Additional SMT ICO Flexibility

in steem •  last year 

Hello Steemians, today we’d like to tell you about an improvement we’re making to the ICO featureset of SMTs. As you may have heard, we recently unveiled our SMT wizard at Steem Fest 4.

@gerbino left, @vandeberg right

The SMT wizard will make it easy for anyone, not just developers, to launch their own full-fledged cryptocurrency with 3-second fee-less transfers and powerful features like Proof-of-Brain. In that demonstration @vandeberg and @gerbino created 3 cryptocurrencies on the Steem testnet in under 10 minutes! One of those demonstrations was what they called a “Binance-style” launch.

The “Binance Style” Launch

SMTs have the ability to set a “Soft Cap” which is basically a fundraising goal that does not result in the termination of the ICO. This differs from a “Hard Cap” in that it is a fundraising goal that does result in the termination of the ICO. With a Soft Cap in place, the SMT creator can distribute different incentives based on whether a user contributed to the ICO prior to, or subsequent to, the Soft Cap.

The Binance-Style ICO was intended to highlight these options. There was only one problem; Binance’s ICO featured two Soft Caps meaning that it had 3 tiers of incentives.

Guiding Principle: Maximum Flexibility

When determining what features to add to SMTs we asked ourselves what features would effectively give developers the “most bang for the buck.” We then ask whether we can abstract the parameters of the feature so as to maximize its flexibility. For example, SMTs can have a token inflation rate. But we don’t limit developers to just one token emissions rate that we judge to be “ideal,” we enable them to configure their token emissions rate based on whatever “graph” they want.

If you can describe how you want your token emissions rate to change over time in a mathematical formula, you can specify that formula when you are creating your SMT and the Steem blockchain will faithfully execute that code. For an incremental increase in the amount of work required, we unleash practically unlimited flexibility.

N Tier ICOs

With respect to the Soft Cap, we realized that the work required to go from 2 tiers, to N (meaning any positive integer) tiers was relatively trivial in comparison to the degree of flexibility it opens up to developers. In addition, while the improvement would (and did) only take a few days of work at this stage in development, adding this functionality after the release of SMTv1 would have presented significant challenges.

That being said, truly allowing for N tiers would create some maintenance challenges, so we decided to cap the number of potential tiers to 10. The benefit of this approach is that going from 10 tiers to N tiers at a later date would be easy.

Surgical Strike

Because the ICO tiers are used during contributor and founder payouts only, we were able to make this change like a “surgical strike." We were able to add this data structure and operation (which is trivial) while only having to modify the payout mechanisms. We then modified the tests designed to check the internal data structures that are being changed.

This work is now mostly complete and will go live on the testnet shortly!

If you haven’t already, please check out our demo of the SMT Wizard at Steem Fest 4 to learn more about SMTs.

Happy thanksgiving!

The Steemit Blockchain Team

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That ICO part looks good. Would love to see a full guide pre-launch if possible.

Great to hear and great work!

There is very little talked about regarding the testing. How can one go to the testnet and test things out? There aren't any instructions that I know of. I am not sure how the community can possibly contribute to the testing if there continue to be no instructions.

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I'm actually really liking Smart Media Tokens (SMTs) and Tribes! Since Chile is in a civil war I am getting thousands of users into BitChute, SteemIt and Minds! Keep on with the great job guys... Greetings ;)

Posted using Partiko iOS

So who wants to copy HEX and launch it as an SMT?

So when SMT will come live ??

who knows. they say next qtr. it was supposed to be out in 18 q1...tired of all this shit

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Muy bueno este aporte!!! excelente

Fantastic project here, great work people :)

We have been patiently waiting to hear news of the SMT release. Cannot wait til they actually are let loose and the world can see the true power of the Steem blockchain.

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Posted using Partiko Android

!giphy neat

giphy is supported by witness untersatz!

!giphy cool

giphy is supported by witness untersatz!

We are super stoked on this for our Steem app, cXc Music

It was good to hear the questions, particularly the last one about RCs. I was wondering this also, and a little concerned about bogging down. Looking forward to learning more about SMTs launching. I have been pouring over the whitepaper multiple times in the past year or so, and am happy I won't have to write code to use what I learned ha ha (not that I don't love coding, but immutable typos are scary).


So about the market maker, I thought that was going to launch with SMTs (when they go live) Did you just mean that SMTs V1 on the testnet don't already have market maker, or are you intending to go live on mainnet without market makers?

We need to know this to communicate with our userbase.

Really good step ..... very active and strong work...I like this project smt and Steen
@smt @steem @ico

Very strong project...really like smt thanks for updates @steemitblog

@steemitblog did you guys really sell out to that douchebag Justin Sun? Why are you not commenting on this rumor floating around...?

How do I stop steemit from sending me emails? Please n thanks

where are SMT tokens stored? all users will need a STEEM account even if a custom community is created?

heres some $trendotoken for the steemit team

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Sir i'm working on @steemhunt community and That ugly @buildawhale bot give me downvotes without any reason what wrong with him i want to complete his attitude i need help please someone help me, I don't get what i did why he give me downvotes on my all post you don't made any forum where i go to complete his behavior i need help.

I really liked the idea! that's great .

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I wish my next tokenized project will be on STEEM - SMT. Look forward to see the launch date!


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Haha. Id hardly call him a sociopath for downvoting you.
"Justice" is only served if you done something wrong. Did you ask yourself what you might have done wrong?
There must be a reason given.. I suspect what it is but you can always ask him to know for sure.

All of us here are stake holders and when a downvote drops thats a means for us stake holders to make this platform better and protect our investment. That might not always be the case but the majority of times it is.

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So upvote it.

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