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The Future of Proof-of-Brain
In this episode, TheyCallMeDan discusses the future of the Proof-of-Brain concept and its role in the evolution of Web 3.0. He begins by framing Proof-of-Brain as a form of decentralized curation, where users are incentivized to discover and promote high-quality content across various mediums, including blog posts, videos, photos, and more.
Decentralized Curation and Monetization
Dan explains that in the current Web 2.0 model, platforms like Facebook and Quora profit greatly from user-generated content, while the curators and creators themselves often receive little to no direct compensation. However, in the Web 3.0 paradigm enabled by blockchain technology, he believes that every contribution can and should be monetized.
"In Web 3.0, you get paid for everything. Everything you do, you get paid for. It's not going to be because you ask. It's going to be because that's how it's fundamentally built."
He cites the example of Brave browser, which has disrupted the online advertising industry by allowing users to get paid for viewing ads. Dan envisions a similar model being applied to various content verticals, where reviewers, question-and-answer providers, and other curators can earn a stake-based reward for their efforts.
The Role of Smart Media Tokens (SMTs)
As the Steem blockchain and its native token STEEM continue to evolve, Dan sees Smart Media Tokens (SMTs) as a key enabler for scaling the Proof-of-Brain model. SMTs allow individual communities to create their own tokenized economies, each with their own customized incentive structures and curation mechanisms.
"If you view Steem as a tree, how do you scale a tree? Fucking branches, right? You get branches coming up and that's what SMTs do. You can take a community, tokenize it with your own tokenomics and that way you can have whatever...you can have the seven day, you can have whatever kind of window you want, but you have curators that are ready for that niche that are catching all that content on that niche."
This modular approach, Dan argues, will allow Proof-of-Brain to expand into a wide range of content verticals, with specialized curators catering to the unique needs of each community.
The Importance of Decentralized Governance
Dan also emphasizes the importance of maintaining Steem's decentralized governance model, where token holders have a direct say in the platform's development through the Delegated Proof-of-Stake (DPoS) consensus mechanism. He contrasts this with the centralization issues faced by other blockchain platforms, such as EOS, where the top block producers have an outsized influence due to the concentration of rewards.
"It's not always about what is convenient...You have to understand how money works. Money works best when it's given out freely, when it's given out. Look at how Bitcoin started. When it reaches every corner of the globe, then it grows value because people, once they get it for free, they're not necessarily going to sell it for free."
Dan argues that Steem's Proof-of-Brain and DPoS model have helped maintain a diverse and engaged community of witnesses (block producers), who are committed to the platform's long-term success.
The Future of Steem and 3Speak
In closing, Dan expresses his confidence in Steem's future, stating that the platform's low inflation rate is not a concern, as he believes the potential for significant price appreciation outweighs the impact of gradual token dilution. He also discusses his involvement in the 3Speak video platform, which he sees as a key part of Steem's ecosystem, focused on providing a high-quality, timeless content experience for users.
"A lot of people are about to be surprised. A lot of heads are about to be turned. So, you know, I just wanted to make some content. It's been a little bit. I'm going to kill it here. Cheers. Peace."
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