kind of asynchronous system.
I don't think that fixing a issue that only affects witnesses and can be easily fixed adding RAM should slow down the development of a feature that will allow a huge number of new use cases
It doesn't only affect witnesses. Any application that runs on top of the blockchain is affected by this issue. The only way to access the RPC of the steem blockchain is to use a Full Node. Any performance issues that come from this lack of scaling proliferate down to all of the users. It makes developing for the platform harder as well when the API and RPC are not stable. If they implement SMTs on this platform as it is it will cause tons of issues for all of the end users because the platform doesn't scale.
Just consider these numbers for a moment... According to the latest steemit statistics post the platform hosts between 50 and 60k concurrent active users and a full node on the blockchain requires almost 1 TB of RAM to run smoothly. Bitcoin, the largest blockchain in the world is currently supporting 25 million wallets (and for the sake of argument, let us just say that 5 million of them are active users on a daily basis). A full Bitcoin node requires only 2 gigs of ram to run properly. Bitcoin cash which also has its own blog type platform, memo.cash, also only requires roughly 2-4 gigs of ram to run a full node. While admittedly none of these platforms are identical with one another in how they operate, the cost of performance vs the amount of users supported is absurd.
I understand your point but no news at all for the next few months could be worse. At least having dates locked in can give people some confidence that progress is being made. No news at all could be seen as an indication that nothing is happening which would be worse.
The price of Steem is low and could easily continue dropping for a while. This is across the board for all altcoins. Steem is certainly fairing better than many. I think many people are not investing in Steem because they don't fully understand the potential. The marketing for Steem needs to improve.
I was tracking progress on GIthub. I basically knew it was months away but the market didn't know.
How can committing to a date be a bad thing???
Is not what you were hopping for?? but at least now you have a timeline to looking forward for.
I don't really like hard dates. I would say the same about setting hard dates with Tauchain which people know I'm interested in as well. It's usually not a good idea to set a release date as it creates expectations. Also when you didn't meet the previous expectations people might not want to hear your new updated release schedule which is a year late.
This same thing happened with Ethereum Casper and look at the Ethereum price. So I'm assuming the market will respond in a similar manner as it did to Ethereum but I could be wrong.
True, but still it seems like an interesting project...
Bro, that's a pretty short time. Seven months sounds pretty ambitious to me. But I'm still kinda new I guess...
Id rather see a date but wow the release talk was like a year ago and we still gotta wait forever it was a bit early talking about it 8 -10 months ago
Sorry to say that but the develpment is too slow compared to the competition. It will not end well if we don't accelerate. Very disappointed.
What are you comparing this to, if I may ask?
The competition is EOS I assume.
Too bad we don't have a prediction market, I'd make a fucking killing off you dreamers.
You really can't even take the time to add an image to your profile? Great job guys!
"Largest cryptocurrency community in the world"...@ned must have written that one, eh? More bullshit.
Development takes longer then you seem to think NextGen. The crypto mindset of everything moves fast is just not realistic. Sure pump and dump scams move fast, but that's because there's nothing actually coming.
Why does this blog need an avatar? Is there even a point to that?
I dunno, we've all been around for this long, patience will either be rewarded or not. I'm thinking it will be, because the competition isn't exactly delivering ideas I think will be remotely workable.
Cheers.
Thanks but I'm perfectly aware of how a qualified dev team functions and how fast new functionality can be delivered. HF20 is the first release in well over a year, and there's literally nothing of significance in it. That speaks volumes to me.
Why do you have an avatar? Is there a point to it? It's called looking professional, or at least making an effort.
I feel like stemit,Inc focus on the wrong problem. What the point to have a good blockchain when you don't have a good social media platform?
The more we go the more I don't like steem. No one reads what you write, there is no sense of communities...
People read what I write. I love several communities. It takes time, building an audience and it doesn't help if you don't write English well.
Hang in there, you've acheived 61 some how.
check out steempeak,com as an alternative front end.
Well I can't speak to what has been going on internally at steemit Inc, or the difficulties they may have had in development of SMTs or Community functionality while maintaining network security. Nor can I speak to their effectiveness of hiring or getting new programmers up to speed/the slowdowns wrought by loss of programmers.
