As you are already aware or could just be getting - soon on STEEM blockchain you will be able to create tokens just like on Ethereum or Bitshares.
Video made by Steemit user @dougkarr
The news were dropped today, me and some other chosen people knew of this since some time.
The whitepaper is long, like 50 pages so i will give you a tldr.
Services that use "upvotes" or "likes" will be able to have their tokens working same as upvotes here. So if some big website decides to pay users for comments, votes or whatever automatically, from now on they will be able to do that. Their users wont even know something called STEEM is below the token they earn. This way companies will be kind of white-labeling their tokens using STEEMs blockchain.
People and companies will be able to make ICOs. STEEM has two advantages - zero fees and super fast transactions. Ethereum nor Bitshares have that. So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
Market already reacted to the news but im not sure if everyone understand implications yet.
STEEM Markets
There is more but they have almost no volume. As you can see if you do volume trades you can buy on HitBTC and sell on Livecoin for arbitrage right now.
Downsides ?
Okay so you are all pumped up now. But keep in mind - this technology doesnt work yet, this is just a whitepaper. We do not have date when it will be implemented or how easy it will be to make tokens. Speaking shortly - this news need time to become reality but if this works as suggested - the path looks good.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Hi @kingscrown, so glad you liked the animation video I made. Thanks for spreading the word!
This video is really well made and of high quality, thanks for that.
Thanks so much @geronimo!
The video rocks man!
Thank you so much @kingscrown!!
thats true
great explanatory video ^^
Oh wow you made that?
I just found you today and have been checking out your older posts and tuning into the awesome projects you have going!
Now I happen to check @kingscrown post and it has YOUR video in it!
Super Synchronistic!
See you at SteemFest soon!
Thanks so much @quinnneaker! Psyched to check out your posts as well and meet you at SteemFest!!
Awesome!
Great to get a reply from you, I was totally immersed in your and hard fork-series content last night after finding out about this AWESOME project!
Really excited for you and the team, I am eagerly awaiting more developments!
Full Steem Ahead! See you at SteemFest!
Awesome, can't wait!
Yeah awesome vid! Top quality and easy to understand, keep up the good work.
Your video is worth at least x100 of kingscrown main post lol
is the smart media token platform available now for those that would like to white label
Your video should worth as much as this post!!! Kingscrown took all the credit :(
I'm happy for the video to be getting so much love.
I didnt make post about the video, post would have same quality without the video yet video would be less known and you wouldnt see it.
Damn haters everywhere.
I appreciate your sharing it!
My little brain is already fried . . . and now this.
Haha that's what I was thinking 🤣
ha ha ha ...
I'm so busy with so many things . . . now I have to read a white paper, and figure out how to implement the new token.
I don't get it neither, but I make sure that I'll check it out. Because I believe, if you can jump on this train early, in a year you will be a very rich man.
That's what I'm seeing also.
Hard not to be excited about Steem! I've been a steady accumulator w no plans to stop.
Power up a bit man for votes on me :) :( ;)
you know it, next stop 10k SP
A picture is better than a thousand words. A video is better than a thousand words and pictures. Great explanation of SMT :)
Leaked by Ned at the Austin Steemit meetup the other day. Excellent news, this is going to rock for everyone on steemit.
Even if folks don't understand the implications ..yet... This is going to be great for steemit ! Another whitepaper ...lol !!
Thanks for the post bro !, Good work !
Read More, Reason More ... JTS
Thank you sir for this great post and your comments @kingscrown
Great ideas and brilliant innovation to future prove steemit...
Thanks for very exciting news and statement of the art!
upvoted & resteemed
Thanks to @harleymechanix for sharing link!
Curious as to why you didn't attribute the video? The creator is aware of your use of it, so that's good, but why no plug? Some folks might miss the comments, and not know @dougkarr made the video.
Also, are you gonna compensate @dougkarr for his contribution to your post?
Technically, as I'm sure you are aware, posting his video without attribution is plagiarism. An author of your stature neither needs to plagiarize, nor is unaware of the need to attribute.
I am really confused about this. I am hoping it's merely an oversight. What you do about it, editing your post, compensating @dougkarr, nothing at all, or anything in between, will clarify my understanding.
Thanks!
The post is not about the video but about my sum-up of the whitepaper thats too long and complex for people to read.
