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Simplifying the SMT Protocol by gerbino

View this thread on: hive.blogpeakd.comecency.com
· @gerbino · (edited)
$31.83
Simplifying the SMT Protocol
Hi, it’s me Steve again. In case you missed my introduction post (https://steemit.com/introduceyourself/@gerbino/hello-world), I’m one of the blockchain developers here at Steem. I’m excited about the work we’re doing on SMTs and I’d like to talk briefly about some of our efforts around Smart Media Tokens. There is no doubt the team wants to push out a great product as soon as possible. Part of the strategy here is to strip out features that do not provide value. 

<center>
![](https://cdn.steemitimages.com/DQmbdqQdaG8LinZMfXUFauGDtoVbnd7Ai62mPDzTq6HbgMv/image.png)
</center>

<h1>Hidden Caps</h1>

“Hidden Caps” is one of those features. What are caps? The cap is the amount of STEEM contributed to an ICO for it to be considered a success. A hidden cap simply keeps that magic number private until the ICO creator “reveals” it.  Hidden Caps added all sorts of complications in the SMT ICO process with regards to revealing hidden caps and various unnecessary ICO statuses. We’ve consulted with community developers and all have supported the removal of this feature. 

By removing Hidden Caps, which provide little value, we are simplifying the whole process moving forward which directly translates to a faster release of SMTs. This is a big win in my opinion because we can now remove: 

* Post Contribution Phase: The period of time during which the ICO contribution phase has concluded but the creator did not reveal hidden caps
* Launch Expiration Time: The time provided to the token creator after the ICO contribution phase has ended to reveal the hidden caps.
* The Cap Commitment Functionality: The token creator basically makes a promise to the chain to what the hidden caps actually are before they are revealed.

Not only can we remove all of that, but we can also strip out the associated operations and tests, cleaning up and streamlining the entire process. 

Let’s move forward and make SMTs a reality, shall we?

-Steve
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vote details (259)
@adasq ·
The golden rule of software development. Split a problem into smaller chunks. 

Posted using [Partiko iOS](https://partiko.app/referral/adasq)
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vote details (1)
@gerbino ·
$0.11
That, and K.I.S.S. "Keep It Simple Stupid"
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@coininstant ·
Yup, and never repeat any code! If possible! lol
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vote details (4)
@owaniofficial · (edited)
"What you produce others will consume" nice strategy and break down. It easy the work of the team developers.
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@adnanshakeel ·
Great feature, definitley agree on the points!!
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@blocktrades ·
$0.43
Yeah, this is definitely a good feature to drop. Hiding info on a blockchain isn't generally trivial and it's not a feature I would think would be of interest to most ICOs/etc.
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@anggadima ·
Maybe
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@gerbino ·
Agreed!
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@ssjsasha ·
$0.48
hopefully people leverage steem's free transactions to build something crazy causing fomo in steem like we have never seen.... if I am not mistaken steem has the lowest transaction fee on binance, 0.01 steem per withdrawal is extremely low and we recently got that A rating... so cmon lets go steem!!
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@bobinson ·
Are you also working on extending the DEX features or is it already there ?
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@camodude111 ·
This Amy protocol is really good a good idea I agree with this strongly
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@chekohler ·
The more transparency the better I always say! Lets cut off the fat and focus on the core product and get it live, we can always iterate at a later stage, SMT's have been in the pipeline so long no sense in delaying it for a few cosmetic reasons
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@coingecko ·
$0.09
Great to see the progress towards the development of SMT! We're excited to see the floodgates of decentralized economy creation this feature will potentially unlock. Though that also means more work for us to list them on the website, happy problem to have!
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vote details (2)
@coininstant · (edited)
You missed a comma, I think commas are for pauses. Maybe not all the time, sometimes I get those wrong. If I am totally off, please someone correct me!
I’m excited about the work we’re doing on SMTs, and I’d like to talk briefly about some of our efforts around Smart Media Tokens.

Shouldn't it be hidden caps are?? app plural?
> Hidden Caps” is one

Shouldn't there be a pause. For a programmer you should really have som more attention to detail.

Because then you go onto the singular version, which confuses me as to why go back and fourth??
> A hidden cap

Then we have...
> Hidden Caps added...

Not bad post though, maybe I am wrong?
Hidden Caps still  confuse me a little????
That is why I flagged!
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vote details (4)
@ngcbot1 ·
https://media.giphy.com/media/26tPqTOGf3MMAaJR6/giphy.gif<br><br>https://i.imgur.com/LA9FarR.gif
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@farizal ·
I'm hoping the STEEM-Engine token can migrate easily on SMT.
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@freddio ·
very nice. 

Can you give any Data how SMTs would work with the Steem Coin? I dont find any information about requirements  thats help me.

Already had a discussion here: https://steemit.com/steemit/@freddio/ptzct0

It would be super cool if you can answer :)
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@freebornangel ·
Who put it in in the first place?
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@jacuzzi ·
Hi, sort of a newbie at this, so if my question is off the mark... please let me know.

The SMT's will sort of be like what Steem-Engine is offering yes?  
But instead of built on top of the ENG token, it will be built upon the Steem token? Yes?  (Sorta of like steem is BTC and ENG is LTC comparison)... 

Will there be any dramatic difference between Steem-Engine tokens and Steem STM tokens?  Will one have a benefit or advantage over the other?

Thank you.
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@jondoe ·
$1.00
Awesome, now is there any ETA on when we should expect these?
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vote details (5)
@marc5 ·
Question: How will coexist Steem Engine and SMT's??
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@martie7 ·
There is idea make hidden flags to prevent flag wars.
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@coininstant · (edited)
# YEah I think false flags are the number one issue facing steem today! Won't flag that one comment, will flag the rest though! SWEET!
👍  
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vote details (5)
@ngcbot1 ·
https://media.giphy.com/media/26tPqTOGf3MMAaJR6/giphy.gif<br><br>https://i.imgur.com/LA9FarR.gif
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@raycoms ·
$0.07
Definitely, nothing better than incremental development, if that is highly requested later it can still be added.
👍  ,
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vote details (2)
@steemitboard ·
Congratulations @gerbino! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://steemitimages.com/60x70/http://steemitboard.com/@gerbino/votes.png?201907012028"></td><td>You distributed more than 10 upvotes. Your next target is to reach 50 upvotes.</td></tr>
<tr><td><img src="https://steemitimages.com/60x70/http://steemitboard.com/@gerbino/voted.png?201907012028"></td><td>You received more than 250 upvotes. Your next target is to reach 500 upvotes.</td></tr>
</table>

<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@gerbino) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=gerbino)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
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@tts ·
To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/gerbino__simplifying-the-smt-protocol.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.
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