Author Topic: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners  (Read 34272 times)

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Offline thereverseflash

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Steem is a Graphene-based Blockchain created by Steemit, Inc founded by Ned Scott. 

Ned has been following BitShares since 2013 and early this year hired Cryptonomex to help build the Steem network.

Steem has many innovations that have been discussed here on bitsharestalk and in the mumble sessions including:

1. Only vesting stake can vote for witnesses (19 by approval voting)
2. One witness slot time shared with remaining witnesses (not in the top 19)
3. One witness slot is selected via Proof of Work
4. No transaction fees
5. Vesting stake is protected from any inflation / dilution caused by witnesses / miners.

It has some important differences from BitShares:

1. No committee, because there are only a few parameters that can change and they are set by median witness
2. No user issued assets
3. No proposed transactions (but retains dynamic, hierarchical threshold multisig)
4. No BitShares-style SmartCoins
5. No worker proposals 

The true purpose and scope of Steem will be revealed in a couple of weeks, but for now it is open for everyone to look at the code.

The Steem network is live now!

Starting in 3 weeks the blockchain will switch from 100% POW to 95% elected witnesses.  We would like to elect witnesses from the BitShares community due to the trust and reputation they have earned with BitShares.

We didn't announce this on BitShares earlier because we figured this community would better understand the value of what we are doing and make it
difficult execute the strategy bytemaster recently blogged about:

http://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/

We have secured ~80% of the initial STEEM via mining.  Our plan is to keep 20%, sell 20% to raise money, and give away 40% to attract users / referrers.

While we love the BitShares community, we believe we can get more eyes by keeping the discussion over on bitcointalk until our own forum launches.

https://bitcointalk.org/index.php?topic=1410943.0

Please check us out and start your miners!  Just be sure to convert any STEEM you mine into VESTS as soon as possible. 

I will only answer questions on bitcointalk, so come visit us there.

« Last Edit: April 01, 2016, 07:24:04 pm by bytemaster »

Offline bytemaster

Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #1 on: April 01, 2016, 05:23:21 pm »
I highly recommend everyone look into Steem.  It has a lot of promise and is worth your time.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline tonyk

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #2 on: April 01, 2016, 05:46:43 pm »

We didn't announce this on BitShares earlier because we figured this community would better understand the value of what we are doing and make it
difficult execute the strategy bytemaster recently blogged about:

http://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/

We have secured ~80% of the initial STEEM via mining.

So the main innovation is  secretly premining in open view? It is pretty sad where "innovation" effort go in this community as of late.

Thanks, but no thanks... I have experienced a 1,5 years of constant sell pressure by whales that openly quick mined PTS, to have the desire to experience the same by people that found a way to premine, sorry "secure " 80% stake for themselves secretly in open view.


--------------------------
Q: Is there STEALTH in steem's GUI?
« Last Edit: April 01, 2016, 05:52:27 pm by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline btswildpig

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #3 on: April 01, 2016, 05:54:40 pm »
Does Steem do any actual work besides contracting them to other people ?
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Offline xeroc

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #4 on: April 01, 2016, 06:03:13 pm »
These are the commands available to the cli-wallet
Quote
FC_API( steemit::wallet::wallet_api,
        /// wallet api
        (help)(gethelp)
        (about)(is_new)(is_locked)(lock)(unlock)(set_password)
        (load_wallet_file)(save_wallet_file)

        /// key api
        (import_key)
        (suggest_brain_key)
        (list_keys)
        (get_private_key)
        (normalize_brain_key)

        /// query api
        (info)
        (list_my_accounts)
        (list_accounts)
        (list_witnesses)
        (get_witness)
        (get_account)
        (get_block)
        (get_feed_history)
        (get_conversion_requests)
        (get_account_history)
        (get_state)

        /// transaction api
        (create_account)
        (create_account_with_keys)
        (update_account)
        (update_witness)
        (set_voting_proxy)
        (vote_for_witness)
        (transfer)
        (transfer_to_vesting)
        (withdraw_vesting)
        (convert_sbd)
        (publish_feed)
        (create_order)
        (cancel_order)
        (post_comment)
        (vote)

        /// helper api
        (get_prototype_operation)
        (serialize_transaction)
        (sign_transaction)

        (network_add_nodes)
        (network_get_connected_peers)
      )

Let's start some speculations about them :)

The release of this code also explains why it has been so silent about CNX (again).
It's good to see that its
* neither another pitch fork
* nor a competitor to BitShares
what they have been working on!

