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

in steem •  9 days 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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