Should they have released something over the past year? Yeah, however I don't know how interwoven the various things they are concocting are, and how much code replacement they would have to do as they roll things out. IE releasing things piecemeal could have been a waste of time.
You, likely do have more insight on this then I do. I can only attest to the slowness of good development based on my life's experiences working for a small pharmaceutical.
Your criticism is certainly valid, I'm not trying to say it isn't. More sometimes, shit happens and things just take a long time. If the product actually ends up being good, then patience pays off.
When you've stupidly chosen the name 'justtryme90' it's necessary to put a happy face somewhere to present at least some appearence of not being an asshole. The username certainly indicates I would be.
In the end though, I have one because it's fun. It's not necessary really, but it makes me happy. I don't know that if I had nothing, my output would be any less professional. But certainly the appearence wouldn't be as nice.
Bernie is in the industry long enough to know how long it takes for developing certain things. Thats why he is frustrated (me included) with the current situation.
He doesn't need you to come to his defense.
love the paradox
I don't see one
I totally agree with you. Workable development takes time and a lot of planning. Sustainable projects must be carefully planned and executed irrespective of the impatience of some people. . Waiting might be weary but that won't matter as long as it is worth the while
Yep, I mean no disrespect to NGC, he's always been nice to me. However a good product does indeed take time to develop properly. You are right on.
There is a saying that goes this "the patient dog eat the fattest bone". I think the team has really done a good job.
steemstem would have it's own steem like token I guess.
😀😀
We are waiting on the release of SMTs much like many others. Lots of stuff is being planned for steemSTEM, but for that you will have to wait and see. ;)
I have learn how to wait over years, and this one isn't an exception. We will be glad when it's finally comes around.
Chill.
Still the only website that pays me for posts and comments. Life is good, when I stop and think about it.
Over the past six months, we have been making significant changes to our company, in regards to hiring more amazing talent, updating our culture around making and achieving dates on our deliverables, and improving our process so that we can produce more high-quality code, at a faster rate, with greater predictability in our schedule. Being able to communicate to the community what we are planning to do and when it will be delivered has been one of our number one goals in 2018.
We’ve already delivered several products like Hivemind 1.0 and AppBase which contains the underpinnings required to ship three different products: Communities, Velocity, and SMTs. AppBase does this not only by modularizing the plugin infrastructure, but also establishing much needed primitive types like NAIs.
After seeing the level of excitement that has gathered around Smart Media Tokens, the team wanted to be absolutely certain that when we announced dates, they were ones we could confidently meet. That is why we have not provided a date until today. With all of the changes we have made internally, we now feel confident the deadlines we are giving today are ones we will meet.
There are several blockchains that support prediction markets. If you really feel that strongly in our inability to meet the deadlines we have set, you are welcome to open up a bet ;)
As always, all feedback is much appreciated.
@andrachy much has been said recently of top witnesses not running a full copy of the blockchain on their respective nodes. Can you address how this could potentially impact the performance of the blockchain once SMTs go live?
As a very early adopter, I'd really love to see STEEM/Steemit succeed and become something much greater, but I'm concerned the resource requirement which these new features and products will draw compared to the apathy and refusal by Witnesses to host a full copy of the STEEM blockchain could bog the transaction times down to that of Ethereum or Bitcoin.
First of all, to clarify - running a witness node, and running a "full" RPC node are two different things. Often the witnesses are the ones who run full RPC nodes, but technically speaking they are not the same. (Not all witnesses run full nodes, and not all full nodes are run by the witnesses.)
In terms of the system requirements for running nodes (both witness and full RPC) the development team provided a lot of information about this back in this post.
If SMTs lead to more adoption and more transactions on the blockchain, then that will ultimately lead to higher requirements for running nodes. The hope is that greater adoption will lead to increase in price, but it is not a guarantee. That is always going to be a risk for the economics of running a node.
The cost of running a witness node is still relatively low, and even with some extreme growth - it should still remain reasonable for top witnesses to afford running a witness node for the foreseeable future, assuming we don't see an extremely drastic reduction in price.
