Yesterday the Steemit team released a new update. This time regarding SMT's here.
What they are doing is building a framework for SMT's and filling it with all kinds of goodies you will be able to use when launching your own token on the STEEM blockchain.
One of these goodies is the Automated market maker (AMM).
I haven't double checked this but my way of understanding the AMM is that it's optional to make a token instantly tradable vs STEEM after launching it. (I'm assuming on an internal exchange on the STEEM blockchain.)
This is cool because no other blockchain can do this.
On the Ethereum blockchain, for instance, you first need to do an ICO, get ETH send to you then sent back the ICO tokens.
Then at some point, these tokens need to be added to an external exchange (Binance, Bittrex) before they can be traded and the price becomes clear.
A lot of hassle for an entrepreneur.
With an SMT it will be so much easier, plus everything stays in the same Ecosystem (Steem blockchain).
Now why anyone would pay STEEM for a newly launched SMT is a cool question. Whatever the entrepreneur is offering needs to be solid and worth investing in.
I can't wait to see what entrepreneurs come up with.
Now again, as a disclaimer, I'm not 100% sure if what I wrote is accurate. I had to detangle this (from the update post) and it's not always easy.
As an example, one piece of meat that we are working on is the automated market maker (AMM). AMMs will enable an entrepreneur launching an SMT to create instant liquidity for their token so that people can immediately begin buying and selling it while also establishing a baseline price level for that token. Leveraging the AMM is an optional feature for an SMT, but those SMTs that do use the AMM will be able to economically bootstrap themselves with a turn-key solution for providing bi-directional liquidity in the on-chain market.
When I learn new things or when I have a mistake I'll let you know.
I talk about it more in my vlog.
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The reason people would pay Steem for a newly launched token is because it is launched by a well established company. 100k entrepreneurs doesn't have to be 100k NEW projects, right? And using SMTs makes perfect sense from a business standpoint if a company wants something resembling blockchain with the hassle of creating and maintaining their own blockchain. I think we could see a fair number of established companies taking advantage of Steem SMTs as crypto goes increasingly mainstream.
@exyle, thanks for this post, i didn't know about this update until i got here on your blog. This is so super awesome. i have said it few weeks back that steem and steemit will take the world by surprise. i am sure we are still in for lots of lovely surprises as this
To be honoust, i expect a lot of airdrops to follow the SMT release date. This is gona be fun! Hope there are a few gems to pick up! I also would like to see some huge company succes stories!
If launch of token on the STEEM blockchain is successful then i am sure steem price will go up .
Wow I am so exited about the future of steem , thanks for sharing this my dear @exyle . Moreover, I am very passionate about what SMT and Hardfork 20 will bring...I am even planning to take advantage of the technology and launch a project using SMT-currently am using ERC20 in my current project and ideas never end. Keep steeming to more success. Today on my post, I discussed issues relating to wants and needs including to peg or not to peg sbd-feel free to send in your suggestions which are always welcomed. I wish you more success.
I agree..am exited too and know that better days are ahead of us. Great comment, upped and thanks to @exyle for this post
Steem is quickly becoming my favorite digital currency, which is interesting considering it started as a social media platform.
good work team!!!!
As you said on DTube, the weather is cold but getting better and the steemit getting stronger with the SMT. Very nice news for entrepreneurs. Thanks for sharing this valuable infos. Have a more sunny days. :)
From what i read, steem will have its own type of exchange, smt's will be listed there and the market maker will be a bot placing buy and sell orders.
Honestly tho they are not very clear in this so far so we will have to wait for more info to see how this is really gonna work.
Quite valuable addition it's goin to be for everybody. As you mentioned no trade fee will as act as another great feature and will attract many people. And it will surely have direct impact on steem price as well. Wow!
Thank You Mark @exyle I am going to listen to your D Tube now before I get some sleep. I am so excited about SMT's and I think a lot of people will see how this really boost's STEEM !
Excellent video friend and honestly i don't know about this update but today after reading your post and watching your video i came to know about it and i think AMM is a good development and it surely give SMT's an edge over ERC20 tokens and all these developments no doubt strengthened the steem blockchain even more, thanks for staying us updated regarding SMT's and wish you a very joyful and cheerful week ahead, Stay blessed
good morning man
I copied that same paragraph back into the blog with a few questions, and @timcliff cleared a few things up for me.
I'm still not 100% clear about it, but hey, that's not my job and generally it sounds like a good thing.
My main feeling was that STEEM Whales could buy in with a sizable stake, and I feel this has both positive and negative implications - although this could just be my lack of understanding.
Listening in now....
Keep yourself warm. It's seems really cold there. SMT is what we are waiting for long run. And needs a lots of steps to take for being in exchange. Future is bright in Steemit. Take care.
