Steemit - Dapps We Need!

Account-based voting means one person, one vote. Much more— it's a much more democratic way of voting. And that, in combination with some of the rewards curves— so when tokens are being distributed, the blockchain is is potentially distributing them on either a super linear or a linear rewards curve. With a super linear curve like this in combination with account-based voting, the idea is that the earlier a given person finds a piece of content that is of high quality, the more they'll be rewarded for finding that content and upvoting it earlier than all the other people who end up upvoting it. And if that's happening, then there's a sort of wisdom of the crowd that is being manifested in the blockchain that is helping dictate this sort of trend where the highest quality content rises to the top of the system as defined by the cryptocurrency.

So, um, hey you, welcome back to the channel, and I hope you all are having a nice day. So today we want to talk about the Steem blockchain and dApps that we believe are needed on the Steemit blockchain. So at the intro of this video, you got a— this was some time ago, this was when Ned Scott was still the CEO of Steemit. We know since then the management has changed. There is a new CEO now with Ned Scott as the chairman of the board of the Steemit Corporation. Um, but, uh, that was a very interesting project, um, that they were working on called Oracle. And this had to do with trying to find a way for account-based voting, this much more democratic process, to be able to value polls. Um, now the part of the— in our opinion, the dApps that are needed are going to deal with addressing issues just like that. And with the coming on of the SMT, Smart Media Tokens, this gives the community the opportunity to now create such projects but be incentivized in their own— within their own projects to put in the resources to make these type projects work and platforms happen. Prior to that, a lot of the weight and pressure was on the Steemit Corporation. They were under-resourced. They had to spend a lot of money to assist and help with dApps and development on the Steem blockchain. And a lot of this came about because developers generally aren't incentivized to build projects on the Steem blockchain. Now all those things are changing and the importance of democratic, the voting in accounts, we believe is still of paramount concern. Also, during that presentation, they speak a great deal about how the applications like Steemit didn't quite work like they thought it would work. What you would have is type of this type of set of circumstances where the whales would kind of just vote in conclaves and there wouldn't be good distribution across the network. We know when there's not good distribution, many economic principles begin to fail. And so the best thing you can do in the STEEM ecosystem is create this type of velocity of money distributing across the entire network. And one big issue that happened with whales and members of the community that, uh, had this ability was that, uh, they didn't quite do that, and it didn't exactly work out, uh, how the Steemit application wanted it to work. Now the problem is Even with SMT, uh, a lot of projects are basically recreating Steemit all over again, again and again. And that is a problem because many of us believe it's meant to use it to make needed changes, to make it better, not a repeat. Uh, the proof-of-brain algorithm, when it is cloned, unfortunately a lot of the front-end sites that have clone the Steemit application are doing the same thing and falling into the same pitfalls, right? So what we're pushing for and what we're proposing to the Steem ecosystem is a different approach to the proof-of-boring algorithm, a different approach to account-based voting in a way that is more safe and secure and is a great deal resistant to abuse. and we're going to explain that here with our project BitcoinMYK and talk about why we feel that this needs to be a much-needed application. And people are beginning to use it, and we're going to show you why that is. Okay, so part of the issue with account-based voting, more so Democratic voting, is that you could easily game the system simply by creating more accounts and just voting over and over and over again, right? If all votes were equal. And so that is a problem. So we have to find ways around that. But what we're finding is that there are a lot of things in place that can limit that to being effective. So the way BitcoinMYK works as a Steemit front-end site is One of the important components of it is it acts as a sidechain to Bitcoin. So that means Steemit community who have Bitcoin, they can move their Bitcoin value throughout the Steemit ecosystem, uh, a great deal more efficient. Also, you should consider that the transactions are free. So right along that makes this a much more appealing, uh, use than when you get ready to facilitate to move your Bitcoin. Also, it doesn't swap your Bitcoin. You keep your Bitcoin in your, in your wallet. And we use verification processes like wallet signatures and accounts to verify that you are the owner of the Bitcoin or test deposits if your wallet doesn't have signature capability. And we use this as a means, and then you're given the ratio value, the Bitcoin against the BitcoinMYK token, which is an SMT token that can be traded against Steam, right, on the Steam Engine Exchange. But anyway, that's the first part. The second part is then it is the Steemit front-end site, and how it works is your account determines how many of the tokens you get per post. So if you got a reputation— and it goes by reputation score of followers. Now, the reason this is important, because it shows your participation and contribution back into the community. If you have a reputation score of 25 or above, you get 1 token, uh, per post. And if you have a reputation or amount of followers from 1 to 100, you get 1 token. So, uh, generically, most posts will get at least 2 BitcoinMYK tokens per post. Now, This solves a lot of problems. It solves the problem of ideas like competitive pricing and how we're able to gauge the value of these posts. What one big problem has been with Steemit is that the reason that the system is pretty inefficient is that when somebody posts good content, there's no it's not necessary that it will be found and upvoted. And this can discourage people who post good content. It also is saying to those people that their contribution is of not— isn't of value, right? It's saying that indirectly. And so we had to find a way to solve that problem, not to make people feel like that who work long and hard on their posts. And we found that to be by more automated system. Like this. This works more in an automated fashion. Now, the components of reputation score, which already combines a mixture of Steam power and how many people upvote you, who you upvote, and your interactions are all kind of included in your rep score. We think that kind of gets to the, gets to the core of the issue and makes it a lot more fair and efficient. Now some people might say, well, what if a person just goes on and tries to create more and more accounts? Well, the problem with