Why HIVE Might Never Have SMTs| Corruption!
Hello SPIers,
Today, we’re diving into a juicy topic that could be straight out of a HIVE conspiracy thriller. Picture this: I’ve been lurking in various HIVE Discord servers, soaking up the conversations like a sponge. I rarely post, but I read a lot, and recently, I stumbled upon an interesting chat. The hot topic? Why HIVE hasn't released SMTs (Smart Media Tokens) yet. For those who don’t know, SMTs would let us build decentralized smart contracts and projects/tokens on HIVE, kind of like Ethereum’s ERC tokens. Think game-changer, think bullish.
Now, here's where it gets spicy. Someone in the chat said,
"People that benefit the most from the DHF don’t want SMTs because they will lose their funding, so there are no plans to ever release SMTs."
Cue the dramatic pause. I was stunned for a good 4-5 seconds. At first blush, it makes perfect sense: if we had a solid layer 2 on HIVE, why would we need the DHF? The DHF is about as centralized as my morning coffee habit. Who gets the money seems more about who you know than what value you bring. If the DHF throws $300k at a project, does it generate $300k+ in value for HIVE? Projects would need to self-fund, innovate, and compete, potentially freeing up all that DHF money to actually create buying pressure on HIVE and burn whatever it buys.
Right now, once a project gets DHF approval, they’re basically on easy street. There's no real push to innovate or deliver—just be good at bullshiting and you're good. The top dogs in the DHF would hate competition from fresh, hungry new projects. Where else would a Chrome Wallet extension score $220k a year?
You might argue that DHF and SMTs could coexist in a blissful blockchain utopia. Well, yes and no. Take BeeSwap as an example (no hate on Beeswap, they used to get funded). If SMTs were a thing, a new, flashier DEX could pop up, complete with a sleek interface, mobile apps, staking, NFTs, the works. Do you think BeeSwap would just sit there and not try to keep up? Of course not, but who’s footing the bill for that? The DHF? Hardly. They’d have to fund themselves because no one’s approving extra DHF cash when a new self-funding fun DEX is already miles ahead.
So, technically, DHF-funded projects and SMTs could coexist. Think of it like government bodies versus the wild, competitive open market. DHF projects might become the lumbering bureaucrats, while SMT projects are the lean, mean innovation machines.
To wrap it up
It’s bizarre that we still don’t have SMTs, promised over five years ago. Give me 1M HBD a year, and I’d whip up a team of devs to code and maintain them. Better use of funds than, say, a rally car, don’t you think?
SMTs could be the most bullish thing for HIVE, and the delay makes you wonder if some big shots are holding them back. But is this rational thinking or just a convenient scapegoat? It's a fascinating conspiracy theory because we can't really know what goes on at the top of the HIVE hierarchy. With big money involved, those in power usually act in their self-interest. Doesn’t make them villains; everyone looks out for number one. And hey, HIVE whales should want the price of HIVE to rise, and releasing SMTs would probably help.
This topic is an endless rabbit hole, ripe for endless speculation.
What are your thoughts on this topic?
Getting Rich Slowly from June 2019
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Where there is money there is corruption. No matter where.
Aint that the truth!
I think that there is a lot of shit funded by the DHF that is burning money without any progress or need to show costs. Keychain for me is not one of them as it allows the whole eco-system to function.
Blocktrades seem to have finally gotten near to the end of setting up HAF which will replace those long promised SMT's which were coded but apparently badly done and not fit for purpose as it happened the same time as the takeover. When that team left they left SMT's half finished as well but it was never taken on by any other group.
VSC are working on the smart contract end so it will be interesting to see if we ever get a substitute. I've lost all hope of the 3speak team delivering anything useable. They talk big but haven't built anything of worth in four years of being funded just a big complicated mess.
There's no incentive to push harder or deliver when you have a guaranteed payday coming.
Yeah, I remember a bunch of stuff that happened around the time of the fork and news of the coding needing to be redone. Will be interesting to see what blocktrades put out if they ever release something like this. I've checked out VSC, it's a little over my head, to be honest, so I'll not pretend to know if it's good are not. lol.
I gave up on 3SPK a while back, I used to upload update videos for SPI and half the time I'd end up having to use YouTube cause the the video would never upload, are it would disappear, are restart, haha. I mean, you have all this money, pay someone to clone YouTube and add scotbot, job done.
SMTs have been discussed and the decision was taken to create smart contracts at the second layer instead of SMTs at the base layer because the former would be too heavy on the infrastructure. Look at Ethereum, which has smart contracts at L1 and everything that needs to interact with them regularly goes to a second layer chain or side chain, instead of the mainnet. Of course, they try to avoid Ethereum fees too, but I remember a popular game that almost broke Ethereum.
That would make sense to build on a 2nd layer. I also remember ETH stalling from "Crypto Kitty" NFTs back in the day.
Yep, exactly. I didn't remember the name of the game, but that's the one.
Fully agree. That DHF-funded projects like hivewatchers, dbuzz or 3spk drain 300 to 600 HBD per day without justifying their costs and that they are still voted by the whales is very sad. I came to the same conclusions: the top shots are not interested in any changes to not endanger their juicy passive income.
The valueplan proposal is the most obscene, 10K$ per day!
Even if some of the projects are cool, you can´t just spend 300K per month without evaluation of it´s effect and if it turns out that there is no positive effect (either on the Hive price or on the user growth/activity) then the plug needs to be pulled!
In fact now, that Hive is touching 30c despite many altcoins grow, there should be some crisis communication and serious discussion on what is going wrong! Instead zero and all is going on as if nothing happens and all is happy...
Agreed, alot of those that are funded are complete bullshit.
HIVEs price is pretty poor. With it being so low in the rankings, it takes longer for it to catch up but im shocked its only 30 cents considering its bottom was 25 cent. Only 20% up from it bear market bottom after the BTC halving is madness but i dont expect the pain to stop here, we could see a new bottom before it pumps. By the looks of things, we'll be lucky to hit a cycle peak of $1. haha
There needs to be better accountability and consistency in communication and deliverables... That's absolutely true!