Great points man...The 'utility and value' are already here on the Steem blockchain, so there is huge demand for Steem....SMT's are the bridge to bring new entrepreneurs in touch with this community!
I love the idea of Appics and hope that goes off with a huge bang!
But that's just the tip of the ice berg!!
Back to earning Steem and powering up :)
I was almost getting confused with the first acronym you used (AAM) and the corresponding meaning, until I reached the penultimate paragraph of this post, to see the correct matching acronym (AMM).
I await the launching of AMM, looks like it's growing to be promising.
I found this post quite informative and insightful. Thank you for sharing.
Thanks for bringing that typo to my attention. FIXED.
You're welcome.
I think, and I might not be right that a market maker essentially buys and sells orders to try and keep a token within a particular price range or at least not too far outwith it. So that they dont instantly become worth zero.
When I write it down though I start to think I am babbling nonsense!
It sounds very good though! I hope to learn more soon.
So so I, hopefully in the thick of it when they are out!
After waiting for what feels like a long time is great to see how SMTs will actually work. And the fact they will work so frictionless and easy for the antrepreneur will surely bring a lot of business to the blockchain.
There is palpable excitement with the launch of SMT & AMM. It would be great if Steemit Inc could share some use cases for these innovations so that we can shape our entrepreneurial dreams on the back of them. A roadmap and indicative timeline would also help. Thanks for your post & video!
Tomorrow is March 1'st. It will be spring soon. Tulips and prices will burst into bloom in this beautiful Steem world. The AMM's sound like another need to hold Steem. There must be some form of collateral to assure the price in the market.
Ok that might be the coolest thing I've heard about this. To be able to issue a token that can be traded against Steem just adds serious value to Steem and the issued token. An entire new group of investors will be exposed to Steem, while giving Steem holders the opportunity to support these new tokens and potentially profit without jumping to multiple other exchanges.
Thanks for the update!!
instant tradeable that is something great property it will posses will have to see how things will go when it will get implemented amazing times ahead : )
i watch you post . i think it is best investing platform .thanks for sharing @exyle
So happy you're here to translate all this stuff for us!
Being able to exchange directly on the Steem block chain seems like a big step in making things more straight forward. We will be able to buy directly with FIAT or is that a whole different thing?
Maybe that option will come in the future. But I have not heard anything yet regarding that.
So excited for this!
Do you love me?
Informative post.Much obliged for sharing it
Umm certainly this update is updated even though it seems a small step, in fact it is a significant one. Many ICO projects will now come to the Steem block chain. All you have to do is give Steem's blockchain a good publicity and explain how it works, to call new entrepreneurs to this project.
And this is where it becomes clear that both Steemit's project and Steem's blockchain have a huge potential.
Thanks for sharing, my friend @exyle. Greetings and a hug :)
Was reading about your new trading cards on your other post...wow hot coals....wow i really hope your feet will heal safely ....wow stepping on them hot sounds Terrifying....and congrats on your playing cards...I always wanted my own...ur truly are blessed....
SMT update and automated market markers this is a good tropic of good day.smart media token is a very good thing of develop future success.today i read your post then i am learning alot of thing of media token.its new thing want for me.your every post very helped me on my steemit good work.i am inspired my work to see your post.you are a real hero of steemit platform.best of luck of your life long.thank u very much for your good post sharing. good job sir. @exyle
You have created a beautiful post ..... and I think. Creating your post is very good ... I have waited for your next post. Thank you
Thanks for Posting Your Views on Smart Media Token.
Smt really gona be a good development @exyle
Yes I read the original article. Once SMT is live, it will change the Steem cosystem in a fundamental way and can potentially bring in many many more users into the platform.... Keep steeming @exyle
I always love your posts as they are so informative. thanks for sharing with us.
great post keep continue pls don't stop
Every word of your mind, you wrote very well. Hopefully you'll be giving us a good post like this.
I would like to say you keep it up and well done.Really i appreciate you. Sir Nice to see your post.... Keep it up and well done... Best of luck.
Nice work @exyle keep posting with best knowledge
Amazing informative post.....about steemit.
Thanks for sharing this post @exyle...
After reading your post, we can learn something.....
this is a great post. i appreciate your post. thanks for sharing
well great post i really like yur posts
This is very exciting ...
Thanks for great story..i appreciate this writing..all the best..
At least we have a little insight of whats on ground and promising to keep us posted on new developments as regards this, is exceptionally kind.
thanks.
With this development I don't need anyone to tell me that Steemit is the future. That I believe
upvote you, Can we be friends?
I hope you give me tips to become as successful as you
The future looks bright for the Steem blockchain. Can't wait for the SMT to be fully operational.
wow...
nice post..
thanks for sharing...
Your posts are golden sir... yeah .. i thik writing might have ats advantages as well as thanks for sharing.