What&#x27;s Your Opinion On Smart Media Tokens?

liotap (54) · 7 years ago

The big plan of the steem team is to tokenize the web and world. We've seen platforms succeed with apps, I guess we can say "applicationizing the world".

Given the benefit to users, i do not see why the web cannot be tokenized. Additionally, I do not see any project, perhaps at the exception of EOS, that could compete with steem on their segment of the market i.e. enabling web applications powered by tokens.

That said, when we are talking about anything of that scale that involves a change in users perception and behavior, it is not a matter of months but years. We all have a role to play here. Let's do it. Go steem.

$1.50

3 votes

radard (61) · 7 years ago

Strong agree with your thoughts. User perception and behavior as well as negative media coverage will be the hurdles.

$1.50

3 votes

heymattsokol (68) · 7 years ago

SMTs seem like they are clearly the future of Steem. Now that DTube is taking 6% as much traffic as Steemit, we are seeing the slow and steady rise of the alternative apps and front-ends for Steem.

SMTs are going to take this slow growth and amp it up. A few years from now there will be so many businesses operating on Steem separately from Steemit, it will be great.

$0.39

4 votes

opulence (40) · 7 years ago

I'm super duper excited about SMTs.

I actually have been dreaming up something like this for awhile now, before I found steem. The idea of having a decentralized network based on a cryptocurrency, and then being able to create your own "skins" for said currency, and all these sub-currencies are easy to exchange between eachother.

SMTs takes that idea to a whole new level - and it solves the issue that Ethereum based tokens have - that of having no actual real world utility or value beyond hype and spectulation.

Steem based SMTs are backed by valuable content/projects/people.

I see this is a dawning of kickstarter 2.0, where instead of just donating to projects, you're actually able to be vested in a project and share in its potential success.

Pretty soon, everyone will be launching their own tokens for their persons and projects. If you have something valuable to offer the world/collective, then having your own token is a brilliant way to be funded/powered.

Granted, there will be a lot of BS tokens launched like we see with ICO's - but we can leverage the steem voting system to create ways of allowing the cream to rise to the top.

I've been reading the whitepaper, and while I understand the basic premise and big picture, theres still A LOT to learn regarding how the tokens actually function. And I think its important to truly understand how a token functions if you are going to be issuing one.

Besides that, we'll start seeing established brands start issuing their own tokens and integrating the steem blockchain into their websites via widgets (like disqus comments).

I believe we're standing at the threshold of mass adoption.

Exciting stuff.

$0.10

4 votes

dannyzen (48) · 7 years ago

Thanks for the very well thought out response my man. Much appreciated!

I like your analogy of describing this as Kickstarter 2.0. Do you feel like Ethereum tokens are not like this as well? If so, why not? What utility do you see SMTs having that ERC20s couldn't have?

Also, what questions do you have regarding how they function? Is there anything specific you're wondering about?

$0.08

opulence (40) · 7 years ago

Ah, well on second thought, I would say that ETH tokens are similar to the kickstarter 2.0 concept - but the big difference is that the only actual usage and value ETH currently has is issuing tokens and fundraising.

The issue I see is that the vast majority of ICOs are promising all this advanced futuristic ethereum based technology, but none of it has actually come to fruition. Ethereums blockchain transaction rate is maxed out, and noones even doing anything with it besides fundraising.. It all seems so, well, ethereal...

Steem on the other hand is a fully functioning platform that does exactly what it says on the tin. There's no promise of some advanced world changing protocol that's explained with overly complicated techincal jargon. Steem is the real deal, and from what ive seen, steem as a platform is relatively hype-free (i barely see any talk about steem in all the day trading hype groups ive been in).

I think SMTs are far superior than ETH tokens for the simple fact that the context is based on creating real world value TODAY, not tomorrow when the tech is able to catch up.

Steem gives SMT issuers a platform to prove the effectiveness of their projects.

IMO, steem is above and beyond the most undervalued thing in the entire crypto space, while all the daytraders and hypsters are busy speculating on nonsense. It's so silly to me.

Regarding SMTs and what I'd like clarity on - I think all that's missing at this point is in-depth use-case examples to show how it translates to real world usage.. Theres a few simple examples in the whitepaper, but something more in depth would be awesome.

I want to know more about the ways that content creators, publishers and organizations can leverage SMTs to fund their initiatives. I'd also like to see more examples of what the steem world looks like when theres hundreds or thousands of SMTs, and how they all interact.

So yeah, i get the basics of what an SMT is, but i want more examples of what its actually going to be like post-launch. Obviously, that would only be speculation, because our creativity is certainly going to decide how they are used, but some simple easy to understand illustrations would be wonderful :)

fourfourfun (55) · 7 years ago

I can see some issues with the ecosystem that some people may find offputting - the reward pool exploitation and how you can effectively run the place if you have enough money. However, if entities can hardfork away and build on the rules, then there could be a real case for mainstream adoption. Measures of control definitely needed for some.

