Nitrous- Freedom of choice
Steemit has started engaging in the rewards conversation. I think this is a good thing. It's a worthy conversation. I think before the Steem community or Steemit can figure out the perfect rewards curve I think we first have to define what this chain actually is. To me Steem is a marketplace built on a blockchain for startups. Come here, engage the community, find a need, build an app, launch it, solve problems, and get money.
Are we a social media blockchain? I think we moved past that. We are a blockchain for apps with a big one being steemit.com and social media. But Steem is no longer a social media blockchain.
I think it begs the question of should the reward pool of the social media application be comprised of steem anymore? I've seen this popping up a number of times and think it's a worthy question. Maybe an smt would be more appropriate when they launch. This would involve shrinking the inflation down substantially to just funding a worker proposal system and paying the witnesses to run servers. All of the posting and rewarding would go through the SMT. It's a fairly radical change, and one that I think the community should weigh in on.
If the steem stakeholders still want Steem distributed via inflation and proof of brain the next question is what reward system to choose, and for that there are tons of answers. The different answers will have different known and unknown effects. I think it's likely impossible to find the one perfect solution since there will be winners and losers in every scheme.
What I like is the idea that various communities can make their own rules. Via scotbot and nitrous or via SMTs whenever they hit this community will have the ability to define how the distribution works on their own accord. You no longer have to find a 1 size fits all rewards process. You just have to find what works for your community. This can lead to experimentation. This can lead to competition and finding what works best. I'm pretty excited for this.
I think scotbot and Nitrous as well as SMTs whenever they arrive have the ability to radically reshape the landscape. We can reengage users we've lost. We can attract new people to new communities. We'll start getting wins and seeing what's possible.
The Payoff
Steemit has 1M accounts and 50k active users. The market cap right now is 100M USD. If a community captures 1%, so 500 users could they get a 1M USD valuation? 500 users seems pretty achieveable. Maybe it's not quite as good as the core chain. Maybe it's only 10% as good. Would 500 users get you a marketcap of 100,000 USD?
There appears to be some major magic possible with Steem, scotbot, and Nitrous. I'm not sure where it'll land, but I think there's a promise of financial return and economic freedom.
Those are two amazing things in my book!
I think we shouldn't underestimate the 'social media' aspect of STEEM. Facebook is huge, and it's nearly 'only' social media. We should try to let our piece of the big 'social media cake' grow.
The communities you mentioned are actually social media,
And of course that doesn't exclude building more and more great DApps like for example Splinterlands.
Yes, STEEM is more than social media, but in my opinion social media still is an important part of it. Actually all the new DApps could recruit a lot of users from a well working social media part of STEEM.
@aggroed,
I think you all might have a discussion with STEEMIT INC and try to introduce something as collaborative work! I mean they are planning to bring SMT and you already brought something that might use as SMT! If you guys team up and bring one superb product somehow we can see a hike at STEEM Market Cap too! Anyway wish to see the success of this project too!
Cheers~
I totally agree with your suggestion @aggroed and a matter of fact I have been spreading the word about this idea for weeks on different occasions.
The competition within the Ecosystem should fire up development and better UI / UX experience across all Steem Dapps.
In my View the main Steem Reward Pool should be distributed only to Steempowerholders, Worker proposal funding and Witnesses.
Steempowerholders can only Vote for Proposals and Witnesses.
The distribution of Steem thru POB (minimal version) only should happen on the level of the official main Accounts of Dapps / Communities thru delegation and Voting to there main Accounts.
No POB on Content creation or curation! This will only happen on the level of Communities within there own SMT system.
Community and Dapp leader could than decide how they want to utilize the incoming Steem revenue for there own communities.
Yeah, I think POB for steemit.com should be rewarded on a separate "steemit" content token. Keep investors happy and keep the price of steem happy.
In this scenario the inflation coming from the reward pool would be much lower and the incentives for holding Steempower are much more clear and valuable. But still there will be selling pressure coming from the SMT / Steem pairs of content creators that earned SMT Tokens and than convert them to Steem and Sell it.
The SMT community leaders than need to figure out how they want to incentives their users to hold on to their Tokens. One idea is that the main Account of an SMT should hold a large portion of Steempower (which gives them some revenue from the Reward Pool) to give their Token a more base level Value.
Very good ！In China, there are 22 million Baidu Post Bar, and each Post Bar is a community.Similarly, there are 300 thousand Douban Groups, based on a variety of interest groups.We're bringing inspiration to a community like this in China.
SMTs,Which makes it possible.Scot did a lot of digging for it, too. Thanks！Let's bring Steem to them and do something different. Now, just in time, we meet the future together.
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I think that is a great point, and Splinterlands is a great example of how this will work with Dark Energy Crystals.. Very excited to see the future changes!! Is there an ETA for DEC?
"soon" ;)
I hope you can pull of all the tasks you are on to .... Steem Engine, Steem Monsters .... is your team big enough :)
Hi, @aggroed!
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Steem is much more then a social media blockchain!
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