I thought his top comment is enough but sure why not add him to the post, i have no problems with that!
Thanks!
going to be huge
... and this technology doesn't work yet (-: you gotta love the tech market, spec and tech, but everybody's got goosebumps so i'll believe the hype.
Don't forget that Steemit already has the "Pocket" tokens that were created by the great @Biophil. They seem to be working great! @pocketbook has found all kinds of fun uses for this token. So I say the future for Steemit tokens is bright!
Nice post @rishherbalist
How many ICO's per day will there be when everyone is issuing their own coin? Don't we want less varieties of crypto? YAAC coin, "Yet Another Alt Coin" coin.
I have actually written a short story, 'The Wasteland', in which a protagonist devises a scheme in which unlimited numbers of cryptos are created, in order to preclude plunder. Cryptos under such a scheme might only be valued by actually using them, for instance in a transaction for which the crypto was created.
Ex: if you are buying your neighbors truck for $10k, you create a crypto in which one coin is $10k, or 100k coins is $10k (the denomination is completely arbitrary. What matters is that the total sum transacted equals the purchase price, and that is determined between two parties), and the cryptos are backed by some other asset of equal value (for instance USD, a basket of other cryptos, heroin...)
Transferring the newly created currency then transfers title to the collateral assets, and the currency can be burned. Or used for other transactions. Whatever you want.
This creates an obfuscation layer precluding hostile plundering of your assets, particularly if such practice is widespread, amongst other benefits.
The benefits of such a system are not simplicity of accounting, credit reporting, etc., as bespoke currencies that are only used for one transaction and then burned are actually impossible to tax, steal, or otherwise take advantage of by third parties.
Think of it as virtual offshoring.
That is a fascinating story. This reminds me of my very first impression of crypto-currency - that it has NO value except what people are willing to pay for it. All of these alt-coins and new ICO's are more of the same. Their value is based on how cool their website is, or well-written the whitepaper is, or the perceived 'features' of the coin, or word of mouth. The idea of the coin has to be 'sold' and amazingly, people are still skeptical of Bitcoin - meaning that it's likely that this artificial bubble is going to get a lot bigger before it pops. @ironshield
I have no doubt you are correct. De-dollarization is going to give it a big kick in the pants too.
this is very cool
Amazing ! Looking forward to see this in use ! This hugely increase the value of the steem blockchain!
I hope they are able to create everything that is said in the white paper. Sounds very interesting.
Think of large websites like coindesk, news.bitcoin.com, etc..etc.... being able to monetize articles with a Steem backed SMT.. think of websites like espn,cbsnews,absnews,foxnews, all large websites being able to monetize with their very own Steem backed SMT $$$$$$$$$$$$$$$
Looking forward to see this in practice
Thanks for the info, seems promising.
thanks for sharing
Thanks for this Information
Awesome
Thank you @kingscrown
Regards
@oodeyaa
Might be a noob question, but as you can see there's so many scam on ICO front, how Smart Media Tokens will try to reduce it. As you said it is free, more scam will be attracted to it. And then when there will be so much scam, governments will try to ban once and all.
So we need to make sure whatever ICO's are being built on Steem much be authentic.
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Thank you for giving us the information and level headed expectation about this project.
Once upon a time in a sad past internet was not monetized...
An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
this technology doesnt work yet, this is just a whitepaper.
Just enough to pump up the price 🤣
So with SMT's, we will witness a shitload of new ICO's and shitcoins.
First i heard about this... not sure icos is what any market needs right now.. maybe steemit needs to be work on more important then adding useless features that are not needed
Wondering if you realize the complete lack of logic in your statement, or if you just don't actually understand what all this means. Simple fact though, it's one or the other.
Clearly i get that they will have other uses but as of now steem don't need people to come here and make ICO tokens.
And he even says that is a use case
So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
How much do you have invested in steem?
why does this matter.. o i am so waiting to find out what you reason behind this question is. if i got 10$ or million $
It matters greatly.
You're speaking your opinions on something that would raise the value of steem.
It shouldn't matter tho if i am a small investor or a big investor tho.. i love steem and most ideas behind it and i see this can be beneficial but the crypto market does not need more places to create ICO tokens. Even more so tokens that can be created
Its not about ICOs. Read again:
So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
Again ICO market is not what needs to be on steem
As long as SP remains an easily used vector for Sybil attacks, I expect the adoption of SMT to be limited, as SMT could be as easily compromised by a Sybil attack on Steem blockchain as Steem itself.
