I have been interested in SMTs project for a while, since I had a dream to connect all the traditional website or applications to a token-incentives reward system. At that time, I hadn’t got to know SMTs yet, I wanted to establish my system on the Ethererum blockchain. Then some friends in steemit replied me that there is already a SMTs who will do the same thing as I dreamed. After reading the SMTs white paper, I gave up my plan and decided to devote myself to the learning of this project. It is such a wonderful project that I believe it would boost the demand of steem thus makes steem a valuable cryptocurrency worth of long-term investment. I just went through the ‘Owner’s manual’ and figured out a situation beyond the five use cases, this example will also guide me through some technical details how to connect a traditional enterprise to SMTs, thus express my questions on what is not clarified in the white paper.
I have been working in three companies and all these companies have a common issue, documentations are unclear and incomplete, thus knowledges cannot be retained after individuals leave the companies. The underlying cause is people lacks the passionate and incentives to write documents! What benefits he or she can obtain for writing those documents? More details in the documents make employees easier to be replaced, thus more likely to lose their job. There is no reason for them to write elaborate and considerate documents!
With the help of SMTs, my idea can be implementable! If a company has a document system, a website, an application, whatever for its employees to post their knowledges and working experience, and the document system issues coins ( let’s call it ‘doccoin’ )based on SMTs, the value of ‘doccoin’ is tightly linked to the company’s performance and the price feed should take this into consideration. The ICO of ‘doccoin’ will be internal within the company, investors can get dividends based on how many coins they possess. With this ‘doccoin’, employees will be rewarded for the documents they write with upvotes. The ‘doccoin’ must remain tradable only within the company and can be converted into fiat cash.
To make use of SMTs, firstly the company needs to Create a control account on steemit, then create a SMT object, with ‘smt_create_operation’, then use ‘smt_set_setup_parameters_operation’, ‘smt_setup_inflation_operation’ and ‘smt_setup_operation’ to make configurations of the ‘doccoin’.
After launching of the ICO, the contributors should be the internal employees of the company. According to the smts white paper, they need to buy some steems, so an employee needs an account (or an address ) in SMT system to buy in steem and get paid ‘doccoin’. This triggers my first question to SMTs project:
1） Who’s mapping these accounts or addresses to the existing internal accounts in the company? Will this be the job of the company or SMTs can provide any interfaces to facilitate the work?
The next step, after the ICO gets finished, all contributors get their ‘doccoin’ and the company gets its steems. The incentive document system begins to work. Tom posts a document and many colleagues upvotes him. These upvotes would be accumulated by the SMTs system and the rewards pool will allocate ‘doccoin’ to Tom’s SMT account, however, Tom wants the visibility of those coins in his internal account profile and he wants to be able to trade the coins in his internal account. So my second question is:
2） Will SMT provide wallet for internal accounts? The wallet will provide functions such as transferring between internal accounts, selling out ‘doccoin’ to SBD, power down, power up?
At the end of this post, I would raise my concerns about future of Steem after EOS launches next year, people may build up a similar system like steem upon the EOS to achieve the same performance.