IMPROVING THE ECONOMICS OF STEEM: Make STEEM A Function 4 Token

Monday ~ 6/3/2019 @10:29am

It never ceases to amaze me of how incredibly important the small things make the biggest difference in life. It is especially important when creating a new asset class of money using cryptography.

It may seem like a small thing to revisit the monetary functions of Steem. It may seem like an insult to the brilliant design of the cryptography and the intelligence of cryptocurrency designers, but that is the inherent risk undertaken when you have open source technology like Steem.

Besides, there is safety in the multitude of counselors. It is wisdom to consider all perspectives from everyone that chooses to contribute their thoughtful reflections to improve a wonderfully awesome technology called blockchain.

That said, consider this... The commodity of the Steem blockchain is quality blog content that will contribute to the overall betterment of people living in this world. No matter how altruistic the content may be, the stakeholders have chosen to make it the commodity of the blockchain. That simply means content contributors, both authors and curators, earn Steem payout rewards for their stakeholder actions to grow the Steem blockchain!

Bear in mind, we are not reflecting so much on the quality control issues and the get rich quick hustling that invites. That can be a very interesting discussion of motives I am sure all that participate would have a lot to say. But, what I am speaking to is the fundamental design of the Steem token and it's monetary functions!

The white paper that I read, and correct me if I am wrong, says that the Steem token has only one monetary function ~ unit of account. Which raises the question from a cryptography design perspective, why just unit of account? What about the other functions ~ medium of exchange, standard of deferred payment, and store value?

Again, the Steem blockchain has content being created by authors that curators critique ~ they like or dislike and upvote accordingly which ultimately generates Steem payout rewards after 7 days for both the authors and curators. Beautiful! Now, what?

My language may be too strong for some Steemian witnesses and high reputation stakeholders to say it is flawed cryptography. Whether by choice or lack of imagination, we all can agree the cryptography gives Steemian stakeholders complete control of token functionality in the Steem blockchain ecosystem.

Therefore, let the truth be told or proven otherwise not to be the case... The Steem token has NO MOE... We have the commodity, but there is NO medium of exchange [MOE] in the Steem blockchain cryptography to drive the crucial interaction between Steemian stakeholder authors and curators. The prospects of new Steem account owners is pretty dismal... We can all count the number of new accounts by the number of INTRODUCEYOURSELF postings... They have been less than 100 newbies of late and newbies are vitally important to the growth of the Steem blockchain ecosystem which is built for unlimited scalability.

Seeing therefore that the cryptocurrency is a new asset class, Steem, like all other crypto-tokens, have not been crafted to drive consumption, but rather initial investment through initial coin offerings [ICO]. That scenario amounts to fiat money infusions or paper money capitalization to further fund development of the blockchain. The token is supposed to be collateral for the fiat money investor because they don't have cryptocurrency to invest. When they receive returns on their investment they ultimately cash out in fiat money like the U.S. dollar ~ the most favored world reserve currency at the present time!

What we are experiencing right now with the price of Steem, is a so called bear market. But, think about it! Why is Steem ~ the world's #1 social media network susceptible to a cryptocurrency bear market?

We have a commodity that is being created by the Steemian stakeholders, but NO MOE to drive the growth of the blockchain that has unlimited scalability! And yes, the prospect of getting rich or at least getting paid high Steem reward payouts that make our lives noticeable better is a factor that will drive growth exponentially! It will attract more high quality authorship and curation as a result. It will attract more long-term investment capital as well crucial to open source blockchain development.

Can Steem reward payouts be separated from the bears and the bulls of the cryptotocurrency markets? Yes I do! Can there be a more seamless cash out of Steem reward payouts into a favored world reserve currency like the U.S. dollar? Yes I do! Can Steem lead all other cryptocurrencies as the preferred token of retail merchants in global e-commerce? Absolutely!

I believe all of the above is doable and achievable NOW with the current Hard Fork that is about to take place, because we have the power to decide what the fundamental standard of cryptocurrency functions can and should be!

In conclusion, because I have no intentions of writing a book in this blog post, let's revisit the fundamental design of the Steem token. We can "hard fork" Steem reward payouts from the cryptocurrency markets to make the blockchain more socially appealing and marketable in simple Instant Steem Account Campaigns on other social media platforms like TWITTER, YOUTUBE, INSTAGRAM, MEDIUM, WORDPRESS, REDDIT, FACEBOOK, etc. We can "hard fork" to make Steem the gold standard of the blockchain ecosystem if we redesign Steem with a function 4 ~ UNIT OF ACCOUNT, MEDIUM OF EXCHANGE, STANDARD OF DEFERRED PAYMENT, STORE VALUE!

LET'S HARD FORK STEEM TO BE BETTER THAN GREAT

Thanks Steemians for taking the time to visit my thoughtful reflections in this important matter that affects us all.

Happy blogging!