To be honest, I still don't understand the need for SMTs. Why cant they just build these applications on the Steem Blockchain directly? Why dilute the pool with so many other tokens? I tried asking @ned on YouTube but I don't think he'll ever see it.
I'm only just beefing up my SP here, I feel it's a bit of a distraction to jump to SMTs. Am I crazy? I know I'm missing something crucial here. I'd be grateful if someone clears this up for me :)
The SMT's WILL be built on the Steem blockchain, but will allow people to create their own tokens, that can grow diverse and focused communities. The benefit for Steem holders will be that all these people will have to go through the Steem blockchain to do it, as well as use Steem to trade in these newly-created tokens.
I suggest that you read the SMT Whitepaper - it's 60 pages and it blew my mind with all the possibilities it presents for Steem.
I think it has the potential to make Steem the number one blockchain in the world, and I do not say that lightly!
Thank you for your response. It's basically indirect Steem then.
So in essence, I should carry on beefing up my Steem then :)
PS: 60 pages 😳
SMT's create the potential to expand out the STEEM ecosystem exponentially. Take the time to listen to this interview:
https://steemit.com/dtube/@davidpakman/9asytuyu
Hi,
Thanks for your response. I did watch that interview earlier today and it did clear up some questions in my mind. This bit made sense to me from what you just said:
So basically it's a way to accelerate the growth of Steem Blockchain. Fair enough.
It wasn't definitely of 60 pages when I read it first, is this the updated whitepaper?