As far as full RCP nodes, those could start to get a lot more expensive if the memory requirements exceed 512 GB of RAM, but from what I've heard the development team is planning on expanding the RocksDB implementation (that was recently adopted for account history) to support the other operations as well - which should significantly help with the memory requirements for those nodes.
Steemit Inc / @steemitblog have claimed that full RPC nodes require 32 GB to 64 GB of RAM post RocksDB/AppBase/0.19.1x, and that the recommended configuration is shared-memory on NVMe/Optane disks even for full nodes. RocksDB is repeatedly heralded as "on-disk" solution. (Source; and Source)
I'm not aware of this being verified independently, however. Either way, for 0.19.10+ the "512 GB RAM" requirements are questionable, at best; obsolete most likely. I have no reason to believe Steemit Inc. are lying.
In short, the cost of running a witness node is very low and you get paid. The cost of running a full node is insanely high and you don't get paid.
Yet we need full nodes to make this shit run, but people who pretend to do the good for the system need an incentive to run ful nodes? fucking hypocrites
A full node costs $700-$1,000/month, and soon to be much much more. It's not cheap, yet a witness node costs $60 and pays anywhere from $0 to $100K+/year. Not saying top 20 shouldn't run one, but it shows the flaw in the system.
A full node has nothing to do with witnessing, and this is coming from some who manages 4 full nodes. Full nodes are a dev project, and a project the size of DTube shouldn't be using public nodes and should have their own, just like any large projects, especially with 2M free delegation.
Public nodes serve one purpose, they allow small projects to bootstrap and avoid the crippling expense of a full node allowing them to bootstrap. Once you get large enough, you should be using your own private full nodes to sustain your project not leaching off the very few public full nodes that are available and overwhelmed.
It shows the complete hypocrisy of the witnesses, and the total reliance of the ecosystem on steemit inc. funny thing is that a bunch of top 20 witnesses will blame and point fingers at stinc whenever the opportunity arises.
In my opinion, witnesses are cancer and giving out 15% of printed steem tokens is absurd when you think about what witnesses provide to the community: zero. It’s just like organized racket
Hi, why full node cost so much? what bandwidth/month please?
Hey Tim,
Should you and other top witnesses not setting price feed bias percentages, with a SBD Debt Ratio at 6+% ... there is to much steem being printed.
Or is it that you and the witnesses know this an play dumb? Because at 10% the SBD floor will be gone, and a bail-in is just what you guys want so that users and community be pickpocketed?
Who else is going to pay to bring that 15+ million SBD Debt down? Who is going to burn it?
Looking forward to your answer.
This is extremely off topic for this thread, but I will reply non-the-less.
I am not planning to use a price feed bias as this time. I am not playing dumb. I am aware of the economics behind SBD and have written quite a few posts about the topic. I also submitted two pull requests to update the SBD economics as part of hardfork 20.
There is little need right now to "burn the debt". The market has demonstrated over the past several months that there has actually been a demand for more SBD. A short-term change in the cryptocurrency markets is not enough to warrant any drastic policy changes.
Even if the debt limit exceeds 10%, that is not the end of the world. The price of SBD has been sustained for a prolonged period without traders even using the conversion function. If conversions are not supported at
1 SBD to $1 worth of STEEMfor some time - that does not necessarily mean the market will not be able support the peg based on demand alone.I'm not really sure what you are referring to as a bail-out. I have heard no such thing being discussed, and it doesn't sound like something I would support.
In terms of the absolute worst case scenario of what could happen, the debt ratio could significantly go past the 10% mark, and the market may see that as too substantial of a risk, and no longer support the peg. At that point the SBD peg would become broken (well, more broken than it already has been, given that it has not really been at a stable $1 USD price for quite some time). The risk here is 100% on SBD holders, and poses little risk for holders of STEEM. This is really more of a "hypothetical what-if" though, and not something I believe has a high probability of happening.
Tim, thank you for your reply,
The bear market has significant downward pressure on steem and also sbd.
Because of this, the market value has dropped also significantly.
This is a new situation because, with 15+ million sbd debt and the market cap in a downward spiral, they will meet each other at 10%. Because we stopped printing sbd's at 5% there is more steem created. Which re-enforce the downward pressure on steem. What we see is that even when steem price is rising, the market cap is still coming down. Price Feed Bias is created as control mechanism to keep stability.
