In The Future, Everybody Will Have Their Own Cryptocurrency

in #smt7 years ago (edited)

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This is written partly as a response to Simon De La Rouviere's essay with the same title, pondering about the possibilities of empowering individuals with tools to launch and operate their own cryptocurrencies. The hypothesis is that with a strong concept and backing, the value of any currencies will only be matter of individuals generating network effects through social means. But that write-up was way back in 2014. Looks like he's now mainly in the Ethereum community. I believe that everyone will have their own cryptocurrency in the future, but will the token itself be easy to use and more importantly, social? So here I am, writing this little post to paint a story of the near future.

The unicorn of social networks.

Unicorns are mythical creatures, said to be worth a minimum of $1 billion by Silicon Valley standards.

It's the year 2018, and flying cars are still nowhere to be seen. Not even the less but still lofty claims made by most ICOs and cryptocurrency projects. But Steem's Smart Media Tokens are here. With a minimum of $1.00, anyone can now conveniently create their own cryptocurrencies to share their values, and maybe have the chance to grow their social networks beyond the initial investment.

Never before in the history of mankind has this been possible. While Steem is entirely free-to-play as a blockchain-based social media platform, it now boasts a low-premium option that enables anyone to create their own Steem-like currency if they so desire. None of the traditional platforms out there like Facebook, Instagram, and Twitter has ever been able to get a dime out of their most frequent users, let alone provide tools for anyone to create their own cryptocurrencies.

New kids on the block.

Hanging out with my wannabe Yakuza family back in the old days. We could have opened up our third eye with SMTs.

SMTs are here to turn everyone into unicorns, investing and putting value into their own currency and community. Silicon Valley bigwigs must be scratching their heads, wondering what is going on. Little do they know that Steem's Smart Media Tokens are on its way to becoming intimately synonymous with social network accounts.

If you find yourself using a smartphone, interacting with online communities on daily basis, there's just no reason not to have your own cryptocurrency. Since you are most likely to be the largest stakeholder of your own currency, it will effectively represent your values, and you would want that distributed to those that you love interacting with. It's like being an employer, your own boss.

With the potential of 1 billion unicorns signing up to optionally create the minimum of $1 communities, Steem is poised to becoming the mother unicorn of social media networks as it grows. And that may only be a conservative estimation. This does not even account for larger investors and collectives that may attempt to bootstrap larger communities and economies, storing more and more of their value into the collaborative commons. Scalable and parallel, expect millions and maybe billions of currencies running, distributed, and traded on the Steem platform 24/7. This is all possible with the convenience of automated market makers and intuitive social media user experience provided by the protocol. Just post and vote like you would in any other traditional spaces.

Get the word out there.

Spread the word that Steem is awesome. It's true and no exaggeration is required. Try it out!

Like any transformative technologies, it will still require good information and communication to spread the word effectively, especially with so many distractions around in the 21st century. Steem celebrates collaboration through the sharing of value creation. There's really no place better platform to build anyone's network. First with Steem, and later by backing their own individual SMTs to share their values with the world.

If you've been thinking about the things that you will do to build on the network if you have enough Steem Power, Smart Media Tokens represent an opportunity for anyone to be the masters of their domain through their own social currency or SMTs. For one, I'd be spending a lot of time exploring and experimenting with SMTs. Happy to have achieved 6000+ followers now, and for this milestone I've just dedicated more to my Steem Power, confident that the future of SMTs will be as ubiquitous as smartphones, social networks, and the individuals that inhabit in them. It's an industry that I want to play a part in building.

When Steem-based interfaces begin to include a paid option during and after account creation for anyone to launch their own cryptocurrencies on the get-go, this Steem unicorn may start to fly over rainbows. The best technologies are usually invisible in nature, which is why I think cryptocurrencies through the low-barrier adoption and social operation of SMTs may end up being the winner as more specialised forms of capital starts flowing in. In the future, each and everyone of us will be expressing ourselves through a web of SMTs that we subscribe to, running and distributing in the background. As usual this not to be taken as financial advice, just my own thoughts and actions.

Before you go, check out @ned's recent video on SMTs. Thank you for reading!

Image source: 1 - 2 - 3


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@greenman Sir, you are a man of much better mind.
I'll now look at all your posts from now.
I'm a new member of Steemit

@greenman I am impressed what STEEMIT can do for itself, the crypto community and the world. If Neds and the developers actions are launched, steemit will probably reach the top 8 of the cryptos and has the power to disrupt current systems, get the government and banks out of the way, give freedom and help the start of creating the biggest redistribution of wealth ever in the history of the world. Thanks for sharing your thoughts. Upvoted your comment too. @gold84

I went to your profile and read your article.
You could post a bit more :)

good work

Nice picture. Nice Post! Already follow you, to received upvotes from me , Please FOLLOW @faissalchahid

Thanks. I don't follow many to keep my account lean I also don't resteem much to avoid clutter on my blog.

I'm a Unicorn and I am Going to the Moon! Resteemed

LOL literally flying over the rainbow

Can I grab a ride?

Kevinwong.png

What a great article painting the future. I like your view of the possibilites and therotical happenings.