that is if you try to do that, number one, you'll probably have to keep buying Steemit accounts, right? There's a posting limit, there's a resource credit limit on it, right? Um, and, uh, right, it just, it can get very inefficient for a person who's just trying to do that when they can easily just build up their followers, they can build up their rep scores, and And then the value of their contribution is more linked to that than what they post, right? And I know a lot of people say, well, hey, that doesn't sound right, but it does actually in an attention-based economy. In the BitcoinMYK Project, we look at attention as the valuable currency, not so much the, knowledge base of the material. And the reason we say it like that is because we could go on the knowledge base of the material, and as it goes from person to person, we will all value those posts dramatically different. Uh, if someone writes a scientific paper, let's say a PhD comes on this Steam blockchain, they write a scientific paper, and they're a PhD. I'm not a PhD, which means I'm not really qualified to say if that's good content or not. If, um, a person has credentials under the level of a PhD, they also would not fully be able to analyze and curate that post, right? Um, they could in a very opinionated fashion, but through our system, we allow you to do that as well as, um, use this system in conjunction with it. And that solves many of the other components of the proof of brand algorithm that didn't, that wasn't solved. And that over the years became a huge problem for Steemit users as far as working hard on posting, if it was fair. And this gets rid of that stigma completely. You know, and so we think this might be a good way forward to address this and deal with this issue. We think a lot of the components are already in place that will limit abuse to the system. We also, when you log in through our account, you are, it is on a different server than the Steem blockchain. So what happens is we have ways of tracking to make sure that these users are unique and that it's not so much about the privacy of the person, but just, we have ways to verify that they're unique users. So we know it's not the same person we're giving credit to who are just creating multiple accounts. And so very interesting how to, you know, this system, it also, we also have a type of staking where if you stake 100 tokens per month, you get an extra token per post, right? So we kind of have our version of Steem Power as well integrated into that. But we think this is definitely what's needed on the Steem blockchain. We think this is what's the missing link, you know, to it because, you know, again, many of us are just using the SMT protocol and we're cloning the Steem exactly, and that's fine. There are many great things we can build upon on top of that to make it work more efficient. But the problem is many of us are building these systems in this with the proof-of-brain SMT and we're stopping there. So we're just creating a clone to Steemit. The problem is if we're creating a clone to Steemit, we have— first of all, Steemit already exists, right? And it could be multiple Steemits, but the problem is why not focus on what was some of the major problems in Steemit so those problems are solved so people can find a much more appealing product somewhere else. And I think that's what the folk— the purpose of SMT was so the community could build what the community needed to have, right? So it's going to be up to the community to determine if this is how they want to use Steemit. Do you want to use Steemit in a way where all of your posts are fairly valued, automated in a way that all your posts based on the value of your account determines what you get, uh, in that way, in a, in a much more focused attention value-based economy other than, uh, a posting and curation relationship, because the, the problem with curation— and I think we have to be quite realistic about this— there isn't enough incentive for a whale to curate your post, right? It's just not enough incentive. They're not going to get enough back off curations. Uh, now there have been, uh, efforts made with what's coming up with Hard Fork 21, where about half of the curation rewards uh, are going to the curator, right, of the rewards are going to the curator, and they're coming out of the, the, the, the, uh, the community's post. So it's almost like a tax against the community where the community is kind of losing on that because it's coming out of their, you know, post to pay these curators. But the problem is, even in that, there's still not enough curation rewards. It was already 25%, so even doubling the curation rewards, it's still probably not going to make a whale want to spend all day curating your posts. So just think about that for a second. Uh, whales generally don't have time to do that. Your community probably doesn't have time to sit around curating posts all day. So that's why it's more important to have this automated system that's based on attention, and the community can still upvote on their own. It's still— you're still able to upvote through Steemit.com, the post. This, this will be part of the Steemit, uh, feed, right? So it'll go straight to Steemit.com, you're, you're posting. Uh, so anybody can still come in, wealth could still come in, but this is a much more efficient way to doing it. This is a much way to keeping people using the blockchain by, uh, it being automated in this way, and you knowing that Okay, uh, my contribution to the community, my participation to the community, the value of my account through my followers and through my reputation score is determining that I'm a valuable member of this community and thus sharing in those rewards and contributions. I think that is a much more efficient way of dealing with this than how we've dealt with it in the past. And if a person likes a post and if they want to reward a post and they want to say that this post deserves this, that, or the other. They can still do that on top of this system, right? So I think many of you all, when you really evaluate this system, will agree that that probably makes a lot more sense. Uh, I think that it will contribute more to mass adoption because when you have people come on to Steemit and they see how the system works and they see that they're being— their work is being appreciated, I believe that they will want to remain on the Steemit blockchain more so than going, you know, this doesn't work for me and being like countless people who have voiced their opinions around the crypto space and social media about why they don't use Steemit, why they don't like it, and why they don't think it works for them. And there's many people like that. So I believe that this is the way forward in dealing with that. I'd love to hear you guys' opinions. Feel free to join it. It's— our project is absolutely free. You can start earning today. Um, we also have a UBI program where many of our tokens in treasury go to help with mass adoption, help get people involved in the cryptocurrency space. But that's all I want to say in this video. If you all like content like this, don't forget to like, subscribe, and until next time, take care.