$0.06

dannyzen (48) · 7 years ago (edited)

Yeah man, I wonder about this myself too. I'm going to poke around the community and see what the thoughts are on this. If there are any solutions proposed, whether it's seen as a problem at all, etc.

Thanks for the question, you bring up a good point.

$0.11

fourfourfun (55) · 7 years ago

I saw a suggestion on Utopia-io, and this conversation spurred me on to throw my hat into the ring. We’ll see how that goes!

jumowa (65) · 7 years ago (edited)

Beyond companies arising around the steem blockchain it could become a huge boom (trend) when external companies put their trust in smts.

preparedwombat (70) · 7 years ago

Gotta admit that I don’t grok all of the technical aspects of SMT’s but since those who deploy them will need Steem Power for bandwidth, I am guessing that demand for Steem will increase, perhaps dramatically. In such a scenario, early adopters (everyone here today) would stand to do quite well.

goldmatters (74) · 7 years ago

I love the idea of SMT’s! I can’t wait to see them in real use case applications. I think once this happens it will click with people just how amazing this idea is and spread like wildfire!

greer184 (59) · 7 years ago

One of the aspects of SMTs I can appreciate is that they act as limited-use flexible contracts. This means we can see the benefits that some of the other smart contracts platforms have seen, but at the same time there is additional safety and security to keeping such contracts limited in terms of programmability.

Because, they are limited, I don't see Steem taking over the world. But it doesn't have to. What I can see is Steem becoming the backbone of internet content across the web, which given that the economy is moving more and more online means promising things for the Steem token.

gokulnk (63) · 7 years ago

Recently I was suggesting a Citizen Initiative champion in Bangalore on using blockchains for improving the governance of the city and improve the citizen participation. Checkout the first draft we created. https://steemit.com/steem/@gokulnk/exploring-the-potential-of-blockchains-to-improve-governance-in-state-of-karnataka

While working on the draft I realised that Steem has most of it covered and having a separate token of our own could have solved most of the issues and the government could have started using it as a trial run. That is where the power of SMTs will play an important role. I am hoping to see SMTs rolled out sooner than later.

I am also planning to suggest my almamater to start using SMTs create content that is relevant to schook syllabus and students can be rewarded based on their participation.

I am yet to read the SMT white paper and I am hoping it will clear some of my doubts.

$0.04

dannyzen (48) · 7 years ago

Very interesting man. I've also been wondering how SMTs or similar technology can be used in real world governance. For one thing, I wouldn't be surprised if we see a Presidential Campaign using their own SMTs in the next decade.

This is a really interesting topic. It won't fit into my first SMT article, as my goal there is to simply breakdown SMTs into language anyone can understand. However, I'd be really interested in talking with you further about this.

syncubate (50) · 7 years ago (edited)

On page 11 of the Steem White Paper it states: "The primary concern of steem feed producers is to maintain a stable one-to-one conversion between SBD and the U.S. dollar."

The claim that a minimal USD value can be assured by any crypto currency is untrue and simply untenable. This is evident by the fluctuating value of SBDs both below and well above the originally characterized peg, the latter being the case now.

My question as this relates to SMTs - the SMT White Paper says the following:

"Issuing a smt_create_operation requires payment of smt_creation_fee...If specified in SBD, an equivalent amount of STEEM will be accepted...Initially, smt_creation_fee will be set to 1 SBD & no means will be provided to update it."

In accordance with the above statement, SMT creation fees appear to be tied to the face value of SBDs or an equivalent USD amount of steem.

How does one reconcile this with the assertion of the Steem White Paper that SBDs should be pegged to $1 USD?

Steemit Inc should definitively clarify this.

$0.00

toni2oni (43) · 7 years ago

I love the idea. I was reading the SMT whitepaper on the first day I found Steem and I felt like if I got what I could do with it immediately. What I couldn't wrap my head around was how to get started. I tracked it back a bit and understood Steemit and that's where I am now...I recently joined and learning the network.

I also plan to do some reading and write summaries of the whitepaper as I mentioned here in one of my introduceyourself posts https://steemit.com/introduceyourself/@toni2oni/i-m-new-at-this.

Looking forward to your conversations on SMTs

$0.00

dannyzen (48) · 7 years ago

Hey, thanks for the response! What do you mean that you couldn't wrap your head around how to get started? Is this still something you're figuring out? If so, I'll be happy to bring some clarity to this if possible

$0.00

toni2oni (43) · 7 years ago

What I meant was how do I create my own SMT and build my website based on it.
Also check out my first post on the SMT whitepaer here https://steemit.com/smt/@toni2oni/smt-whitepaper-summary-part-1

$0.00