RE: Atomic Swaps & The Future of STEEM
Always great to hear your thought and insights on these types subjects Dan.
Although I do have a decent level of knowledge about the technicalities of blockchain - after 2 and half years on steem my education is reasonably comprehensive 😂 - you really have a knack for breaking down complex concepts to make them easier to understand. Especially in these videos you produce.
Cheers for sharing these hypertheticalals. Atomic swaps on steem is very interesting. I think there's a good chance it's the way things might go. As to the macro on steem... well I'd never have started a hive community if I didn't think steem could make it as one of the two or three top crypto projects over the next three years.
I'm currently increasing my steem stack through careful trading because I don't have the money for buying tones of steem. It's going well so far, about a thousand up on what I put in 🙂
The only problem I see is that if atomic swaps are the new direction, Tron are gonna want to push hive communities to fund their incentive models with Tron smart contract tokens rather than SMT's. Maybe, in not sure, but they might try to ditch SMT's given that they now own steemit.inc.
For me this is a big issue! As I have a very good plan for adding value to my community while attracting outside interest from mainstream publishing... but it all rests on me being able to leverage the value of an SMT attached to The Ink Well community. Also, SMT's attached to communities will inflate the price of steem if they work out, whereas communities using a Tron token will only bring value to Tron.
I actually believe Tron will leverage SMTs, as you atomic swaps TRX users could interact with SMTs much easier. Imagine an SMT for Steemit.com - He could airdrop to both TRX and STEEM hodlers and with his hype machine could make a cool 50mil from a token sale.
Steem pretty much has the social Web 3 on lock. TRX trying to make their own SMTs would be like bitshares trying to recreate STEEM on its chain. It does not make much sense, and would be much better for everyone involved, esp TRON/STEEM users, if they simply went with the best tech available.
There will not be one chain that rules them all, despite what BSV people like to say. There will be chains that become so great at niche values, that they become indispensable. I am betting big on STEEM carving it's on niche for the future Web 3 tech stack.
I do hope Tron leverage SMT's but still think they probably see them as a type of competition for their own networks erc20 style tokens, despite SMT's having far greater capabilities with votable POB.
I agree, but this all depends on Tron's intentions and them recognising that Steem is the best technology for proof of brain social web 3.0
The other scenario is that they're developing their own version of something similar to steem quietly in secret, while saying all the right things to the witnesses to try and get the recent soft fork reversed. I'm not saying this is what is happening, it's just one of a few worst case scenarios.
I've just read their medium article about Atomic swaps and do think that's a great thing! Interoperability of blockchains is the future, and those that already have it built in will have a headstart on the competition.
Generally I'm quite optimistic about this latest news. I guess we'll know for sure next week after the town hall meeting. Maybe I'll see you there 🙂
I'm also betting big on steem with my time, as money isn't a commodity I have much of. In the future I want to make The Ink Well more than just a community, I have plans how to make it a successful business that can improve my situation while adding value to everyone in the community, and the steem blockchain as a whole. All of these plans rest on building the value of The Ink Well SMT & community, then leveraging it to bring mainstream publishing houses into the community. In my vision we will act like an incubator where they can source new talent without middlemen agents, and also gain free targeted advertising to an audience who are their exact demographic.
I want to make a career out of both my own fiction, and also the community I've built to help others realize their creative writing goals and dreams.
Steem has so much potential that although I'm optimistic, I do not want to see this blockchain marginalized by Tron if they have ideas about trying to limit us with their stake as potential competition.
Still, I'll keep on growing my community and building on the steem blockchain. And I showed my commitment yesterday by powering up nearly 700 steem for SPUD, steem power up day. I'm also stacking steem by trading and am about 2000 up on my original pot. Hopefully be powering up the final tally next month for April spud.
Everything in life that brings big things is a gamble to some extent, I hope this one pays off for us all.
All the best Dan.