Would love to hear more of your thoughts on SMT... Specifically, what are they, how do you believe they will interact with the current platform? What happens for holders of STEEM? How will businesses both large and small interact with SMTs?
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Global Blockchain Technology has partnered with “Steemit Inc.” by investing $20Million to help companies build on the Steem Blockchain - much in the same way that apps like D-tube and others are building on the blockchain. However, using SMT’s, as best as I can tell from the white paper, a company can set up on Steem, set up a new token (an SMT) and be able to bootstrap it’s token to Steem which already has a proven market status. Whereas now a company wanting its own token would more than likely use the Ethereum platform to build a token but it would be a standalone token.
Strapping the new SMT to Steem also means you are aligning yourself with a decentralized blockchain (again proven) with detailed white paper that dictates its future due to proof of brain and consensus - witnesses.
Therefore the costs of setting up will be nominal compared to a scratch set-up on Etherteum and when you add the Oracle and the Oracle QA whiterpapers - the ability to verify real action in the real world and to have Oracle QA’s over,looking the Oracle function, we should what’s tantamount an audit function the details of which can be written up in the SMT contract. The more companies that come on board (enterprise) the more credibility Steem the platform gains, the more strength in the STEEM token is demonstrated hopefully raising it’s value and thereby benefiting Steemit and Steemians accordingly.
We won’t really know the details until the release but until then, it’s my best guess.
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This helped a great deal, thanks for the response. I'm going to take some more time looking into this, seems like an amazing idea as you describe it. I definitely see the market need on the side of creating new tokens (ethereum has quite a few kinks to work out imo).
If you have the time, I would also love to hear your thoughts on the legalities in regards to tokens. How might the SEC and other governments' stance on tokens as securities affect SMT and companies' abilities to create and distribute their own tokens on the platform?
Again, thanks for the response, really appreciate your time as well as your videos, you do an amazing job describing these issues.