Announcing the eSteem Token: ESTM
eSteem is the longest running mobile application for Steemians, but we've been doing a lot of work these last few months to make it into the best mobile application, not just for Steem, but for any blockchain. And we are also building best desktop application (Surfer) in sync with website.
In today's post we want to focus on just one of the pieces to this puzzle, which we're extremely excited to announce: the ESTM Token.
Users will be able to earn ESTM tokens in far more ways than they can earn STEEM, including:
- Mining: Users will be able to mine ESTM by using our apps
- Invites/Referrals: Users can earn ESTM by onboarding other users
- In-App Purchases: Users will have ability to purchase ESTM easily with app
SMTs will soon be released on Steem and we are committed to leveraging this technology to give unique value to eSteem users. But SMTs will not be magic. They will have a wide variety of customizable parameters that will have to be specified by the token launcher, and once the token is launched, those parameters are immutable. That means you'll have to launch a whole new token every time you want to fix a mistake.
For that reason it's important to experiment with the design of our token before it launches as an SMT. This is the only way to ensure that the ESTM tokens that users earn today can be converted into valuable SMTs tomorrow. A lot of the work we've been doing these last few months has been developing this backend tooling which, while not sexy, is the type of software that will make the difference between a successful and unsuccessful token launch. We believe this work gives us an important strategic advantage.
Flexibility & Experimentation
ESTM points give us the flexibility to experiment with use cases, observe what our users want from our application, and what changes need to be made to the token model, so as to ensure a pleasurable user experience.
We believe that we have developed some extremely innovative backend tools that will ensure that when we do launch our SMT, it will be very effective at tokenizing valuable engagement on Steem through eSteem, which should lead to strong demand for the token.
ESTM: Just the Start
In future posts, we plan to go into deeper detail about our economic model. But the changes that are coming to eSteem are about so much more than just a new token. We will continue releasing updates about these improvements over the coming days, weeks, and months, so be sure to follow this account. If you have any comments, suggestions, feedback or ideas, please leave them in the comment section to this post.