Steem: SMT Testnet to be released in 1-2 weeks (They are finally here!)steemCreated with Sketch.

in #steem2 years ago

Just in case you missed it...

It was announced yesterday that that the development work for SMTs is largely completed.

The announcement was 'hidden' about 2/3rds of the way down on this post yesterday from @steemitblog:

https://steemit.com/steem/@steemitblog/blockchain-update-platform-independent-state-files

With the development work completed, all that is left is to review the completed development and make sure it is ready for the testnet launch, which is expected to take 1-2 weeks.

Once that review is done, the TESTNET will be launched!

The exact quote can be seen here:

"With SMT development now done (just awaiting review which could reveal minor additional work) the next major announcement from the blockchain team will be the release of the testnet which we expect to happen in 1-2 weeks!"

(Source: https://steemit.com/steem/@steemitblog/blockchain-update-platform-independent-state-files)

Does that mean that all the work is actually done?!

For the most part, yes!

According to Andrarchy's comment in response to a question by @aggroed about RC delegation pools, it's pretty much all done:

[-]andrarchy (71)Steemit Team · 5 hours ago
Yes, literally all development work is done and only token emission review work remains. That means that RC delegation pools have been developed and reviewed.

(Source: https://steemit.com/steem/@steemitblog/blockchain-update-platform-independent-state-files)

Wowza!

I will be honest for a moment here, and I am getting a bit ahead of myself because they haven't technically launched even the testnet just yet, but I was seriously wondering if we would ever see SMTs, like ever.

I am pretty happy to be proven wrong at his point!

(Source: https://steemit.com/steem/@yabapmatt/will-the-new-smts-help-or-hurt-steem)

Exactly how bullish are SMTs for the price of STEEM?

That is the million dollar question and one I don't have a great answer for other than...

"It depends."

Unlike with Ethereum which has gas fees for the ERC tokens, the only link between SMTs and Steem will be when they are first created and then when requiring resource credits in order to perform functions.

The problem with that is that it doesn't appear that most SMTs will tie up THAT much steem unless they are of decent size.

Which means...

For SMTs to really drive demand for steem, we either need a ton of them all eating up a little steem, or we need a couple really big ones eating up a ton of steem due to their size and popularity.

On the flip side, there is also the risk that some users sell steem to buy new SMT tokens and the whole thing ends up being a net negative for the price of steem.

I think that is the less likely scenario, but a possibility never the less.

Most likely we will see new demand for steem arrive via SMTs, the only question being exactly how much demand they bring.

I for one am hoping it's a ton! :)

Stay informed my friends.

Image Source:

https://smt.steem.com/

-Doc

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Woah, it actually happened, they did it, when so many said it wouldn't or even couldn't be done... #newsteem is the friggin' shiznak

Technically it is just the testnet being released, but I had my doubts we would even ever see that! Great news indeed.

OK, this may seem like a stupid question, but I can't seem to find a good explanation of the difference between an SMT and the coins that other users seem to have created for their specific "tribe" (I think that is what is meant by tribes) that I've seen around, like on the bid bot pages for Steemmonsters, Sports and others. Is there a quick and easy way to differentiate an SMT from one of these custom coins, or is it just one of those things that those of us not steeped in the constantly changing vocabulary, rules, themes, attributes and nerdisms of crypto have to accept on faith that, to at least some folks, this all makes total sense? Thanks for any help.

The other coins and communities are on steem-engine, which is a smt like platform (miners/nodes) separately ran & hosted, outside of steem. This will bring alot of those same features into steem's blockchain nodes. From what I understand.

We could get a lot of little ones and a few big ones here and there, so this is exciting! wow is right! Imagine a TWITTER SMT alone could be gigantic if they sign up? There are so many use cases that the odds are in our favor now! OMG - STEEM will rocket again!

Yep, hopefully there is some demand for these things. Regarding Twitter, that one likely won't happen as Jack said he is against creating their own token or using another one, he is all about bitcoin.

Nice, I'm all about Bitcoin too, but STEEM does way more utility for me. I hold my Bitcoin and keep adding more!

Yes, he wants bitcoin to be the de facto token/currency of the internet, which means using steem/smt or something else is very unlikely.

This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.

This goes back to the need for reduced Steem inflation. Just sayin’

I also think the fee to create an SMT needs to be somewhat high so only “real” SMTs are created. A ton of novelty coins just dilutes things and confuses none blockchain folks.

Yep, the fee needs to be high enough to discourage spam but low enough that it encourages new apps/businesses/communities to want to call steem home. No idea what that price point is though. :)

Regarding the Steem inflation... that is a tough one. Right now we need less inflation as there is very little demand, however, if we had a decent product and lots of people were actively signing up, the inflation would probably be pretty helpful.

We can only wait to see what use cases for SMT will be developed. Launching testnet is still not the same as having SMT in the mainnet. Testnet is just for developers to iron out the last bugs left in the code and to do final finetuning and adjustments from the feedback.

Good point. From what I have read they won't actually be live until early next year, depending on what is found in the testnet of course.

Then we know how many useful projects will adopt SMT, if any... In the end the whole crypto world is so big that barely few projects interest each person and there is a lot more projects that don't.

The problem is the marketing if you market it well, it can be a next big thing.

That is part of it for sure. Had there been a social site, that could scale, pay people to participate and had a massive advertising budget, it might have been able to steal millions and millions of users from Facebook with all the drama over there recently. The problem is no site has been able to scale as of yet, or has the advertising budget to really make a run.

I have low hopes for Steem and SMT, as for last month there has been zero payouts even though I have been as active as in the early days when I got quite a big payouts... It seems Steem is yet another case when they pay out to new users for a while and then they change rules so old users and spammers only get payouts.

There has yet to be any great apps built in crypto (no offense to any current ones of course, but the numbers just aren't there), eventually the hope is that the next Facebook, Google, Amazon etc will be built on one of these...

I read StackOverflow a lot... It's like Bible of developers...

The problem with building apps for crypto is that either the core is too heavy on resources to be usable (like with Steem or Bitcoin), or the privacy features make it hard to identify or separate individual users...

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I think resource credit will have the same impact as gas on ETH. Now is Steem very good investment, because we are nearly 3% of ATH and we have a great opportunity to make some big green candles. Many people must wait until they will complete power down and can sell Steem, and thats great because we can have a longer sustainable grow of value. Buy now!

I sure hope so!

It's finally about to go down and smts are coming.