The introduction
Imagine this scenario, a site with a database like Facebook decides to reward authors for content, then a huge problem arises, there is basically not enough to go around (in simpler terms).
Of course we will reason that they make money from advertising, but it's still not enough because after they reason the large chunk of profit to be made, they won't still have enough to go round.
Here comes the solution...Smart Media Tokens
In easy to understand terms, a smart media token is basically a reward system or coin which is designed to reward regular and active content creators and curators of a community.
Now in this sense, this is designed to further revolutionize the future of online content creation. Imagine if you find it easier to be rewarded or reward others in a community for a passion you all share.
To take this further, this is built or made on the steem blockchain, meaning at the end of the day, those smart tokens will still further strengthen the blockchain while making an impact on the future of content monetization online.
This actually means steem becomes a stronger contender for the number one slot on the coin market cap, with a high possibility of overthrowing bitcoin.
Since the announcement by @ned, it has become more evident that this strengthened the steem currency as while most of the coins at the top ten have been taking a beating, steem has been constantly rising.
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I mentioned something about steem being a contender right? One of the reasons bitcoin is popular is because of mass adoption for various purposes, meaning bitcoin can be used to book a hotel, pay rent, exchanged directly for fiat currency etc.
The smart media token does this in another format, with the foundation of the steem blockchain, apps or sites built around it can generate tokens to reward active members in what is called a proof of brain.
The smart media token created is not controlled directly by anybody to avoid manipulation and heart breaking stories, it is controlled by an algorithm which fuses with the site and basically monetizes content.
A thing of beauty
The cool thing about Smart Media Tokens is that it can be easily adopted by any platform, especially those with a large database and imagine an person like Paris Hilton adopting this system in rewarding her large followership base.
I spent hours reading the smt pdf whitepaper and even more time trying to simplify something already simplified.
It can be related to an app like steemit chat, rooms could be created and regular commentators will be rewarded with a steemit chat token.
Who it affects?
Everyone...
An individual who is active in community engagement will benefit from such an innovation in a community powered by Smart Media Tokens as he will be able to receive rewards from the creator who wishes to reward such effectively and it's all going to be happening in the steem blockchain.
With mass adoption of numerous tokens centered or pioneered by this blockchain technology, comes mass increase in the price of steem itself. This is like a dream come true or Christmas wishes on steroids and nitro boost.
To work this magic, the first thing to not is a steem account(preferably new) does it. There are other conditions guarding it including rules guarding posting with such account etc.
Well except the document being a lengthy read and some abbreviations, everything else seems good to go and remember, this is Smart Media Tokens in my own simplified words and understanding.
In case you might need the video of the announcement of the Smart Media Tokens obtained from @ned's blog, it is included below.
What intrigued me more was the simplified explanation on why it was created and here is a video also from his blog
Remember to be at Steemit In Nigeria event
Hey have you voted for a witness today?
I explained everything in simpler terms here
Witnesses basically are those who have volunteered to help keep this place up and running.
To vote for a witness, click here
Vote @ausbitbank, @steemgigs, @teamsteem and @xeldal for witness
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Images from ned and pixabay except the Steemit In Nigeria image
Great review man, i just did mine too
After reading the whitepaper i couldn't find sleep, i couldn't find peace. All i was thinking was how i could come up with ideas and most importantly get more money to buy some steem. Gladly, i manage to convinced my not-so-techie dad to let's put some money in this.
What i see is the beginning of something great for STEEM. The price hike is a start of a up trend and i can see this trend is going to last longer than the previous uptrend STEEM price has seen. I also see STEEM achieving multiple new all time highs soon.
Let's watch and see because the true value of STEEM is about to be discovered by real crypto investors
edited
Try and use the "smt" tag for posts relating to Smart Media Tokens, it hot right now and people are searching the tag to get more information on the project.
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Thanks for the tip
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I have been trying to understand SMT. Thanks @ehiboss for this concise piece.
I hope someday the steemit in Nigeria concept happens in Ibadan.
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You are welcome
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This is some big plus I see with the smt. This means users will be effectively rewarded as well as the owners. It makes it a win win situation. I cannot wait for it to go mainstream and for highly place tech coy to adopt it. Steem bullish.
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Me too...
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any SMTtoken is an asset issued on top of the STEEM blockchain and it's traded in a SMTtoken/STEEM pair, so the steem is major trading pair for any SMT in this way it helps steem token itself.
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You can say that again.
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This is another milestone achievement from Steemit. It can only get better
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Indeed it can only get better
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This is one of the most explanatory articles I've read on this subject so far. Thanks for the explanation, I am happy to be a Steemian, to be a part of this new force.
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You are welcome
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Fantastic!!
You can say that again!
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I just said it out loud again..
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I am still reading the white paper. But I know it was something great after seeing Ned's excitement and the apparent bump in the price of steem after the announcement. Good news for all of us who are steem holders. Say hello to $4 steem real soon
Nice work on the simplification as the white paper is a bit technical. Keep steeming.
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This is a dream come true
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Simply down to earth....
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Thanks
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Wonderful explanation.
This is great.
Thanks for the review.
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You are welcome
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this is awesome thank you !!!
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You are welcome
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Excited to see what is to come of the smart media tokens.
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Me too
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STEEM = EN FUEGO ! ... it is storming the world... with the recent run-up i think a few more savvy people should be brought on to keep tailoring the roll out in a inviting way for all smarties that want to join.... continuous improvement / peace!
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Steem will take over the world
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This is really a milestone for steem in the coin market, a more stable increase that can draw the attention of big investors without fear of a drastic fall in value like it did before,, hmm, i really see steem overcoming btc in the nearest future
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Steem to the moon
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This is exciting news. Steem did seem at a great price when I bought some, just wish I had bought more now. Still seems like one of the most undervalued coins, perhaps people are starting to see the potential now?
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People will be surprised when this undervalued coin makes bitcoin seem like an obsolete relic
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@ehiboss I had to upvote and resteem your post. This is by far the best explanation I've read thusfar. The white pages are tailored for the tech savvy. Explanations such as this really help.
Is it safe to say that this will make it a more level playing field, aka minnows vs whales?
If time allows, could you please give an example of how a minnow could benefit from the tokens?
Thanks for the post.
Peace.
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It's not about minnows vs whales, it is about being able to benefit from contributing/engaging in your community.
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Am impressed, you really break Everything down in such a way that even a layman will understand. I did not fully comprehend this when i first I saw it, but now it's very clear me. Thanks you for taking your time to simplify this.
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You are welcome
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