I have noted that the churn rate on Steemit is far higher than other social media. The retention of users from 2016 is ~11%. I am pretty sure this is due to how SP is able to centralize control not only of witnesses (which most folks are unaware of) but also rewards.
When Steemit secures the blockchain against Sybil attacks, this may prove to be a game changer. If Steemit doesn't fix the problem (which is also a golden parachute for those that initially mined Steem, before Steemit even existed) the SEC might. Since SP weights votes that determine rewards and witnesses, Steem is definable as a security, like any other voting share stockholders may be familiar with, and the SEC is proceeding to regulate ICOs.
Time will tell.
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Great development with Smart Media Tokens.
Thanks for sharing. steem will skyrocket.
Nice info, Thank you! :)
Niiiice!
nice post
How to use tockens brother
It won't take much time for implementation. That's my humble opinion. Good job @kingscrown. Keep posting and guiding the community. Loved your post.
Steem On!
Steemit's biggest problem has always been the slow rate of adoption.
This new addition flips that problem on its head, by allowing already established and successful media sites to Steemitize themselves.
It's quite the elegant solution.
Given that Steemit is still in beta, limited adoption is SOP.
Retention is a real problem, however, as only about ~11% of accounts created in 2016 remain active today.
There are reasons for that churn rate, and creating SMT not only doesn't address them, it may simply advertise them. This would not be good for Steemit in the long term, if it doesn't solve the retention problem. Successful media sites will have to consider the flaws in Steem, and how witnesses are vulnerable to Sybil attacks, before they can be counted on to adopt SMT in droves.
I have not read the white paper just yet but this news and some of the resulting explanations such as yours here and others posted already is sure making this sound like Steem just exploded and soon the whole universe will begin to hear the sound and come looking to see what just happened. Glad to be part of it! Upvoted, Resteemed, and always Following
From @icoexaminer, here is our own reaction. Just reading your article, we were unaware that no development has begun...but that's ok - we're still pumped :-)
Development has definitely begun :)
maybe this is a stupid question, but won't this just empower other social media sites to compete against steemit with the ability to pay their users? how does that help steemit? and how does it help the price of steem to have a load of competing tokens with the same functionality?
Will you first fix the ability to simply buy control of the witnesses, and change the way rewards are based on wealth, or will those 'features' be things established media platforms will have to consider when looking at adopting SMT?
Steemit has retained about ~11% of accounts created in 2016, and I believe most of the 89% that are no longer active came to believe that the centralized oligarchy that controlling stakes (from mined stakes, almost exclusively) have over rewards and witnesses is simply going to continue. There are other issues, such as rage flagging, and botnets, that have also been problems.
Given that these issues remain relevant, is it wise to release SMT before these matters are resolved? Potential adopters of SMT will certainly have to consider how these issues will affect their coins, and further consider what may become of Steem itself, when the SEC has increasingly indicated they are going to regulate ICOs, in view of the fact that SP is a security, and was released for sale to the public after being mined.
I'd really like to get some idea of where you think Steem, and Steemit, is heading in regards to these issues.
Thanks!
That's interesting @kingscrown.
What does tldr mean?
tl;dr means 'Too long, didn't read'. It is used to preface a brief synopsis of a preceding wall of text that some folks just won't take the time to read.
This is a move in the right direction for Steem. It will go a long way in increasing the value of Steem.
Let's hope its launched soon
Yes, we will wait and see also hope for this implementation in the future
so it going to be an ico in 2018?
so basically this is bring the steem to other sites aka the comment feature they have which is a really cool idea for publishers to make money off the comments? correct me if i am wrong?
I'm so bullish on Steem right now think the price could be doubling or tripling in the near future!
excellent post! i like it the your post thanks
Thank you for the information and the nice animated video
That's great for getting business on board .. And why not, steem has a lot more offer than other coins, as its social value as well for the company's customers..
Thanks for keeping us updated and boiling this issue down to an understandable level. this is, indeed, a very interesting development. Theoretically, I assume then that this will lead to much wider use of Steem, despite people/companies/platforms not knowing that Steem underlies what they are actually using.