How Smart Media Tokens will change the attention economy

in cryptocurrency •  12 days ago

Your eyeballs are important.

They are not only a window to your soul, but a gateway for billions of advertising dollars to get to you through pop-ups, pop-unders, inline-ads, banners, auto-play videos, breaks in your music streams...etc.

credit: secretpie

Needless to say, you just want to consume your content without interruption from the attention economy. 

The new attention economy

Businesses are learning that they can no longer buy their customers’ attention, but have to earn it instead. Building a brand around short clips is ignored 90% of the time and does not deliver bang for buck. People don’t respond to facts, but more to stories around your product. Apple’s  ‘shot on iPhone’ campaign is an example of stories around a product. 

 Businesses must now create content worthy of your attention.  

Enter Smart Media Tokens and the curated web

STEEM’s Smart Media Tokens allow any website powered by curation (Likes, Up-votes, add-to-favourites, etc.) to reward users for creating and curating content. Given the billions of pages of content indexed by Google, the internet is evolving to form sub-communities, where users sift through information, and up-vote content they like, causing the good stuff to rise to the top like cream for you to enjoy.

SMTs will merge the curated web and the attention economy.

Companies fighting for your attention on SMT powered sites, will have to create great content and promote it by paying with STEEM. Users will be rewarded by these advertising dollars to curate it, and if the content is deemed worthy by curators, will make its way to your eyeballs for consumption. 

How big is this?

Mainstream social media is turning to crypto, with Kik being a recent example. Facebook’s founder has also tweeted interest in the field. A future with the largest social sites powered by STEEM and SMTs could be just around the corner.

PS: See my other post on STEEM.

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The big social media giants will have to adapt to smart media tokens, or risk being left behind. Once the word spreads more of STEEM and SBDs people are making for doing the same stuff all the people on Reddit are doing...why wouldn’t you move to a system that works more like Steemit does?

This is my biggest holding and I really believe in the technology, platform, and future of the Steemit community.

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Exactly. Steemit is just a test use-case that has worked remarkably well.

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I am new here, but this is what I have been thinking as well. Beta. We are anxiously awaiting the real deal stuff. Gotta power up!

Wonder what VICE will do to the platform? I can only imagine it will bring more people in...

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Oh yes. They are using SMT's. I think their crowdsale starts in a week.

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After all, ads are made to attract the people to enhance their business but the real problem is people are becoming selfish and only cares about his profit not about the products anymore. People also must look after their products too.

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When you want to Flag them but see their Steem power lol

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Not at all passive aggressive lol

btw, since I'm new around here what would happen if you did flag and someone had considerably more steem power than you?

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They could make sure you never make money off a post again. While their upvote is worth a lot of money, their downvote is worth a lot of negative money.

And when your post goes below 0 dollars, it gets hidden and your reputation goes down.

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hmm, that doesn't remind me of anything...
giphy.gif

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Right you are hahaha! Black mirror has made it's first accurate prediction

Luckily, if your account is destroyed by a whale, you can make another one but it is a very scary prospect.

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Yes I completely agree with you . We have some big social site but they don't use any cryptocurrency. I think they should use currency like steemit. I think without it they will fall down at a time.

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I get so excited reading articles like this. I can't wait for this to become the new standard. The new way!

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Yes , I think it will be soon because without it they can't survive for more days.

Just think years from now all the facebook users & fans will think about how their time and effort went for nothing $ wise (while getting zuck'd by the zuckerberg). Rise steemit, rise...

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Really I feel that golden moment. Now it may be dream but it will be real one day and to reach that goal not to far.

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Not too far down the line. Technology is changing faster and faster these days (too fast even!).

This would be amazing..
STEEM and SMT's powering all of the other social media giants.
Like I have said before, the system is beautiful and could be utilized in so many different areas.
The next article I post on here will have tones of similar content! Nice post :)

The concept of SMT is fairly rigid, and as i tend to see here on Steemit, it really does make for better curation then just plain 'like' or 'heart'
SMT's create neccessary value for the content, but also make people ask themself twice about why and when they give their STD or SMT to another person.
BECAUSE there is actual monetary value to it. Inthe end, my guess is that this system wkill perform way better for quality curation and stuff.

I LIKE :)

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I really agree with you, and I hope you're right about it having a quality-enhancing effect.

The social media world is in the hands of stemians, do not delay inviting our other friends. The unchanging will be left behind, we will always be together to move on. Steemit is okay..

Wow.. i think SMTs its going to be huge,specially now people starting to see the potential of crypoto.

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The size of this industry is in the billions. Reddit alone is valued at close to 2 billion dollars. Social media companies adopting SMT's will shift advertising dollars into the entire STEEM ecosystem.

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yes, social media might just be what gets cryptocurrencies into the mainstream, because its something we all use daily, and its stress-free and idiot-proof (compared with buying a pizza with bitcoin)

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True!

