Additional SMT ICO Flexibility

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

Comments 47

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27.11.2019 19:41

!giphy neat

27.11.2019 20:01

giphy is supported by witness untersatz!

27.11.2019 20:01

!giphy cool

28.11.2019 07:06

giphy is supported by witness untersatz!

28.11.2019 07:06

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.

27.11.2019 20:15

hm ... not sure either, i'm not a total newbie and i dare say im either mis-reading a lot or else my impression is starting your token on steem-engine costs between 100 and 2500 STEEM(??!?) if you want full functionality , which is ofcourse normal as a monopoly pricing but i dont find anything but

use the javascript library or you can use anything to access the rpc without any mention of where or what and the rest is get on discord and i still have a sour aftertaste from the last time i got on steemchat and steemdevs two years ago ...
all true :)

even thinly laid out docs like those for condenser would be better than none

29.11.2019 06:58

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

27.11.2019 20:52

I really liked the idea! that's great .

28.11.2019 03:26

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

28.11.2019 07:14


Posted using Partiko Android

28.11.2019 12:15

You made a platform for whales, not for people. Steem will be $0.05 by January. Look at my account. I consistently have more upvotes than downvotes, but all my downvotes come from 1 whale who is acting out of vindictiveness. One person has decided to destroy my account and all of my supporters, some whom have thousands of SP, can do nothing against his 500,000 SP. One person gets to decide. My account is ruined. He is attacking my art group and my open source projects as well. The people in my art group have done nothing! THIS is what you've created.

Posted using Partiko Android

28.11.2019 12:42

Its ironic you posted this picture a few days ago and now youre asking for help. lol..

Screenshot 427.png

I see its Marky thats downvoting you. Im not sure what this is about but there are only a few shitheads with a lot of SP on Steem that will downvote you for absolutely no reason. While Marky is a dick, ive never seen him downvote anyone without a justification.
If you arent plagiarizing or spamming im sure that by talking to him he will stop if it was a missunderstanding.
Thats what youre supposed to do on a social media site. Talk to others and try to come to an understanding.

28.11.2019 14:16
29.11.2019 00:34

Like you said, you've got no idea. And you're wrong about marky. He's a complete sociopath. There is no "negotiating" with sociopaths. And that any one individual can vigilante-style serve their own justice on this platform spells the end of said platform.

29.11.2019 11:52

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.

29.11.2019 12:21

He knows exactly why. He posts a "word definition" a few times a day and used to bid bot them up to $15.

Basically building a dictionary on steem one word at a time. Then 90% of the post is a copy/paste template he uses in every other post. To finish his "dictionary" one word at a time would have would need to extract $1M-$5 in rewards from the reward pool. (Webster Dictionary has 470,000 entries).

Now he spams everyone who responds to me with one of 4 accounts:


All four are blocked from the front end as well as all future ones he creates.
You can see what I mean looking from partiko.

As a result, I put him on a permanent flag and just muted him.

01.12.2019 01:03

so what we like his word a day!

01.12.2019 04:33

So upvote it.

01.12.2019 05:14

Don't like themarkymark either? This bot downvotes everything themarkymark posts. Help by delegating:

5 | 10 | 20 | 50 | 100 | 500 | 1000

Unvote themarkymark for witness here

"I've never seen anyone leave such a long trail of blazing dumpster fires. I now believe the wreckless downvoting and blacklisting of thousands of accounts by themarkymark et al is the SOLE reason the price of Steem continues to fall. I didn't even make the photo for this post. That's right, I found it online. Fucking amazing."

Look at all these complaints from people all over the Internet

Most of these are written OFF of Steemit so as to avoid being downvoted and hidden. Amazing. So much for this "censorship-free blockchain".

themarkymark Hey. Sorry about your shit coin...

Groups of people and a top witness (themarkymark) are trying to dive me off of steem/steemit by harassing me

Getting blacklisted (by themarkymark) becomes expensive on Steem

themarkymark & Berniesanders Responsible For Altcoin Collapse?

Is TheMarkyMark Abusing The Steemit Blockchain?

Listen as themarkymark evades questions about his identity and gives up his real motives

The Arrogant "themarkymark"

Dedicated to that unknown mystery douche: themarkymark

@themarkymark Stole Thousands Of $$ From Me

My Letter to @themarkymark - in response to his continual flagging of my account

Harassment and Censorship by themarkymark continues. Now flagging everything I post for no reason

Crooket @themarkymark

@themarkymark, another fake account that flags without reason, like the berniesanders whales circle jerk

Another example of censorhsip on steemit. Witness (themarkymark) downvotes truth about his actions.

Big Thanks For ThemarkyMark, Anyx, Patrice and Others Who Helped Ruin Steemit

Open letter to those who provide Red Flag with downvotes

My Post About Asian Countries Being the Largest Ocean Polluters Was Downvoted By Badcontent. WHY?

I Got Downvoted!?! It's Not Fair! Can You Help Me???

More THIEVES (themarkymark) on Steem Blockchain? Be careful with bidbots...



Clone this protest bot

01.12.2019 07:31

Whatever if I downvote you that doesnt mean jack shit. Just means that some crazd lunatic with a trigger finger managed to get his sweaty palms on some steem power. Markymark does all the down voting on us here, not the collective community! He's an outlier, he is the odd ball out. What do you suspectr attopium did anyway??

02.12.2019 06:02

And what made you think I'm asking for help?

29.11.2019 12:32

Your bot that gives out $0.00 votes is doing just that.

Yet you make no mention you spam and milk.

01.12.2019 01:06

Same here!!

29.11.2019 00:36

So when SMT will come live ??

28.11.2019 14:43

The fact that you received a downvote should answer your question.

29.11.2019 11:48

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

11.12.2019 11:00

ohh,so lets wait

11.12.2019 13:07

28.11.2019 15:50

This post a spamm

29.11.2019 09:34

heres some $trendotoken for the steemit team

29.11.2019 16:56

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29.11.2019 16:56

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


30.11.2019 10:35

Congratulations @theguruasia, you successfuly trended the post shared by @steemitblog!
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30.11.2019 10:36

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.

30.11.2019 19:47

Congratulations @steemitblog, your post successfully recieved 13.26652425 TRDO from below listed TRENDO callers:

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30.11.2019 20:31

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.

02.12.2019 02:25

Muy bueno este aporte!!! excelente

02.12.2019 04:58

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

06.12.2019 15:30

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

07.12.2019 02:54

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.

07.12.2019 12:53

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

08.12.2019 16:36

I hope it well do

09.12.2019 17:01

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

10.12.2019 15:20

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

10.12.2019 18:07

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

02.01.2020 22:11