Flashback to Smart Media Token and Scotbot

Oct 25, 2019, 9:56AM, or was it almost 4 years ago, I received an incoming message via GMAIL from the Steemit team, the message was titled "Smart Media Tokens are Coming!" with sub details of the contents of the message in it is about the plan to launch SMT which is built on top of the Steem Blockchain. The message has the main points about "Smart Media Tokens Now Live on TestNet! MainNet launch early 2020!", When I read this I was very happy and hoped that everything would be realized.

On the Steem blockchain, SMT is a digital asset that anyone can launch to monetize online content and establish incentives to encourage desired user activity. SMT includes a built-in “Proof-of-Brain” property and a token distribution reward structure specifically built for digital content companies, although it looks like a model for creating tokens, it is unlike Ethereum's ERC-20 token model.

SMT can be run to build social media platforms like Steemit, where each user can create their own token. The tokens are used for reward distribution and user engagement on the platform to receive incentives which are fully built on the Steem blockchain and run the same as in the case of Steemit.com.

In this case, SMT provides opportunities for anyone, individuals and communities to be able to build their own content and become their own digital company running on the Steem blockchain. SMT is of course also an opportunity for every business actor and investor to develop their project promotion through the development of a content creator-based platform, where each individual or community involved in the project can receive incentives for the content they share.

With SMT, we can create a platform for content creators that broadly will also have an impact on the promotion of certain projects that are being carried out and that will bring mutual benefits to both parties. Where developers and investors can jointly provide a platform for content creators and as the platform grows, it will also invite new investors to invest in the tokens they have built through SMT.

The SMT model goes even further, to enable publishers to design tokens that support community development and content monetization. With the use of tokens, issuers can develop mutually beneficial community-based economic incentives that will drive the growth of the platform.

Even Through "Initial Coin Offering" (ICO), issuers can also raise money using tokens. New business models beyond advertising are made possible by very instant token settlement and no transaction fees.

Even in their development model, they released 4 sample SMT development models that can be applied to various categories :

1. Content Publishers - Single Token Support

2. Forums - Multiple Token Support

3. Comments Widget

4. Sub-Community Moderators and Managers

You can read a detailed explanation of this model and concept through the official website https://smt.steem.com/ and learn more through the SMT White Paper page https://smt.steem.com/smt-whitepaper.pdf.

Initially the SMT was planned to be launched in early 2020, but until now, apart from the actions for the Steem blockchain business, both from fundamentals, governance and governance, it has not been realized so far. But fortunately at that time, due to the failure of the SMT project which was not released until 2020, "aggroed" a witness and developer in the Steem blockchain at that time launched Scotbot, another project that shares the same development goals as SMT.

Through the SCOTBOT project, anyone can start building their own community and tribe supported by the "Proof of Brain"! distribution. Scotbot has built a smart contract platform, enabling the creation and trading of tokens, staking (raising) tokens and distributing them. This project is adapted to the development model as stated in the SMT white paper, which has been released by the Steemit team in 2019.

With the presence of the project, they have succeeded in creating and starting it with https://sto.steem-engine.com. Then, the forerunner of the STEEM ENGINE is here which is built on the steem smart contract to be able to provide services in token and platform creation, as well as being a platform for trading tokens supported by various major coins such as STEEM, BTC and ETH at first.

They started developing it by building ENG tokens which can be staked with STEEM to build the platform and tribe tokens. Anyone can create tokens and build specific community platforms via STEEM ENGINE as well as distribute tokens to incentivize content creators on their platform.

At that time various platforms appeared with their respective community tokens and tribes such as STEEM LEO, ZZAN, ACTNEARN, SCT and others. The platform also allows cross-posting which in general can allow content to be published to different tribes of different content platforms in steem.

But it didn't last long, their developers migrated and closed the STEEM ENGINE project. This failure is obvious though that on the one hand, the project can grow the generation of tokens on the steem network, but in the same case it brings the value of the token lost, because the main investors seem to be only the owners, developers and their team, while the users prefer to exchange all their tokens to the main coin like steem, so that zero investment value grows on the token.

However, some other such projects are developed on a dishonest model and their tokens are a potential scam, to the point where investors and developers close all their assets in the engine. Tokens exist and develop into abuse on the network, as "rok-sivante" once told me via chat messenger.

And yes, I lost a lot more Steem value and that's almost thousands, because of staking on the token ecosystem in Steem Engine, a token with an investment term that is very vulnerable to the level of destruction and loss. The conclusion is, after I understood the experience, I never felt regret that SMT was not launched.

Now what I'm hoping for is the development of Steemit into an extraordinary platform, as well as the growth of photography and video-based Dapps. Cooperate with other chain and coin ecosystems, maybe it will also be more unique and interesting, elp get more Steem listings on exchanges then maintain the integration to the super popular Tron chain or bring another hub on the chain, and lastly, hopefully the value of steem will increase.

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Thank you for reading and responding to my post, have a nice day ♥️☺️

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