Tokenization of Steem: TRUMP, GOAT and COKE Tokens???
Tokens seem to be the latest trend. My Steem-Engine wallet is full of them. Some are completely unknown to me... How are you dealing with this new token-economy?
Source 1 - Source 2
Steem-Engine
The number of tokens that is going around has gone up significantly since Steem Engine is around.
Before, there were the SteemHunt tokens, the Actifit tokens and a few other tokens of which was clear who had issued them and what the reasoning behind them was.
Steem Engine was launched about 4 months ago, and in the introduction post you can read:
it is a smart contract enabled sidechain platform built on top of the Steem blockchain. Initially we're launching with a limited set of smart contracts enabled which allow anyone to easily make custom, simple tokens on the Steem blockchain.
Looking at the list of available tokens, I think you can only say that the development of Steem-Engine was a big success.
My Steem-Engine Wallet
These last few weeks, I've won different tokens in @steemmonsters tournaments. There was
- BATTLE (issued by @battlegames),
- STC (the token used on the SteemCoinPan platform)
- CUPZ (a token related to the latest gambling site Cupz)
- SMPT (a token used on the NoLimitPoker website)
Also, SteemMonsters released the long-awaited DEC tokens.
More than enough reason to take a closer look at my Steem-Engine wallet.
To my big surprise, I seemed to have a lot more tokens than I was aware of.
Source
Aside from the tokens mentioned above, I knew about
- ENGAGE, which is a token I earned in @abh12345's Engagement League
- DEC (of course)
- EPC, which I receive as a delegator to Epic Dice
- SMALP - this was the token set up by @aggroed when Steemmonsters card delegations first came out.
- GAMER, which I get from playing Black Jack on Kryptogamers
- MAPX - a brand new token set up by @accelerator and the MAP Rewarder program which I purchased a couple of days ago. (Read more about the benefits of the MAPX token HERE.)
Source
However, some of the tokens were either completely unknown to me, or I didn't know why they were issued to me.
MEEP, ENTRO, SHOP, HBO, BANJO, ACTNEARN, KENN??
I've tried to look up where those tokens came from, but I didn't become any wiser, to be honest...
For Real??
Today I actually took a look at the entire list of tokens on Steem-Engine. Have you seen it? The list goes on and on and on... And most of them I haven't even heard of.
Of course, there are tokens like PLKN (Plankton), TEARDROPS, AFIT (Actifit) and ORACLED - all known initiatives.
And then there are those of which I have an idea of how they will come in useful. NC (Newbies coin) and TOKEN (Garden Token), for example. Or DRAMA, which I have seen around.
But did you know we also have CHICK (Chicken), SGTK (Some Token), TRUMP (Trump Token), GOAT, COKE (Cocaine), YBT (Your Brick Token), THS (The Holy Stuhl) and truckloads more...
While I was going through the list, a line from the South Park episode 'Starvin' Marvin' kept going around and around in my head...
Source
(The only reason I remember that line is because the sample has been used in the 1999 old school goatrance track 'The Evil Turkeys' by Psysex)
Oh, Boy!
I remember vividly how I felt during my first weeks/months on the Steem blockchain. SteemIt, basically, because that was about the only thing that was around.
There were so many things to learn that it was often overwhelming. Everything was so complicated and it was a whole lot to digest. Even though I wasn't new to crypto, this place seemed like a jungle. I even left a couple of times, out of frustration - I always returned, though. I was simply too stubborn to give up, lol.
Oh boy,... I can't even imagine what it must be like to arrive here at this moment in time. 😕
Now, don't get me wrong. I do get the idea behind tokenization while waiting for SMT's to be released. (If they will ever come, that is.) And I'm definitely not opposed to it.
I'm just wondering whether the system as it is now will have an effect on onboarding (and keeping) non-crypto users. Ths tokenization has lifted the Steem blockchain to a new level, one that is even more difficult to grasp.
It has become more important than ever to decide what to focus on and what not.
(For me personally, 'decide' and 'focus' are not really in my list of favorite words.)
I must admit I'm a bit overwhelmed by all this... SteemCoinPan, Palnet, mining Palcoins, mining ENG, staking tokens...
I think it will take a while before I get used to this...
What about you? How are you dealing with all this?
Ah... sadly I'm not quite as popular as you! Anyway, I only have a handful of tokens, which I immediately put on the market. It is the same with other DEXs, you get airdropped a whole heap of tokens which make it hard to filter what you really need. There should be a way to bookmark the ones that you are actually interested in. Anyway, my WAVES interface is a complete shambles at the moment.. some legit, most are scammy... I will have to go through and see what can be sold or not, btu the danger there is that some of the scammy ones are linked to some sort of smart contract.
Yep, far more popular than me too! I've obviously been hanging out in the wrong joints.
I guess it's like anything. It's a bit of a new toy that people want to play with, which is cool.
From what I can see, there are 3 types of tokens on Steem-Engine.
1 - Those with a purpose and have a tangible use already (these are likely the ones that are actually trading)
2 - Those that have been made for a bit of entertainment (I'm looking at you !beer & !drama)
3 - Utter Crap that have been made for the sake of trying out the new toy - no real purpose, but will hopefully eventually move to category 1.
True. But the number of category 3 tokens is huge for the moment...
I think that will always be the case, and that will always present opportunity for prospectors to gamble on which ones will break out of that bracket
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Good post! We've even had to make a discord called Token Town with a bunch of Token owners in it. Also, going to a Token radio show soon + have our own front-end. Interesting times indeed!
Isn't that like... everyone on Steem? 😉
My way of dealing with it all is to concentrate on the tokens most useful to me and ignore the rest. These are my favourites:
DEC - I'm mostly using them to buy upvotes from steemmonsters. I know, vote buying is evil, but I am getting a nice boost to my SP growth.
PALcoin - The newest toy, but one I want to build up staked. Double dipping on STEEM and PAL for the win.
GAMER - building this one for an income flow, cover my gambling losses.
WEED - similar to PAL. Not really in the WEED community, but I can currate and earn, plus an occasional relevsnt post.
AFIT. Not really a steem engine token as such (sort of but kinda not also). My biggest token holding, looking for long term gains and a promising use case.
It's all confusing, but a huge opportunity to build up if you can get your head around it.
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I completely agree.
My list of tokens I focus on is basically the same: DEC, Steemhunt, Actifit (although I don't see the use of those since I never publish Actifit posts), Kryptogamers and still testing the waters for Palcoin.
Haven't checked out WEED, though
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Hi @simplymike, thanks for the mention :-) You may enjoy my slightly frivolous Tokenomix Contest, with the rather less frivolous token prizes. The freebies will end by the end of this month and back to the serious business of increasing the MAPX token value.
it's endless but good trade volume has only top. Nobody buys most of those tokens.
Fortunately :0)
My question is:
How can a new non crypto user understand it?
More and more tokens, more and more interfaces, it's getting totally confusing..
I think nobody cares to make Steem attractive to the masses of non crypto people...
Voice is coming, they make it easy and understandable for everyone, they will get the masses, Steem not.
Anyway, have a nice Sunday
Tom
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My point exactly. I've been around for about 20 months, have a basic crypto background and even I get confused seeing all this.
Getting started here was difficult enough and it took me quite some time to figure it all out - while SteemIt and the 'stats'-sites like steemd.com, steemworld.org etc were the only thing around.
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Ahead of their time these guys :)
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