I've been pondering for a while about the Steem Media Token, and its implications. It took me a while to understand what it is and the amount of innovation that it can potentially bring.
What is Steem Media Token
Steem Media Token (SMT) is a way for anyone to create a token on Steem, with minimal costs and programming knowledge. It costs less than $1 to create your own SMT and it could be used for many things, including starting your own ICO or to issue out to people on media platforms. The best part of SMT is that it's powered by the Steem network, which we know is much faster and expensive than the Ethereum Network. This means these tokens are idea for small interactions, such as integrating into a blog or even a forum. Unlike Ethereum though, a lot of the programming instructions are already done, so integrating SMT will be super easy for new users. The disadvantage is that it's not as versatile as Ethereum when it comes to coding and it won't be as mature. In tech there are always tradeoffs. This means SMT will be great for community projects, and perfect for niche sites.
Potential applications
One application that I can think of is usage in Blogs such as my own website, boxmining.com. I can potentially integrate a chat system similar to that of steem and reward users for contributions. These tokens will then have their own value - it will be like having my own Steemit on my website!
Information about SMT
The white paper and development guide can be found on https://smt.steem.io. I'm still going through the basics and I might even try to learn how to program and make my own token!
Original Post: https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts
When will it Launch
Currently, it is scheduled to launch "soon in 2018". Hope that is early in the spring! I can't wait
I believe the launch would help steem's price to achieve another high as the announcement did. I think the SMT as a project is a good one that has the ability to increase the adoption of steem to wider audience.
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For sure ! Can potentially be huge if they can market it well. Thing is it will beat eos to the chase
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I really need it to be implemented. I'm a steem HODLER :)
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This will truly be revolutionary, can you imagine a whole decentralised exchange on Steemit, with the range and quality of tokens that have been appearing on Ethereum? Can you imagine a reddit coin running on the Steemit blockchain! I think this is one of the biggest stories of the year in cryptocurrency.
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Oh man Reddit coin on steemit would be epic !!
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@boxmining. I just Upvote and Resteem your post. That's all I can do to your writing as your followers.
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Thanks so much for the resteem
@manah !!! That really helps. Following you
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Thanks friends @boxmining, i just do as much as i can for the people i follow. :)
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Thanks for the great information
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TWITTER AND INSTA GRAM COINS
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Wow, this is definitely a game changer for steemit. Didn't see it coming... I was looking for some good long term holds to buy tonight. I guess steem is the lucky winner! Would love to see a long review from you as well. Thanks for sharing!
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Thx STEEM, this is what we've been waiting for.
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I wonder if this can be applied outside of the social sphere? Like maybe a loyalty/reward services like car repair, With tokens being used for related goods or discounts? Proof of brain fits as you are rewarding active users of your service.
Hmm the potential could be grand. But we could also be looking at alot more shitcoins. Thanks for your input @boxmining
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If you start your own token for your blog how is the price determined?
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IM SOO HAPPY TO BE APART OF THIS.
Indeed this is a game changer!
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Wow, the future of STEEM is bright AF!
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This is spectacular. The value of steem and it's platform can only go higher.
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@boxmining, Yours is one of the only two really great crypto related YouTube channels I follow too! SMT is conceptually excellent and I do hope it takes off. Steemit has laid a massive foundation for taking social media into blockchain though its platform has further scope for improvement and once that happens it might just see faster adoption rates than Facebook - but then again u might just even see Facebook evolving likewise once blockchain sees mainstream adoption.. Interesting times ahead.. Don't u think?
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This could get huge when someone creates a commenting system for blogs or social media that can deploy this steem style reward system. A lot of people use custom comment systems in their blog, like DISQUS. They do it for utility. This becomes a no brainer for many websites. Your community gets better, the site has additional ways to monetize and people that contribute get something out of it. Could easily see this being the primary commenting system in the future. And it won't hurt that it will introduce crypto to new people.
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thank you for sharing valuable information.
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I think you mean less expensive!
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So do you consider creating a Boxmining Coin?
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