There has been this craze about Smart Media Tokens(SMTs) for a long time now. You mostly hear people using the colloquial "we go blow" when talking about the implementation of SMTs. They'll say "when SMT launch laidis, I don blow" and it had left you wondering what exactly Smart Media Tokens are. Why does it have the capability to make you "blow"?
"blow" here means to hit the jackpot(the best interpretation I can give)
I guess this is how it all started
So @ned sat down and thought to himself, "Hmm, this whole Steemit thing is really going well. Our plan to turn the world into a little cryptic village is going pretty well. However, there is a problem. As we get bigger, we are at the risk of pissing some people off (government and large corporations who may feel threatened by our rapid growth) and that could cause us to meet with some serious obstacles. What shall we do?
So he came up with a brilliant plan that would take the pressure off his new Blockchain, allow large online corporations to grow alongside him, and change the cryptocurrency space together, hand-in-hand.
Introducing Smart Media Tokens
SMTs provide the opportunity for ordinary websites to have the capacity to do the same thing Steemit is doing I.e giving monetarily rewards to users for participating on the platform whether through writing good contents, voting, leaving good comments, bringing new users to the site etc. By doing so, interests are increased and the user base is grown therefore laying a solid foundation for easy adoption which in turn grows the value of the company, which increases the reward pool and allows for more and more reward to the community and more growth in the user base.
Based on the White Paper:
SMTs will allow for the tokenization of the website thereby making it possible for website owners, social media influencers to be able to reward their users for being social. It is the new way to go and will become the way forward for how earnings are generated online.
Take a look at the success of the Steem Blockchain and how it has made it possible for everyone's voice to be valuable.
Think about if online giants like YouTube, Amazon, New York Times, Reddit, Medium, Twitter and hell, Facebook reward their OWN communities and grow a cryptocurrency reward pool just like Steemit. Wouldn't it just be so amazing? Though they won't be Steemit, they will still be themselves. They would just be using a Steem-based token, customized solely for their own needs.
So to get on board, these entities will sign up through steem service just as you and I did and also get one or more steem coins only that this time around, the coin will be referred to as Smart Media Token(SMT) and it will be catered to on their website and used there on the website. And because it is essentially a steem coin and is linked to steem, it will increase the value of steem as it increases in value. Get it now?
Think about if online giants like YouTube, Amazon, NewYork Times, Reddit, Medium, Twitter and hell, Facebook reward their OWN communities and grow a cyryptocurrency reward pool just like Steemit. Wouldn't it just be so amazing? Though they won't be Steemit, they will still be themselves. They would just be using a steem-based token, customized solely for their own needs.
So to get on board, these entities will sign up through steem service just as you and I did and also get one or more steem coins only that this time around, the coin will be referred to as Smart Media Token(SMT) and it will be catered to on their website and used there on the website. And because it is essentially a steem coin and is linked to steem, it will increase the value of steem as it increases in value. Get it now?
From the White Paper:
From the Steem White Paper explaining SMTs, there are two incentives that makes the SMTs different from Bitcoin, ERC20 etc and they are
- A pool of tokens that is dedicated to incentivizing content creation and curation (called the “rewards pool”).
- The second is a voting system that will leverage the wisdom of the crowd to assess the value of content and distribute tokens to as it see it fit for the benefit of the community.
These two unique properties when combined is what is referred to as Proof-of-Brain, which is an entendre based on Proof-of-Work, meant to emphasize the human work required to distribute tokens to community participants. It is safe to say that, SMTs are tools known as a Proof-of-Brain needed for building communities. These tools will encourage these users to add value to the community through the peculiar built-in rewards structure.
Enter the ICO
Through an Initial Coin Offering(ICO), a certain amount of money targeted to be raised toward the value of the SMT. it is just like an Initial Public Offering(IPO) in ordinary business terms which is when a company goes public i.e get listed on the stock exchange market and investors buy into the company buy buying the company shares. The more the company share sell, the more the company's value increases.
SBD Vs SMT
They are essentially the same but as SBD is used within the Steemit platform, so will SMT be used outside the steemit platform. Both are currencies that enhance the steemit platform and improve the chances of success for cryptocurrency worldwide.
As more and more online companies adopt this model and are happy with it, we are all sure to "blow".
It's a win-win for everyone.
STACH is a physical Accelerator Hub dedicated to decentralizing the offline by breaking the barriers to accessing the internet like light, internet and conducive working space.
Whao......this is great @stach.......Smt is finally out, and it is going to help most importantly the online cyptocurrency platform. Thanks @stach.....good work
This is amazing... I think I get a better understanding now
This is amazing...
I think I get a better
Understanding now
- donnest
I'm a bot. I detect haiku.
You detect haiku?? That's hilarious!
I agree @whitewizard. I think it is amazing and I have been trying to get this bot to reply to me.
Not as easy as it sounds. Even with mad hiaku skills. Hahaha. Have a nice day.
I'm glad you understand better.
really we don blow
Wow, thanks @datibomchic, reading this post is making ideas fly in my head like clock work!!!!
Awesome! This is a deep research, well am so glad and i can't wait till the new Smt is out. Steem on!
awesome boss this is really a great research