To Look Down Upon Tokenization Is Short-Sighted

in steemleo •  11 months ago 

I've talked to a number of people who look down upon tokens. What people mean by tokens is sometimes a little unclear but in my understanding token in the crypto space is crypto-asset that has no blockchain of its own. Because tokens are easy to create - on Steem-Engine at least - they are supposedly "shit". I don't understand that position. Of course, most tokens will never have much value even if trading them were technically very easy. But why call them shit? Who in their right mind is against Steem-Engine tokens when they get dropped into their wallets? Tokens, bring them on, I say. Even if the vast majority of them are completely worthless at the time of drop, who cares. You can let them be where they may fall (your wallet) and if some of them develop utility over time, then you can trade them or use them yourself.

The world is full of tokens or various descriptions. The blockchain revolution did not start the tokenization of the world. Various types of centralized tokens have existed even well before the digital age. I haven't even checked how many loyalty points earned by shopping at certain chain stores I currently have. Probably quite a bit since you get them when you swipe your loyalty card at the terminal for points every time you shop.

Loyalty points remind me of an aspect of Steem economics where participation is rewarded with tokens on the Steem blockchain. In Finland and the rest of the Nordic countries, retail is dominated by a few giant co-operatives. In Finland, the vast majority of supermarkets belong to the K group or the S group with other chains like Lidl and some independents thrown into the mix. In the co-operative models used by both groups, the stores are privately owned but certain group level functions like logistics are owned by the co-operative. The co-operatives themselves are owned by the store owners - and customers. Any card carrying customer is awarded loyalty points that can either be cashed out once a year or entitle to discounts at stores belonging to the co-operative. The two groups are not limited to retail. The S group has a banking and financial services. Both are also in the restaurants and hotels to mention a few of the other sectors.

The co-operative model is very much like Steem economics except that having the tokens on an open and permissionless blockchain makes it easy to trade, transfer, stake, delegate or otherwise utilize them trustlessly. I wonder if retail might be interested in Steem-based tokens. In Steem-Engine tokens, there is a potential gamification aspect absent in common centralized implementations. Steem-Engine is a smart contract platform offering out-of-the-box capability with an existing internal market. I seriously think retail, online or brick-and-mortar, is yet another sector that Steem-Engine could be marketed to.

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My momma taught me that there are only two kinds of digital coins in the world: bitcoins and shitcoins. Shitcoins aren't a bad thing in and of themselves. They're just not bitcoin is all. 🤓

Unavoidably, names carry value judgments particularly because there is no commonly agreed definition of shitcoin in existence.

im just happy with everything, i mean im 17 years old and i understand very easy the power of the tokens, and puff im in a deep Love with SteemMonsters. This kind of tokens like LEO are the second chance to the planktons to grow up.

The only two positive things about steem right now for me are the tokens and the fact that we are getting more decentralized. It doesn't matter what they are worth now. There is still room for improvement. I believe that in the nearest future people are going to care more about steem tokens than steem. The whole dynamics are changing, with new front ends popping with their own tokens. There is so much going around tokenizing the steem blockchain that gives me hope.

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The only two positive things? You're looking at the recent price action too much. The lemming is an animal quick on its feet and it moves in large flocks.

Steem itself will never lose significance because Resource Credits and blockchain consensus are tied to Steem Power. As the token economy expands and draws more users in, that will increase buying pressure on STEEM. Creating a Steem account will currently require 3 STEEM to be burned. Anyone who wants to participate in token economics on Steem is going to need a Steem account.

You know I don't care about the price of steem. In fact i would appreciate if it drops a little for a week or two.

There are 3 major headlines on steem right now (correct me if I'm wrong):

  1. HF21 (I'm not particularly happy about it. But yesterday while going through the trending section I think it is a necessary evil. If it will achieve its said aim I'm fine with it, even though my earnings might drop)

  2. Tokens.

  3. Decentralization. We have new side chains and their tokens and its just interesting to watch things unravel.

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