For me it looks like that we are looking for the next GAFA, but with the difference that everyone can participate and try something.


I am also thinking about developing an own coin.


What i would find interesting is a coin that would be like the FIFA. For the Soccer world a huge community with an integration in the EA Games that you can mine them within the game. Similar to Minecraft and Dogecoin​.


This whole thing is so exciting​ and the future is unknown. :)

You are right...that would be huge.

It is the most popular sport in the world and would be a way to instantly unite all 1B+ fans all over the globe....well until the start of the match that is.

Exactly :)
This must be done!^^

You certainly found a big pond to fish in there going after the soccer/football people.

I think you are dealing with over 1/7th the world population.

I was also thinking about it, this math should be right.
But the way to make something like that happen, puhhhhh.

better to keep it simple first :)

Of course my friend.
This is just a vision and every vision needs to be started simple ^^

Great stuff, I watched an awesome video today discussing the same.

Inspired me to do my own SMT use case post too :)

Great share! Yeah I guess some of us are trying to express the possibilities, but in practice there'd be plenty of experimenting and failing

Oh for sure! Has to be worth a shot though: AsherToken, AsherTokentoomuch more like it!

Just what I need to burst my self confidence bubble. Watching my own cryptocurrency go unnoticed and stay worthless haha. Way to invest in those unicorns too lol. I just powered up 600 steem, not quite as significant as yours but its a start!!

No matter what, at least PUFF tokens are real and will continue being distributed!

Yes, that's right, the Puff token distribution plan is to distribute tokens as widely as possible to as many network users as possible, so anyone who joins the network site can easily and immediately participate in network activities.

LOL Yes I can appreciate that.

Looking at the list of coins on coinmarketcap only to realize I am in the last 100 of the 7B people on this planet.

My coin is just ahead of OJ Simpson.

I see a bunch of minnows saying, If you buy mine, I'll buy yours; and at the end of the day it balances out to zero growth. (lol)

Let us collectively stand in faith believing for a solution to this obviously critical dilemma for keeping Steemit and STEEM afloat.

Peace.

Awesome article and I think you are painting a future picture that is true. There is no seeing how far this will go.

Since the news of SMT I have felt the whole network starting to boil and many people are coming up with different ideas of how to use the SMT.

Most ideas are however based on some kind of community platform solution, which is a bit different from what you are talking about.

You are taking it even a step further and I think it will develop to this point. It might take a bit longer I assume but I can definitely see that happening.

Alright I have to start designing my logo for my own coin gtg!

Btw if you make a coin can I buy some Kevin Dollars from you ?

Haha im still thinking about how individual tokens should be structured. I think its best to bootstrap only with a minimal amount with most influence coming from the creator and distributed over time through votes. If tokens are exchangeable for (subsidized) goods and services, then maybe the value of the token may take off. But in anycase, these coins dont have to moon at all.

If nothing else it's ptetty cool to have your own currency :) The only problem to this thing is how many wallets will you need, or will Pillar take care of this bit hehe

Oh itll most likely be like Ethereum wallets that support their own erc20 tokens. So just the Steem wallet to house SMTs, I think..

That makes sense :)

I have thought about it some more. How would a person be tied to their altcoin? As I understand it, it would be possible for people to simply invest all of their net worth in another individual. For example, if Zuma sees that things might be going south for him, he could simply trade out all of his Zumacoin capital for something more stable (or even lucrative), say Zuckerbergcoins. This system could still work for upstanding citizens who believe in their own abilities (and are able to convince others of their abilities), but on the other end of the spectrum I think it fails. It becomes more about investing in the right people, rather than being a good person yourself.

Yeah, but that's from the perspective of expecting all these altcoins to moon. It's most likely these coins are infrequently traded, with floor price being maintained by the automated market maker in the decentralised exchange on Steem. I guess the important point is that one has the chance to build something beyond the initial $1 required to start off their own token economy.

@kevinwong - I think that we're witnessing a replay of the search engine wars of the 90's with the advent of so many new cryptocurrencies. As far as value goes, I think there will emerge one that becomes the next "Google" of finance, but due to decentralization will not have any where near as much a corner on the market.

Perhaps most of the ICO's will be worthless eventually, but I think bitcoin's scaling issues and the failure of national fiat will cause a flattening out of value across several of the top crypto's for a time until one emerges on top.

Nice observation! On my side I'm just investing more into what I'm actually using and want to be active in :)

I agree that Steemit is something more than just a new social media platform. I never liked social mediea per se, but now I'm hooked on Steemit. It gives me a window to the world, and its people. Just finishing with one final experiment and if that works (it will hopefully quell the disbelievers around me)then I shall use my PR skills to enhance the membership. The people in this community think well. Thanks

it is true that in the future everyone will have cryptocurrency, children are not excluded, laws also change, the economic and sociocultural impacts of society will also change, and I also believe SMTs will also be very successful with the very profitable concept

Well hard to say but yeah seems like there's no reason not to get into cryptocurrencies alongside national currencies

You are right, however all countries will change the law, otherwise it will be left behind, and in my opinion .., who will first set the policy towards cryptocurrency then the country will have soft power and will be respected in the world, then who is quick to see this opportunity then he is the winner..