Jerry Banfield talked a bit about this crypto recently when he had a 1 hour video (yes, I watched the whole thing to see if he stopped to get a drink of water or lost his voice. He did neither:) but I learned quite bit) It was an example of using the new SMT that is starting to roll out. You mentioned that they are actually doing a hard fork of the steem blockchain. Do you have any insight into how SMT would actually work with this new blockchain "business"? I read the SMT white paper and my eyes glazed over with all the discussion of code.
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Yes, I heard him mention it as well.
Since they are hardforking the chain, they can simply issue a pre-mined allocation that mirrors the publicly visible stake on the Steem chain. I guess it wouldn't really be an SMT at all, as a separate token from Steem - much like Pivx is a fork of Dash.