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SMT Development Update #4 by steemitblog

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steem · @steemitblog ·
SMT Development Update #4
![SMT Burnup 4.jpg](https://cdn.steemitimages.com/DQma9225Cs4raNipDe7KSSuPuQcn8dfHkLfHDaqzzxfaWgQ/SMT%20Burnup%204.jpg)

Hello Steemians, welcome to the 4th installment of our progress report on SMT development. We’ve made steady progress this week! 

<h1>Automated Actions</h1>

This week we’ve continued our focus on the Automated Actions Framework which allows us to solve the problem of generating SMT emissions without those emissions having to be user-driven. This means that a timed chain of events, such as inflation, can occur without manual intervention for a SMT. The goal is to make it as easy possible for people to create their own cryptocurrency that will autonomously bootstrap their community‒and its own value‒without creating blockchain bloat in the event that some tokens fail. The goal is to create tokens that work great when fueling vibrant, engaged, and valuable communities, but that effectively shut themselves down when they do not. 

SMT scope added this week:
- None

SMT work completed last week:
- https://github.com/steemit/steem/issues/3100 - Remove vesting_liquid_less Class
- https://github.com/steemit/steem/issues/2719 - Event Driven Automated Action RC Scheduling
- https://github.com/steemit/steem/issues/2718 - Event Driven Automated Action Push
- https://github.com/steemit/steem/issues/2721 - Automated Action Delay Due to Block Size
- https://github.com/steemit/steem/issues/2722 - Block Space Partitioning

![Screen Shot 2018-11-05 at 3.30.30 PM.png](https://cdn.steemitimages.com/DQmZHYduxxkNdhnHTwU4taFmqLPSgRFUm7AZus5ef3DxJ3y/Screen%20Shot%202018-11-05%20at%203.30.30%20PM.png)

*The blue dots symbolize the number of points that we have completed for SMT development. For those who don’t know, assigning “Story Points” is part of Agile Software Development. They are a [“unit of measure for expressing an estimate of the overall effort that will be required to fully implement a product backlog item or any other piece of work”](https://www.mountaingoatsoftware.com/blog/what-are-story-points) and determined by using a [Fibonacci Scale](https://en.wikipedia.org/wiki/Fibonacci_scale_(agile)).*

---

At the current rate, the team could be back on track as soon as 2 weeks from now. 
No promises :) 

_The Steem Blockchain Team_

---

*Our goal with this series is to bring even more transparency to the development process of Smart Media Tokens. In addition to these weekly reports, you can follow along on our GitHub project [organization and tracking system for SMT development](https://github.com/orgs/steemit/projects/14) which is (usually) updated daily.*
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 65 others
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@adasq · 
So, are we back on track ? :)

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
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@adasq ·
$0.06
@remind-me in 2 weeks :D
👍  
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@kaylinart · 
WOw! Like others have said, Cool bot!
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@remind-me · 
Hey @adasq, I will notify you on November 19th 2018, 12:00:00 pm (UTC)
Later! (_[ read more... ](/introduceyourself/@remind-me/hi-i-m-remind-me)_)
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@remind-me · 
Hi @adasq!
You asked me in [this comment](/@adasq/re-steemitblog-smt-development-update-4-20181105t203539920z) to create a reminder.
It seems the time has passed!
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@soyrosa · 
Hehehe - cool bot you're calling here - didn't know it existed until now!
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@greenrun · 
Me neither :D
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@aussieninja · 
Nice!

I had assumed that SMTs would all have their own starter value, and we could either decide to create/purchase 1/10/1000 or any other number of our SMT from Steem... but it's great to see that in writing.

Can I ask a question; if someone creates a SMT and they choose to purchase 1000 of their SMT for 1000 Steem... is that 1000 Steem held in escrow to be exchanged back by the receivers of that new SMT... or is it all market driven?  (Apologies if I'm totally misunderstanding something super obvious).
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@jondoe ·
$0.03
Read this section from the smt-whitepaper titled:

"Increasing Market Demand for STEEM with SMTs and Implicit Value Drivers rather than Fees"

(https://smt.steem.io/smt-whitepaper.pdf)

It starts on page 56
👍  ,
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@aussieninja · 
Thanks for this @jondoe... I really appreciate it.

I think I found the answer around page 23... I thought that as a business I would have to purchase 100 SMT tokens from Steemit or other with my Steem tokens and then I would hand those out to contributors.  I now understand the SMTs to be more of a situation where I create an SMT, and people have to buy that SMT... in that purchase, I decide whether I get 1 Steem or 1000 Steem for each SMT purchased, and the market decides whether they'll pay that or not.

That's totally flipped my whole comprehensive of how SMTs work.  Thank you for that.
👍  
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@bluengel · 
thanks for your efforts ! :)
SMT ♥ LOVE !

Posted using [Partiko Android](https://steemit.com/@partiko-android)
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@careless-steemer ·
$0.03
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@ccnew · 
Awesome.  Hope to see this in near future. Congrats to the Steemit team. 

Posted using [Partiko Android](https://steemit.com/@partiko-android)
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@chesatochi · 
Keep up the good work and this is appreciated for the continual update toward SMT.
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@clumsysilverdad · 
Thanks for the report  /  It is appreciated !!
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@drakernoise · 
Keep on the great work. It's cool to see your progress.

Steem on!
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@frankbacon · 
lol...  #4.  Try 4 posts a day from this account if you wish to even come close to the definition of Transparency.
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@freedomno1 · 
@steemitblog In before BFL
👍  
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@gregjava · 
Agile development is good. I wonder if it was chosen for convenience or efficiency.

Posted using [Partiko Android](https://steemit.com/@partiko-android)
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@matt-a · 
CREEPIN' UP ON THAT RED LINE.
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@pjau · 
![XJyemeI.jpg](https://cdn.steemitimages.com/DQmcmY2qBGdLbix4pA5Y7DETHJAhZbWboZiXXXocoaERuyj/XJyemeI.jpg)
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@ssjsasha ·
$0.22
I have a question and sorry if it has been answered a hundred times already....

But will creating SMT's burn steem? any mechanism that requires burning steem will make me further believe the value of steem will rise above $5 again
👍  , , , , ,
👎  
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vote details (7)
@acidyo ·
$0.09
It will cost SBD, price has been discussed to be around 10 SBD but I don't think its set in stone yet, or should I say set in block. :)
👍  , , ,
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vote details (4)
@aussieninja · 
In the whitepaper it says the price will be 1 SBD, which may be changed in later hardforks.
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@jondoe ·
$0.05
The answer above me is not entirely correct. Read this section from the smt-whitepaper titled:

"Increasing Market Demand for STEEM with SMTs and Implicit Value Drivers rather than Fees"

(https://smt.steem.io/smt-whitepaper.pdf)

It starts on page 56
👍  , , ,
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vote details (4)
@youkaicountry · 
The creation fee can be paid in either SBD or STEEM, and it will be burned when creating an SMT.
👍  
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vote details (1)
@vlemon · 
Gogogo SMT ! We count on you !
Could we know who is in Steem’s team? 

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
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@vlemon · 
Gogogo SMT ! We count on you !
Could we know who is in Steem’s team? 

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
properties (22)
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