To quote Jake Brukhman of CoinFund, "mainstream cryptocurrency adoption will likely happen by offering mainstream consumers a chance to interact with digital currencies in compelling ways, within apps they love." - STEEM if successful will be huge for adoption.

that's exactly what i was thinking a while ago. Imagine, your personal blog is on blockchain and reward system works same as steemit. Imagine you create a forum under a certain topic but on blockchain, users and creators get rewarded. Imagine all twitter, fb, insta, reddit etc is on blockchain... I mean, that's what i was imagining :) Do you think it'is going that direction where every people wins at the end?
Also, quick question: What it takes to hire a person can create a custom website, forum, blog etc on blockchain works like steemit? Time, cost etc?
thank you.

Yes! I believe SMTs will completely revolutionize the "attention economy!" I just started reading the SMT Whitepaper a couple days ago! I'm trying to fully wrap my head around it! All I know is STEEM & Steemit.com have changed the landscape for social media and how authors & curators will be compensated moving forward. Also, the fact the STEEM is inflationairy to be self-funded and not have to rely on individual investment, along with the DPOS protocol equals massive future value in this space. Not to mention that STEEM and it's underlying blockchain tech was created specifically for social media and truly excels in its niche make it my biggest holding as well! I wrote a quick article on SMTs that lay out a couple views I would like to get feedback on! Check it out here and let me know what you think! Thanks for the post!

https://steemit.com/steemit/@brettcalloway/will-the-smart-media-tokens-smt-make-the-steem-blockchain-more-stable

SMT i am so excited for you.

So what is the approach to manage the scenarios where bots game the curation to artificially promote content on the bot purchasers behalf?

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Steemit is adjusting how rewards are given to curators based on how quickly they upvote/ comment on a post. The most recent updates are coming with the velocity hard fork. Bots aren't entirely a bad thing and are useful in places like reddit. Steemit just needs to adjust its algorithms till it hits the perfect spot.

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How quickly? Like the earlier ones to like/promote it get more rewards than thelater ones? Bots are not bad, I just worry they could spoil the fun :)

Do you have link to a post about the planned updates?

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STEEM disincentivizes upvoting a post within the first 30 minutes, to discourage bot spam. With the velocity update, they will reduce this time to 15 minutes.

This is not yet a perfect solution, but I am sure they are looking at other measures

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Ah, good to know. I was wondering why they would weigh more if upvoted on new content, since it promote bots to upvote as soon as it's posted.

I'll read about the update. Thanks for sharing!

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Have a look at the current rewards system.

Will this be the year that Facebook and Google really begin to die? :) lol I barely have any time for Facebook anymore but have spent more time on this site in the last month than I have on Facebook in the last year.

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I don't see them dying any time soon, but if users find better platforms on the blockchain (STEEM, AKASHA, KIN) - they will definitely have to adapt or die.

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I think the dying process has begun and will really begin to be underway in another year especially if we get some bandwidth on here. Facebook has already begun to slightly falter in the USA which is it's main market.

I think in future SMT it will be valuable, Steemit is a great platform , i m optimistic.

Have you ever looked into Basic Attention Token (BAT)? The business model focused mainly on removing ads and ad tracking from websites and swapping those ads with their own. This model wasn’t aimed at individuals at first but at the anonymous aggregate of the brave browser’s user base. Brave now shares their ad revenue with content creators and users. This was christened “Brave Payments.”

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I haven't checked out the whitepaper yet, but have heard of it. I think I will do a post about it soon. It's all related!

haaaa..this scratch makes me laugh @hitwill

In some way ads can be handy and turn out to be the source of information but sometimes just as a medium for selling goods. This increasing trend of using famous people for ads made their products profits high due to their fans using the same product their idol perform before the camera to look alike.

Very interesting post.

But sometimes, media offers something fake. One of the issues currently the Philippines is facing FAKE NEWS. Still today, people are doing hearings about it. :-(

More people are interesting this post. :) vote and follow.

I'm around this corner 😉

Wow good information thanks to shear this post.

I like the writing of your article is very interesting people to comment on your article ,,,
I want tips and tricks from you ,, please help

I like your words that are highly motivated ,, I want to ask for tips and tricks
from you how to write interesting ,, please help.
https://steemit.com/dmania/@boyhaqi97/tips-and-tricks-get-the-vote-from-dmania

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Thanks for the kind words. here is a good article with nice tips on how to write, from my favourite writer.

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thanks for the tips @hitwill

More accurately the changing technology of social media sites of yourself as a brand,must adapt to changing human needs. It was so popular Crypto coins especially at the time that we must not overlook the giant companies.So they should give importance to social networking sites such as steemit.Hope steemit is going to be a large community is very advanced.In this way, because it goes with solid steps .

I saw this a little late but thanks for sharing..

Yes i. Like

Salam kenal @hitwill..

Yay for this becoming reality!

wow I find this post really useful to me. I applaud you for a job well done @hitwill.

Good posts.