I've been lobbying for a while now the notion for an SMT to be introduced that compliments and rewards the current owners of Pocket Tokens.
First of all we need to get into the topic of the current Pocket Tokens that we have here on Steemit.
To do this, I feel that it is best to use @biophil 's words, with a few simple edits made so as to comply with the current status of POCKET:
What are POCKET Tokens?
POCKET (the Proof Of Concept Electronic Token) is an experimental subtoken system which operates on the Steem blockchain. @biophil introduced this concept here on Steemit, in the interest of starting out small to learn as much as he can as cheaply as possible, Pocket only does a couple things:
- Tracks ownership of a new token, the POCKET, which can be transferred between registered Steem accounts.
- Provides a very simple incentive system to encourage distributed storage of the Pocket database, by paying people to publicly confirm transfers of POCKET tokens.
- Allows users to interact with the Pocket protocol via existing interfaces such as Steemit.com, Busy.org, and Chainbb.com.
What is POCKET for?
POCKET is a fantastic tipping currency, provided that people decide it has some value and it ends up with a nonzero market price.
Is there a desktop wallet?
No, there's no wallet (yet) that's dedicated to POCKET, but the point is that you don't need one.
Is POCKET trading on any exchanges?
Yes, on Bitshares.
Why waste blockchain space with a useless token?
Steem has this wild untapped potential. You thought it was only good for social media? We can do anything here, we have the greatest blockchain sandbox ever created, and you're worried about a few extra bytes of storage? Have some imagination! If we don't try experiments like this, how will we ever get where we're going?
And in any case, if you don't like the idea of POCKET, don't claim your stake. That seems pretty simple to me.
OK. So we have covered the basics about the existing Pocket Tokens.
Lately there has been a lot of talk about SMART MEDIA TOKENS (SMT).
So lets do the same here:
“Smart Media Tokens (SMTs) is a proposal to build a consensus-level token issuance pro-tocol on the Steem blockchain. Inspired by the revolutionary properties of the STEEM token, including automatic distributions to content creators, SMTs will be an upgrade beyond previously created blockchain token issuance protocols due to carefully designed token sale programmability, automated liquidity providers, decentralized token markets and dynamic token distribution parameters, as well as a large ecosystem of tools (open source wallets, shared key signing tools, etc.) for integrations at website and application layers.
SMTs are an evolution of the successful relationship established between STEEM and the social websites sitting atop of it, such as steemit.com, which has grown to be a top 2100 website in Alexa rankings in less than one year, solely from integrating the incentive model of STEEM. With SMTs, any website or content library across the internet may have one or more tokens integrated into its interface to facilitate fundraising and autonomous growth.
These tokens are designed to allow website operators flexibility during the integration of the token into their community by choosing from many parameters that may be structured creatively at outset or refined over time. Any tokens launched as SMTs shall benefit from a blockchain ecosystem built with an inbuilt decentralized exchange, as well as an ecosystem of open-source applications and libraries to support successful deployment, fundraising, and growth.”
Introduction, page 5 of 61, SMT Whitepaper.
Now that we have covered the basics of both terms, we can move on to the idea of introducing an SMT that shall compliment and reward the existing Pocket token owners.
The SMT’s shall be used all over the internet, unlike the existing Pocket tokens that many of us own which are limited to Steemit.
So, there may be many questions out there about this notion:
The first of which is WHY?
Thanks to @biophil ‘s experiment we have seen that a token that is used for tipping can also be utilized for many other things too.
Now if we transfer these findings to the world wide web, we can see that it can be applied to any and all sites where SMTs are utilized.
As with Steemit, where we can tip people with SBD or STEEM or delegations of Steem Power, since the introduction of Pocket, a new form of tipping has been utilized, which was “free” and which gave people an added option.
When we say “free”, well it isn’t exactly free, as every one of our transactions uses up some of our bandwidth, which is directly linked to our Steem Power, and in turn our Steem Power is = Steem.
(this is the short version of why it isn’t exactly “free”).
SO HOW CAN THIS THEN BE UTILIZED AS AN SMT?
If we were to use the exact same principle with an SMT, then we are in fact introducing an added option to all the people who shall be using SMTs on the www.
Likewise, it would be interesting to all of the programmers who shall be making various applications for SMTs, as this would expand the use of their application, not only in that it shall have an added SMT in its offer, but also in that it shall ensure an expanded usage of their applications.
In the long run our new SMT version of Pocket shall in fact offer the potential to become one of the best promotional tools for SMTs and Steemit, hence increasing the awareness of everything that is important to all of us who own any Steem!
WHAT’S IN IT FOR OWNERS OF THE CURRENT POCKET TOKENS?
Well, if we introduce into the concept an offer to air drop to all the current owners a 1 for 1 ratio of SMT’s then we shall see an increase in demand for the current Pocket Tokens that we own.
As with any market out there, if the demand rises so too does the value.
However, what then do we need to do so as to ensure that this works.
We have 2 options available,
a) Leave it at the current number of Pocket Tokens which shall limit the number of owners of the new SMT.
Or
b) Allow for others to get in on it and in this case find a suitable solution as to how to go about this.
My suggestion is to introduce a Steemit Account, which accumulates Steem Power and upvotes Pocketeers, both those who have Pocket and those who have the new SMT.
This shall have to be a concept that is agreed upon, by those who participate in the introduction of the new SMT.
If someone has a better idea, then feel free to put your idea forwards in the comments below.
CHAT SERVICE?
Thanks to @heroic15397 we already have a Discord channel, which shall increase in members as the new SMT is introduced.
WHAT ABOUT PROMOTIONS?
We all have our Steemit account here where we can resteem and post!
Secondly, many of us are active users of other social media servies on the net and these shall need to be utilized.
FORMING A TEAM:
Anyone who is willing to participate in making the above concept come to be, please feel free to sign up below in the comments, or if you feel more comfortable with a private message you can find me on the Steemit Chat service and Discord under my very own name and surname/username @jackmiller
CONCLUSIONS:
I shall leave it at this for the time being, a basic shell of a concept, so that everyone can add to it via comments below.
I again stress, that during our very short lives on this earth, we do not get many opportunities, and many of those that do come our way just get missed and pass on by us without us even noticing, let alone grabbing them.
The new SMT’s are an opportunity for all of us, especially for us Pocketeers here!
This is the one that we shouldn’t miss out on!
I LOOK FORWARD TO THIS VENTURE, LOOK FORWARD TO A TEAM OF US MAKING THIS HAPPEN FOR ALL OF US!
THANKS FOR YOUR TIME,
& STEEM ON!
