If you've been hanging around Steemit for some time you may have heard of the term Smart Media Token or SMT for short. A lot has been made of the launch of SMT which has been delayed for some time but now looks to be back on track and it's got quite a few people excited about this new development.
Once SMT's launch STEEM will have its own native token system like Ethereum, Tron and EOS which will allow individuals and companies to create their token economy or business on the STEEM blockchain.
SMT's will look to take the pressure off STEEM in terms of development and provide independent businesses with the opportunity to create reward systems with the underlying technology but change the way it works to suit their needs and community.
These communities would need to hold STEEM to create SMT's meaning plenty of STEEM could be removed from the open market and held by dapp owners and businesses who want to run an SMT and reduce the amount of liquid STEEM on the open market and hopefully improve the price of STEEM and create a more stable demand for the coin.
How will SMT's work?
Once SMT's launch new dapps and sites can be created that can copy the steemit system or refine it to work for them and reward their users using their own token. Users will then be able to take those tokens and trade it for STEEM, SBD or other SMT's on the internal market.
This will create unique trading pairs against STEEM and provide added opportunity to trade with STEEM or against STEEM without ever leaving the ecosystem. Imagine being able to trade cryptocurrency but owning the keys to your own wallet.
Are you excited about the launch of SMTs?