It is a while since I wrote about @dstors so I thought I would provide an update.
I love projects that are dedicated to Steem and think big. This one certainly fits the bill. We are seeing a development team that is focusing upon really changing the culture around Steem and bringing enormous possibilities.
There is a lot of talk, of late, about applications figuring out ways to earn money without having to solely depend upon delegation to prosper. Outside of @steemmonsters, most applications are relying on the price of Steem for success. While this is a valid approach to some degree, the bear market exposed the shortcomings in this plan. Steemit Inc was the one who really felt the impact of this.
dStors has a plan. In fact, their goal is to radically change the shopping world. While the rest of the world is focusing upon switching from a traditional model to ecommerce, dStors is looking to set up dcommerce. In short, the multi-trillion dollar industry is primed for disruption and they aim to assist in that.
To start, their plan is still to be open for business in January 2019. This will be located at www.dstors.com.
At present, they are going through their first round of funding. Each SP that is delegated will earn 3 Stors tokens after 6 months. If one opts to keep the delegation there for another 6 months, the same amount is earned.
In the blockchain world, we often discuss number of transactions as a way to denote what is taking place on different blockchains. I maintain that while other chains have more activity, the transactions are mostly exchange and gambling related. Other than @magicdice, Steem does not have this and our exchange is limited to two tokens at the moment.
Whatever one's thought about the kind of traffic on these blockchains, dStors is seeking to change that. Their goal is to have $1M USD transacted within 6 months. Forget about transactions related to exchanges, posting, or gambling, this is true commerce. People buying and selling products and services. This will put Steem on a totally different level.
A project like this only needs to take a very small sliver of the existing market to be an enormous success. Just ponder for a second the volume of activity on Amazon, eBay, and Facebook marketplace. At the same time, toss in the applications and other items sold by Apple and Google through their stores.
dStors is taking 7.5% as their fee. This is a starting point which is based upon volume. Those who sell more on the platform will receive a discounted rate off this. While this might seem high, consider the plight many applications find themselves in without a profitable business model. What good is having dStors if they are gone in 6 months after running out of cash?
Part of the transition to dcommerce is the idea of an upvote economy. The present environment is running into a wall with what they can do. There are few options to add outside the basic ecommerce model we saw emerge over the last decade.
On dStors, there is value in the upvote which is one of the main reasons for the STORS token. Being tied to Steem means that activity is posted on the blockchain. This enables the main account (or any other one for that matter) to upvote the posts. Here is a way that both buyers and sellers can benefit through additional rewards. This helps offset the fees paid by the seller while providing the buyer with additional discounts.
In fact, one of the ideas I know they toyed with in the past is to have shipping paid completely from an upvote. Here is where we see the delegation to @dstors is being used to alter the business model of commerce.
I am all for projects that help to move Steem forward. However, what really gets my attention is those that are looking at the entire industry. It is easy to fall into an "us versus them" mentality while holding onto the idea of competition. I longed maintained that viewing this industry as competition is akin to believing your home wifi competes with your cellular service.
It is exciting that dStors will take both STEEM and SBD. We also will see PayPal implementation which opens the service up to a much broader spectrum. However, there is one tidbit that could alter things very quickly.
The team decided they are going to integrate Coinpayments. This means that other cryptocurrencies can be utilized. In fact, there are over 1,000 different alt-coins in addition to BTC that this platform accepts.
Think about what this is doing, not only for the crypto economy, but also Steem. This is providing an outlet for one's tokens.
Consider this point:
Let us look 9 months into the future. Steemit Inc got passed the master node and ultimately created the SMT protocol. Most applications on the Steem blockchain are creating tokens to reward their users meaning people are earning a few different tokens each week. Through the internal exchange, these tokens can be swapped into Steem. Once that is done, it is time to go shopping.
Imagine paying for your dear Aunt Sally's birthday present out of the rewards from using one of the applications on the Steem blockchain.
That is cryptoeconomics.
Further details were posted in an article by @dstors.
Also, for those who question Steemit and the potential of SMTs ever coming into being, @exyle mentioned that there are a couple of people on the blockchain working on tokens AND an internal exchange to trade them.
Give his video a watch to get a few more details.
In spite of the bear, things are coming together on the Steem blockchain. We are seeing development taking place at a rapid pace. I feel that dStors will be an important piece going forward. How many people on Steem list products on other sites for sale? At the same time, how many of us shop elsewhere? Having an option on this blockchain means that all of us will look there first for something. Unless one owns stock in Amazon or Wal-Mart, what does he or she get out of shopping there? By using dStors, one also helps to enhance the value of STEEM while helping to build the ecosystem.
I do believe our patience with Steem is about to start paying off. The ecosystem is about to take it to the next level.
2019 is going to be an exciting year.
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