RE: Steem, Utility Token or Rewards?
You're totally right. One of the other things I talked about with exyle is the fact that, with Ned gone, Steem no longer has any clear long-term vision that we're working towards. Steemit is still working on delivering SMTs, but after that, then what?
My personal opinion is that if things keep on going as they're going, new steem and all, that the STEEM token will likely continue it's slow decline in USD value relative to other cryptocurrencies. I think the best shot at giving real, increasing value to the STEEM token is to reduce the inflation to manageable levels and focus on the benefits it can provide as a utility token (which are many, and which are not currently available on any other blockchains that I'm aware of).
I recognize that many people don't agree with me and that I may be wrong, but I spend an inordinate amount of time thinking about all of this and that's the conclusion I've reached.
Either way, I agree with you that if you're going to be investing in something, you need to have some idea of what you're investing in, and right now Steem doesn't have that.
It's 2021. SMTs are out; the only inflation is witness payments; what does your long term vision look like? What's the next move?
I would add the SPS in addition to witness rewards, but my next move would be to create a top quality suite of tools, SDKs, documentation, etc for various kinds of popular "dApps". So for example, if someone wants to build a blockchain-based game, they just grab the Steem Game SDK and it handles everything they need to build a game on the Steem blockchain - blockchain interaction, integration with tools like steemconnect/keychain, payments, token/NFT creation & management, decentralized marketplace functionality, RC/SP delegation, etc. Same for other popular types of dapps.
Then we go out and do whatever we can to get as many apps built on the Steem platform as possible, which should be a whole lot easier if we have great tools, docs, and support. Every app on the platform will need to hold enough Steem Power to support their user base through RC delegation, so if we're even remotely successful in getting some serious apps on here the demand for STEEM should quickly be able to outpace the new supply (due to significantly reduced inflation).
SMNFTs (Smart Media Non Fungible Tokens) or second layer?
Second layer.
This the best way forward: a full suite SDK for DApp developments.
Steem should not be used for rewardpool. SMTs with DApps can take care of it. Scot based @steem.leo, @sct, @palnet, @sportstalksocial have already proved it. Moreover, it is simple, for example, there is only LEO token: no LEO backed dollar, no LEO power, even all rewards are paid in 100% liquid LEO. DApps can play with their own reward pool distribution algorithm and find out strategy for own onboarding. Moreover, success will depends the DApp's developments. Investors and creators will move to the appropriate and successful DApp. It will be plethora of DApps, the fittest/best DApp/SMT will come out. Successful SMTs will drive Steem's price too.
@liberosist personal list of the ideas are best suited for Steem's future: https://steemit.com/steem/@liberosist/very-basic-stuff-steem-needs-to-fix-my-personal-list
I completely agree with everything you said here and in your interview with @exyle. I think moving Steem to a utility token is the way to go. In fact, I do not see any other way long term, at least at the moment.
As far as Steemit Inc’s vision, I think they are capable of one but they dug themselves such a large hole with SMT and communities being delayed over and over (even though the reasons were worthy and necessary like MIRA) they either have not had time to think past this major hurdle or they are smart enough to keep it secret until they get SMT released. Could you imagine if they had a large post tomorrow called something like “Post-SMT Roadmap” ... they would be laughed right off the blockchain if they did that before releasing SMTs, etc. I hope they do have a vision. What has Ned been up to? I thought he was going to remain involved somewhat but then he disappeared. Maybe he will come out of the woodwork with an update on dynasty. Was that the name of his next big thing?
Well I actually think either model could work and have a user case story built around it and be promoted.
It's not that I disagree with you as much as it is frustrating, as you stated... The lack of vision and direction. There are several directions we could go, but all of them at once is just confusing in my opinion.
Anyway, I'm still doing little power ups, but I just don't know where we are headed in terms of investing larger amounts or feeling confident onboarding people.
I was thinking the other day, that if the SPS is a decentralized board of directors, maybe it should just go ahead and hire a CEO or COO for the blockchain in order to have someone creating a strategy and steering the ship.
There would be objections along centralization lines, but as long as it's accomplished by stakeholder voting, I don't really think that should be an issue.
In your interview, you mentioned subscription services where posts would consist of links to other servers. I know you can encrypt memos on the chain. Is it possible to encrypt entire posts? My thought was encrypted posts could only be viewed by certain communities, etc. For instance, posts created through the Leo front end might only be visible to users and members of that front end? Something like that.
On chain encryption would allow people to post privately to specific groups, etc. I am thinking out loud here, but I could see some utility in that. Maybe the user has to burn a little Steem for the privilege of encryption. I am not a user of facebook but you could essentually build facebook on top of the Steem blockchain without the negative things associated with facebook, like data selling, etc.
What benefits would those be?