Steemit is actually just one-single window into the Steem blockchain. (One of many!) SMTs will allow everyone to create their own token built atop of Steem (they can ICO tokens on top of Steem). Very similarly to how ERC20s are built on top of Ethereum. This will bootstrap a huge new universe of applications that will all be part of the Steem family tree.
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So it's sort of like smart contracts where they have to pay small steem fees to enforce the contracts?