Hello everyone
@ned dropped this infographic into the Smart Media Token telegram the other day. (which only has about 500 people in it...you should check it out.)
So what does it all mean? Here is my take and please feel free to drop your thoughts below.
The Good Person Token
This is going to be a token issued by Steemit Inc that will be distributed to people who are whitelisted as being a unique person. Other Oracle Enhanced SMT will be able to leverage this whitelist so that they can do account-based voting rather than stake-weighted voting. I have yet to understand how this is going to be distributed and dealt with on the GUI...but word on the street, there is a whitepaper is on the way.
Account-Based Voting...Why?
Finding what is popular and trendy content is impossible using stake-weighted voting. The community has been complaining forever about how the trending section is kind of a disaster. In the past, it was just Steem related stuff and now it's just a display of the highest bidder on bots.
With account-based voting, it is only through having a lot of people enjoying your content and voting as unique individuals that you and I will be able to make money. It will be a "one person one vote situation"...which will make a new user as valuable as an old timer.
Superlinear + One Person One Vote
This will complete change the game of who and how people earn SMTs. Right now, in order to acquire tokens, one must have either backers with lots of SteemPower or bid on a bot. How popular or how many people vote on a given post is irrelevant.
When the One Person One Vote situation will be live, people like @hodgetwins with millions of followers will have a huge incentive to migrate all the fans they can unto something like steemit.com or d.tube. They will be the whales and the top earners on the trending page...just as it should be.
The game will change so that the main goal will be to acquire as many loyal fans as humanly possible.
Conclusion
As with anything Steemit Inc talks about, I'm very curious to know WHEN we will be able to see this development online. To be honest, I've been waiting for hivemind for well over a year now and I still don't see it happened any time soon. So patience is the word of the day for me.
The only thing about this structure I’m having a hard time grasping is what would make GPT hold monetary value? What’s the incentive to buy & hold that gives any monetary reward?
I don’t grasp how the GPT rewards pool will hold and distribute monetary value.
It may not have monetary value. But may be use as an airdrop list for all SMTs as well as a way to make sure that an account is a real person.
Oh ok. So this is more like a validity checker?
It could work like the rep system we have now. Maybe the token is meant to work like a "verified" tick on the Steem blockchain? I can see devs using a "sort by gpt token holder vote count" function to list posts that are actually trending rather than the messy system we have now.
it's the same reason why steem would hold monetary value. it's a proof of brain that you've participated in creating quality content for the steemit community. in theory the community will decide in a democratic way who gets the GPT. in this diagram steemit inc must verify you first.
I am not following it intensively but I would like it the way you described it.
Yesterday I read a post about this. I understand this is going to be a new and parallel reward system to compliment the current one?
Either way, this idea sounds nice, but as you say at the end, when is this going to be released?
I bet by next year.
Yes, the idea is quite nice. It should be released without delay i advice.
SMT will be the turning point in steem.
everyone is waiting for SMT launch @ned is doing his best and promoting steem, wandering around countries to countries and making people aware about steem, hopefully the launch of SMT's will be soon...
One vote one account will change Steem for the better. I can not wait to see what the trending page looks like once this needed change is implemented.
Keep sharing the hidden gems. :)
@ned dropped this infographic into the Smart Media Token telegram the other day.
@ned is really doing a great job, as the launch of SMT will be very benifitial for steemit, hope SMT will let the steem touch stars, @ned you are really doing a great job bro, keep working for the platform as it's benifitial for us.
@cryptoctopus - Sir after sharing posting key with https://steemauto.com/ now it's scamming our daily vote power...
Changing master key doesn't work either... This is a very bad situation for most of your loyal followers Sir... Hope you consider this...
+W+
But wouldn't then people create multiple accounts.
Sorry if I got this wrong, but I don't completely understand this stuff
that's the point, Steemit Inc will create an oracle to guarantee that it will count for 1 person with vote...even if that person has 100 accounts, it will be counted as 1 vote.
Won't that be fantastic then
It'll be able to fix the trending page easily.
I hope this idea materializes soon
Except you can buy verified profiles on every other platform, so what'll make steemit so exceptional in this regard?
sure, anything can be sold, it's yet to be seen how its going to be implemented but that might be a violation of the terms of services and from there lose it's privilege to receive SMT from all the other SMT attached to that oracle. (huge cost)
In any social media context money runs everything, so if the userbase doesn't like shilling then it'll be covert account selling or product placement a la reddit, or if the userbase doesn't care or wants to be sold product then influencers will be public and shameless about it a la instagram. We'd need the userbase size and view numbers up to get any mainstream companies interested in shilling on this website, so our relative invisibility to them is kind of a blessing in disguise. Now only if there were quality content to make that lack of outside influence worthwhile...
but how would that be determined? each account has its original content?
