RE: Single token, simplification?!

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RE: Single token, simplification?!

therealwolf in Hive Governance • 5 years ago (edited)

I guess I'm already biased due to my years on Steem, but I like the term Steempower. However, it does create overhead and unneeded complexity.

Many crypto people are already familiar with the term staking. And it would be easier for outside people looking into Steem to understand that Steempower is just referring to the token in a staked state.

Besides that, I also don't think it makes much sense to keep VESTS around. Steem Engine made the correct move, by creating a single token, with different states (staked, delegated, idle).

Personally, I'm very much in favor of simplifying things!

My only concern is backwards compatibility in regards to SMTs. Or in other words: we have to make sure that SMTs created before these potential changes, are not getting deprecated by it. But that's something @vandeberg most likely is able to answer.

5 years ago in Hive Governance by therealwolf

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crokkon 5 years ago (edited)

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good-karma 5 years ago

I don't think it would require much rework in terms of SMTs, because it could simply be started with 13 weeks matured liquid STEEM turns into vesting_shares. Example, I choose in post was 30 days but could very well be 13 weeks.

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revisesociology 5 years ago

Every time I here VESTs talked about I just get this picture of Dan Larimer and other math fans with satisfied grins on their faces.

Great for mathemeticians, nonsense to the other 99.9% of the population.

I take your point about knock on effects of changing anything!

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raycoms 5 years ago

For me this is a clear user interface problem. The general user shouldn't have to care about vests, or whether steempower and staked steem are different. Just display these things the right way in their wallets and no one will care and there are no issues with compatibility either.

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fsm-liquid 5 years ago

VESTS is there so rewarding SP via inflation can be done with a single change of value instead of adding differing values to ALL accounts that has SP according to the amount of SP on each account. I'm sure you are aware how it works.

If you want to abolish VESTS, do you have an alternative in mind that at least as efficient? Or do you also want to abolish rewarding SP via inflation altogether?

I believe regular users never need to care about VESTS anyway, the same way they never need to care about rshares. I believe VESTS is worth keeping.

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