Perhaps you could elaborate a bit regarding smart contracts. Or just point me in the direction of some reading. I really don´t get the concept. This is the paragraph I refer to:

"This supply is distributed to three different smart contracts which are selected based on stake-weighted voting. The additional supply may be simply destroyed by locking them away in a smart contract which prevents them from ever being used (eliminating inflation), or they can be distributed to decentralized administration (such as Steem), or centralized administration (such as the Ethereum foundation, EOS foundation, etc...)" .