Or does it affect under IP address? (I hope not! Because this would be ridiculous under a network environment)
I think that this is again an amazing step towards the upliftment of steemit. The quality content will get more recognition whether it comes from a whale or a minnow, if the content is pure class it will be rewarded.
Furthermore the launch of SMT will surely help in getting the prices higher up. I see a lot of steemit users are demotivated due to this decline in the crypto industry and all those people will be motivated to invest in steem more and more.
Now this is one way for users to escape the unjust system on steemit. No one is going to be buying his way to the trending page from a one person one vote system. This is key in building key genuine content that attracts attention of readers.
This is nice and fair...fair to genuine steemit members with small steem power who painstakingly draft out quality content and yet are hardly noticed. Thanks @ned for this development. Steemit rocks!!🙂
SMT plays an important role changing seemit platform. This will be a new way for Steemit.
This is absolute amazing post....
@cryptoctopus Now i became curious too after hearing about this from you. Thanks for this share this cool update.
how you explained this current concept, in my opinion in the phase of SMT's there will be fair distribution. So let's hope for the best. Thanks for sharing this post with us and wishing you an great day.
"Oracle 2"
as expected, open the gates for censorship.
what do you mean? Smts can choose their own oracles and there can be competition, so not 1 source will be able to censor.
referring to
sounds pretty obvious?
One need only refer to platforms like minds or the upcoming ono to see that these companies all want total control of what the users say and do. Having any whitelisting done by a company that created thousands of bot accounts and drags its knuckles when it comes to real people who've wanted accounts is a bad idea.
That is only Steemit Inc oracle. If Steemit Inc abuse of their oracle, it will lose value and other people would compete. Plus, you want a way to get rid of bad actors, if we lived in a perfect world where people acted right, then we wouldn't need a way to keep bad people out. Exemple: child pornography
Thanks for this overview, this kinda makes sense. Wonder how it will interact with existing steem tokens. Tipuvote!
thanks for your information
Hmmmm. So maybe vote buying will be a problem then? Hopefully the issue with dust votes will disappear too. I mean why have the capability to do upvotes if it's just dust on it's own. :( Sad really.
Heck let's just see what happens. Let's see and hope it's better.
Interestingly, this will work well. O_o For me it's not entirely clear) But I hope that I can just as well understand this as you.
Yes, we need patience, but how you explained this current concept, in my opinion in the phase of SMT's there will be fair distribution. So let's hope for the best. Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂
what do you mean by fair distribution? You mean everybody equal or a meritocracy?
As we can read that, the trending page is filled with the posts which is supported by the bots, so i think that new framework of SMT's can bring some changes to the current system, which inturn can help in fair distribution. I may be wrong in my opinion, but i am thinking this way. Thank you. 🙂
A unit of value that an organization creates to self-govern its business model, and empower its users to interact with its products, while facilitating the distribution and sharing of rewards and benefits to all of its stakeholders.
Correct me if I'm wrong, but wasn't this GPT a hypothetical thing ? as in, this is something that could be done ? Not saying it will be done ?
See this comment
Wow! Sounds interesting.
It will sure be a great approach and once again it will be great to have a look at the trending page and moreover will get to learn a lot of things in implementing the process.
Lets hope for the best .
I'm both worried and excited about this. Worried because I'm curious to see what will happen to existing investments made in the platform.
On the other hand, something really needs to be done about the current way content is upvoted. Steemit will never become a fully usable platform, if it stays the way it is. Way too much focus on sponsored content, together with monopolies of big users.
Altogether, I am looking forward to seeing the changes come into effect.
me too. Overall, I think that this kind of development will increase the value of Steem over the long term...as well as any business who will build on top of this blockchain.
Every good things comes with a bang @cryptoctopus and not to forget waiting for something good is always tastier
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A change continues to be created
It's a very useful imfo of what's happening right now, in global competition An honor can read all your posts @cryptoctopus.
everybody learned something new in your every post
Great information on unique person token, hope the wait ends early..
I always taught oracle could be implemented on SMT protocol so that we can build an online/offline model where the 1 accnt, 1 vote could be done. This is something that already exist in cooperative structure internationally.
So it will be the blockchain's way of "verifying" an account? I can get behind that. Of course, it remains to be seen how does this air drop happens and how would a person be qualified for one. Do they have to be a person brand? Or must it be a person?
Like everyone else we're all asking "when". And also I. Very interested in how bad actors may want to game this new system.
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Steemit has enough tokens already. Steem / Steem Power / SBD .... the system needs to be simplified not added to.
Create a max upvote value so one persons vote isn't worth 1000 of others. Give us a favorites option so we can easier navigate to our favorite content providers. Speed up the sign up process and make signing up instant like is possible with all the top social media sites.
You showed there a very interesting and important graph.
I appreciate about your analysis.
Thanks for your informative post and valuable update.