Your proposal to extend the debt ratio from 2-5% to 9-10% is like opening the door for a "Black Swan" event to happen. Before the HF20 we could already be above 10%. Will you put HF20 on hold?
Past performance is no guarantee of future results.
At 10%+ we break the SBD floor, this means sbd will free float and could go to zero. And your mention that only the sbd bagholders will feel the pain? Is just not true, in a scenario like this, steem would go to zero first, followed by the sbd bagholders. Remember, SBD is not being printed, but steem is, more and more. It's like holding a little bird in your fist, and sqeeze all the life out of it.
Then there is only one more thing to do, and that's close the door on our way out.
Based on some of your comments, I don’t know if you fully understand how SBD works.. I’ll try to do a post in the next few days to cover the topic and hopefully your concerns.
It's a problem but I don't see it going to zero. I see it going back to the pennies it was last year which is still pretty bad.
Here is a more useful question. Will interest again be applied to SBD so that people have a reason to hold that? Is there anything which can be done to drive demand for SBD and Steem?
The downward pressure is is a real problem. It makes life harder for everyone including witnesses.
I have no immediate plans to add interest for SBD. I don’t think it is necessary under current conditions.
Generating demand for STEEM and generating demand for SBD are largely unrelated.
As far as increasing demand for STEEM, my most recent post is touching on the subject. The short answer though is that it is everyone’s responsibility.
An interesting question to think about, because many stakeholders think this way - if someone’s content is not generating more demand for STEEM, should it even be getting paid?
You give great comments based on knowledge and experience. Thanks!
Glad you came in to clear a few things up, Tim. Always good to see you coming in with the wisdom.
@timcliff I appreciate the response, however I think the question remains. How would the decision by the Witnesses not run the full RPC node impact the performance of the STEEM blockchain once SMTs go live? Will we begin to see transaction times closer to Ethereum and Bitcoin or will it be negligable?
The transaction times are three seconds, and they will remain so even with significant growth.
@timcliff thanks for the response. Honestly, as a non-technical person I have no idea how any of this impacts the performance of the blockchain and I appreciate the insights you’re providing.
So are you saying steem is getting in over its head with SMTs?
I don't know how you got that from what I said. No, that is not my assessment.
Quoting one of my favorite videos I watched recently by @dhenz: "when prices go low, people start asking weird questions."
can we get a post about STEEMIT Inc team , who is in it and what not...
That would be interesting. The management is unclear to mees
Keep working hard team, now is the time to put in the work as we're finding the bottom and eventually rise for new highs in cryptoeconomy - The next boom will have everyone thinking about crypto and we better have our product ready and shining.
There's really no point in wasting your time trying to explain anything to him.
He appears to hate Steemit, but it sure as fuck doesn't stop him from posting utter shit and taking the money.
And I'm going to make sure nobody sees your posts or comments moving forward. Learn to keep your mouth shut. Dumb fuck.
Wow, that totally stops me from just making another account.
You're pathetic.
If you can't take the heat, get outta the kitchen. Beotch.
You should take your own advice. It's funny how you cry so fucking much about the state of Steemit and appear to want to make it better, yet used 'abuse reports' and your own fucking witness account to downvote my shit. All because you don't agree with me. Hilarious.
At least you admit it's "shit", I completely agree.
They couldn't be bothered putting a https:// infront of the whitepaper link either.
Im glad and very happy about this development. Maybe this announcement wont change the cause of the bear market but at least it may get the short sellers off this asset. The idea of increasing access into the blockchain isnt bad either. Besides, we need to see steem more as a medium of exchange than an investment asset.
Do you know @ganjafarmer? I work with him we want to make a SMT
Ahahaa...Pardon my sense of humor!That tickled.
We are but Lemmings full of hopium Bernie. We follow our lead lemming Ned to the cliff and over the edge. Didn't you read that in the new Terms o Service you had to click on accept in order to be able to read?
I was just about to ask where can i short this..
It can last for a minute if you cut it :D oh, you meant stock? :P
You could try https://www.augur.net/?
