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RE: SMT: Smart Media Tokens Use Case - Vango.com

in #smt7 years ago (edited)

Hello Asher!

Thanks for a nice effort to propose a use case that business leaders can consider. In case you wanted some readers to pretend that they are executives at Vango, I have done so starting at “Are you ready to become …”. Here are some suggestions.

  1. As a Vango exec., the following would be ‘Greek’ to me: “Monetize online content and community, based on battle-tested blockchain technology”. There is far too much jargon here.
  2. As a separate point, we need to ask whether issuing tokens to people in exchange for their contributions achieves monetization. I believe that most people would interpret “monetization” with the idea that the coin can be converted into fiat money that they can use to buy bread. If that convertibility is not assured, I would think of using some other word than “monetize”.
  3. Do you have data to back up the apparent claim of low customer loyalty? If you do not, please be careful about putting this in front of your potential client.
  4. Suppose the client believes that he or she does not need engagement on blogs? In case the answer is problematic for you, consider finding out the cost of producing the blogs. If the cost is substantial for the company, then you might suggest to the company that a cost reduction would be achieved by offering tokens to blog contributors.
    Alternatively, you could argue that by stimulating comments and discussion on blogs via the tokens, they would grow their market.
  5. “Prrof-of-Brain” seems to have been a creation of a co-author of the White Paper, and the phrase has serious problems for the purposes of public communications, in my opinion; but I won't follow-up this remark here. Your Vango exec. will scratch her/his head 10 times on reading that phrase. The same applies to the phrase “rewards algorithm”, “up-vote”, etc.
  6. In preparing marketing literature to this kind of client, I would avoid suggesting that they are paying subscribers unless you're quite sure that the token is convertible to fiat money. I know I have already made this point; but I believe that marketers who are using concepts like monetize and paying without dealing with the issue of the bridge between the token and fiat money quickly get into promising more than they can deliver, which can produce quite unfortunate results at the end of the day.
  7. In the position of this kind of company, if they manufacture the tokens what's the point in taking a percentage?
    Cheers!
    P.S. I tried up-voting you but find my SteamPower at 26%, despite the fact that I last up-voted someone several days ago! Sorry.
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What a stonking comment @lestatisticien - thank you very much!

As you may have guessed, a marketing pitch is not my field of expertise, and so your comments with regards to jargon and statistics etc are very valid.

The main goal here is to increase awareness of the potential uses of SMTs to the Steemit community, and I hope I've done that at least.

If I were to repeat this blog again, I would certainly take your points into concideration - thank you again for your excellent response!

You are welcome, and I think teams of people should be working on spelling out realistic use cases. yours looks like a good case indeed. Please see my remarks about use case development proposals here: https://steemit.com/smt/@lestatisticien/synopsis-of-steemit-community-members-views-on-issues-to-address-in-roll-out-of-smts#@alexmavor/re-lestatisticien-synopsis-of-steemit-community-members-views-on-issues-to-address-in-roll-out-of-smts-20171010t195321010z .

I've already looked :D But have been roped into helping my girl produce her blog so had no time to comment, yet :)

This!!!! Thankyou =) This whole SMT business seems glaringly not quite there to me. We need to be thinking about realistic use cases!! Donkeypong's now famous post seems pretty naive to me.

Hello and thanks or your input! I feel that coming up with helpful use-cases involving large pre-existing communities of common interest around X, and an SMT project that can be kick-started quickly, is going to be crucial. Why? In my opinion, the critical mass of active coin usage and trading (esp. to get strong external-to-community demand for a coin -- people willing to use fiat money to acquire the coin) may require strong network support, and if you need to build that support from scratch when you start your SMT project you are likely to have many months go by before you get up to that critical mass.

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