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RE: Steemit's New SMT Whitepaper: Creating an ICO Using Steemit?
An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
I see, OK - I was partially assuming that the resulting SMT tokens would be traded in their own right. I need to finish reading the document and ask some questions to fully appreciate how exactly the scopes of STM powered sites and the Steem blockchain mesh with each other. It would be great to see a worked example, or at least know who is intending to make the first example site too.