RE: Part 3 of Our Plan to Onboard the Masses: Smart Media Tokens by steemdevelopment

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smt · @steemdevelopment · Aug 14 '19 (edited)

# After hardfork 21

One thing many people overlooked is we shouldn't have had over a 5% inflation. And with hf22 we have no need for steem mining via content. 

Since steemit can have its own smt. This would turn steem into a utility token. We could still have sbd be printed via witnesses and node ops if it's really needed. 

The mining of steem should be switched over to node ops, and witnesses. This would strengthen our infrastructure massively and lower our dependence on steemit or any centralized org.

👍 steemdevelopment

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@rycharde · Aug 20 '19

It would also turn this into a centralised chain. The opposite of what you claim.

A utility token should be useful - where is the utility in a coin that only pays its miners?

👍 logiczombie

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@steemdevelopment · Aug 26 '19 (edited)

SMT's will have an internal market which Steem would be the main currency it trades with and the utility from sp allows you to do everything on the chain.

This wouldn't centralize anything, this would just switch how the mining is done. Instead of focusing on content for the main coin it would turn more into something that is used. Steemit can have its own smt just like anyone else that could be traded for other cryptos and Steem.

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