Content Director, Steemit
hahahahaha! Im willing to lose if it means SMT does finally launch with no hiccups.
I would love to hear "going to" rather than "will". Still wishing you guys all the best :)
I'd think you can easily create one on Augur.
This is super exciting! Wanna do an interview with me @ned? I'd love to cover the story!
As founder of @actifit - SMT for Rewarding Fitness Activity, we can't wait to get more hands on experience on SMTs. Those dates are a great start, we would preferably want more details from Steemit inc core team on exact expectations and final plans.
There should be a detailed ( even if private) debrief for the early SMT adopters so they can plan and adapt accordingly for the already running apps.
Hey Mcfarhat bro. I'm yet to know much about activity. I'm going to download it now and see how it works
sure ! It's all about rewarding people for being active :)
Join us on discord if you need any help.
More information will certainly be coming! This is just the beginning! You'll be getting a lot more info on SMTs as we move towards these release dates
Counting on you guys, please don't let us down.
We appreciate your support. We promise to not let you down! We're in this for the long haul. We've been at it for 2 plus years, which is a lot more than most blockchain projects can say and we're still just as passionate about bringing this revolutionary technology to the masses as ever. We have our plan and we're sticking to it!
@andrarchy for president 2020
Thanks! we would definitely be looking forward to those the soonest, particularly as many aspects of our token distribution plans could be affected by how SMTs will function.
@andrarchy good news, I am going to go through the whitepaper again, I actually forgot about SMT's. Thanks!
A couple of months seem a long time to go, congrats!!! Long life SMTs.
I wish it were a couple of months .I would be excited if they said SMTs launch in a couple of months but ven I think maybe that is unrealistic. I think if they can launch test net before the end of 2018 that would be fantastic. But I also understand Jan-March 2019 is around the time Ethereum will be coming with Casper.
You guys are working hard that end and there are people out there that see that and know what it takes to do what your doing. thank you deeply for the efforts and the great changes you have already made in blockchain and in people lives on steemit for making such a great idea into reality. I hope great success for SMT and for Steemit. People are greedy inside, we been programmed this way. People want more and more quicker and quicker and sometimes forget all those people really busting there asses with sleepless nights to make these incredible things happen. Its easier for some to critique and bait vs. encourage and uplift.
That's amazing news!
And I guess the time period should be enough to create/finish-up the SMTs we all have been waiting for.
Honestly, I rather wait a bit longer than pushing an unfinished product. That's esepcially important in blockchain technology with bugs which can have unforseen consequences.
With that said:
Now is the time to get back to posting and to accumulate more Steem.
4-6 months may sound like a long time, but it isn't. As soon as the testnet is live, the hype will come!
Straight up,let us stack more SP....
This enough time for me to accumulate 1500 SP,currently at 750SP!!!!
Unless you buy some.
Superb news... Time period doesn't matter... It's good that they have enough time to give a rock solid product...
Posted using Partiko Android
Perhaps you could earn some more by informing your followers that the steemit.com site is unavailable, again. Boosted into trending by a bid to smartsteem not sent via the wallet, again?
Maybe he didn't send via wallet but he still gives more value than what he takes. He actually has created a super useful service. Also the post was very useful since majority do not know about that steemitstage website. This is capitalism and proof-of-brain place. Smart people will earn more if they create something useful everyone benefit from.
ok.
Do you not agree?
I'm afraid I don't agree, but appreciate your positive comments towards him.
;-))
Hmmmm.... it will be interesting to see how it all unfolds.
@remind-me on 16 January 2019
Hey @onealfa, I will notify you on January 16th 2019, 12:00:00 pm (UTC)
Later! ( read more... )
good idea! @remind-me on 16 January 2019
Hey @mountainjewel, I will notify you on January 16th 2019, 12:00:00 pm (UTC)
Later! ( read more... )
Hi @mountainjewel!
You asked me in this comment to create a reminder.
It seems the time has passed!
Hi @onealfa!
You asked me in this comment to create a reminder.
It seems the time has passed!
Thanks for listening to our feedback and only announcing dates and features when you're absolutely certain about them. Of course, you'll have to deliver, but for the first time, I feel confident that you will.