@steemhunt is doing some wonderful things with the platform. They are expanding their reach outside the Steem blockchain to create an ecosystem that funnels people and money in from the outside.
They recently announced an initiative that I wanted to echo here.
We all know that the Smart Media Token protocol is delayed because of Steemit Inc's shift into survival mode. This created a dilemma for many of the applications that need a token that is traded for funding purposes.
The idea is that SMTs are all gong to be paired with STEEM. This will be done, most likely, via the internal exchange. There is no reason why it has to be only done there. And this is where Steemhunt enters the picture.
Through their relationships, they are working on getting STEEM and the SMT's paired on Daybit. This is a relatively new exchange that was able to attain a bit of success in a short period of time. According to their post, this is a Korean exchange that received a great deal of funding to get going.
The idea here is rather simple. It starts with listing the Steem based tokens, STEEM and SBD. Next, the applications that are creating a token have their listed in whatever they are created in (for example ERC20). After that, when the SMT protocol is released, these tokens are then converted to that.
They also are proposing to have funding for the applications through an initial exchange offering.
This is something that all the applications (and those who support the applications) should get behind. We are in dire need of movement on this end of things. Allowing the applications to go live with their tokens is critical. Not only does that help the funding but it is critical for application adoption. Consider how much more attractive the apps would be if their native tokens could be converted into other currencies.
The reality is we have no idea when the SMT protocol will be released. At best, if all goes well, it might be the middle of the year. With the later part of the year as a more realistic option, this is a long time to wait for this pairing to take place.
Going to an outside exchange is a smart idea. It is a place that already has some volume and many of us know how well cryptocurrency is embraced in South Korea.
If you haven't already done so, it might be a good idea to give this team a Witness vote.
Their full post can be read here.
@steemhunt/discussing-steem-trading-pairs-for-stm-tokens-in-daybit-exchange
Picture from article linked.
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