Looking forward to see this thing in action and too hear move about its features once they are unlocked/publicly announced
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline thereverseflash

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #5 on: April 01, 2016, 06:06:21 pm »
Does Steem do any actual work besides contracting them to other people ?

Steemit has its own developers on payroll.   

Offline Ben Mason

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #6 on: April 01, 2016, 06:18:38 pm »
This is where it gets interesting.  So the flood of new versions/configurations of Graphene based blockchains are on their way. Without a significant sharedrop on the original community, they will attempt to become capital harvesting machines as they compete for market share and attention......exactly like the rest of cryptopia. Unless one has an endless supply of capital with which to hedge or you are exceptionally good at picking out potential or are a talented trader, the chances of reaching the end of the feeding frenzy with your originally invested capital looks more and more remote.  It may not be that important to secure the original BitShares community until it is larger and reaches a wider demographic. Unity of vision and purpose becomes ever more valuable in retaining market share it would seem. Buckle up!

80% premine mmmm.  I wonder what value Steemit will place on the BitShares holders?  I certainly don't feel entitled to anything, but it will be interesting to see how the 40% is spent.

Offline bytemaster

Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #7 on: April 01, 2016, 06:19:05 pm »

We didn't announce this on BitShares earlier because we figured this community would better understand the value of what we are doing and make it
difficult execute the strategy bytemaster recently blogged about:

http://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/

We have secured ~80% of the initial STEEM via mining.

So the main innovation is  secretly premining in open view? It is pretty sad where "innovation" effort go in this community as of late.

Thanks, but no thanks... I have experienced a 1,5 years of constant sell pressure by whales that openly quick mined PTS, to have the desire to experience the same by people that found a way to premine, sorry "secure " 80% stake for themselves secretly in open view.


--------------------------
Q: Is there STEALTH in steem's GUI?

At the moment Steem has no GUI and the blockchain doesn't support stealth.

I wanted to make sure Steem didn't compete with BitShares market.  In fact, one of the reasons I was willing to help with Steem was that its feature set is fundamentally incompatible with BitShares and we could not hardfork BitShares to implement what Steem does.

Steem is designed to encourage long-term holders and discourage the dumping that BTS has experienced. It is good for them to have a large stake and not give it away to miners who will dump it.  Now they can give it away strategically to grow Steem.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline pc

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #8 on: April 01, 2016, 07:00:45 pm »
These are the commands available to the cli-wallet
Quote
        (get_conversion_requests)
        (convert_sbd)
Let's start some speculations about them

so... you can mine STEEM and then request to have them converted into VESTS to wear when it's getting cold?
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Offline bytemaster

Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #9 on: April 01, 2016, 07:05:11 pm »
These are the commands available to the cli-wallet
Quote
        (get_conversion_requests)
        (convert_sbd)
Let's start some speculations about them

so... you can mine STEEM and then request to have them converted into VESTS to wear when it's getting cold?

Funny man :)  Perhaps Steemit should have called it H20... you can then condense your STEEM into H20 and it takes time to boil it back into STEEM.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Shentist

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #10 on: April 01, 2016, 07:19:12 pm »
sounds like a well prepared April Joke!

Offline emailtooaj

Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #11 on: April 01, 2016, 07:23:31 pm »
sounds like a well prepared April Joke!

 +5%

Yea, something about this stinks.
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Offline bytemaster

Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #12 on: April 01, 2016, 07:26:08 pm »
sounds like a well prepared April Joke!

 +5%

Yea, something about this stinks.

 :o 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

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Offline tonyk

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Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« Reply #14 on: April 01, 2016, 11:23:29 pm »
I have changed my mind. Following Bm's logic I now think STEEM will be the best  SCREW around. Can you change the name, thereverseflash?
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.