Smart Media Tokens Take Over the World....Mwa ha ha ha haaaaa!
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Smart Media Tokens.....?
Smart Media Tokens are not just a way to increase the value of steem. They are a way to crypto-nize the world while flying under the radar. Think about it, if you were a cryptocurrency founder, you’d probably want a few things:
- For the world to operate in cryptocurrency
- To level the economic playing field, making a world economy more readily available to more people
- For Bitcoin to find some decent competition
- For government-regulated Fiat currency to have less of an impact and let the free market decide where the value
should be placed - For THEIR OWN currency to be the currency that accomplishes all of these things (because who doesn’t wanna get rich?)
- Try and take over the world, as an innocent byproduct, of course.
So how do we go about accomplishing these goals? Ordinary businesses are not just going to invest in STEEM. Plus, they can’t use it on THEIR platforms.
But...what if they could?
Then you could convince ordinary businesses and corporations to adopt it. And if you can do this, then you’ve essentially mainstreamed cryptocurrency. And not just any crypto, but YOUR crypto.
HOW IT WORKS
It all pivots around an ICO (Initial Coin Offering), much like an Initial Public Offering. If Amazon buys SMT, for instance, then offers it to the public, the single coin will be worth however much is invested into it--let's say $2 million. As the token is divided, its value is cut in half, and half again, and so on, but there are more to go around. It works the same as shares of a company.
The company uses the tokens to reward its users for participation, loyalty, involvement, and reputation on their online business or website. The tokens can then be used to purchase more product, harvest more visibility, cash in for money...the options are endless. It's whatever the company decides to do with it. This gives it a higher intrinsic value. And because it is linked to steem, then by default it will increase the value of steem.
So for instance, for every product I review on Amazon.com, I can earn a part of a token, which may be cashed in for actual product online. Like a gift card. For every happy customer who votes for me, I can earn a fraction of a token, giving me good reputation points.
Everyone wins--Amazon gets more participation and traffic to their website, users get to buy stuff, and sellers get to sell stuff. Thus generating more business, rewarding customer loyalty, and retaining a strong user-base. As an added bonus, Amazon gets to divest some of their token into the cryptocurrency exchange and either speculate on it, or simply power down and cash out every fiscal quarter. Whatever they want!
Meanwhile, back at the ranch, you are only INCREASING the value of STEEM, making its current shareholders (Steemit users like you and me) very happy. Everyone’s happy. You're happy, I'm happy, @ned's happy, Amazon's happy, the world is happy. We're all happy. See?
Don't they look happy?
So Smart Media Tokens (SMT) are not just a way to grow the value of STEEM, they are a way to take over the world, without drawing too much unwanted attention to steemit itself.
Companies win, because they strengthen their user base.
Customers win because they can earn for being loyal.
Steemit wins because its value (and reward pool) increases.
We win because our little steemian wallets burst.
The economy wins because it just mainstreamed cryptocurrency and didn’t even know it.
Everyone wins. It’s sooooo supergenius.
In the meantime, try going up against corporate giants like Amazon, New York Times, Ebay, and Wal-Mart, who have now suddenly adopted a cryptocurrency as part of their portfolio, and you’re going to have a hellofa time as a bank or as the government, trying to shut their crypto down.
Cryptocurrency has now been mainstreamed. Job done.
Again. Supergenius.
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TrufflePigWell that's kinda cool. Thanks for the upvote. Very great initiative you've got going. Good on 'ya! Hope you grow fast.
You should really think about the "is good for Steem" concept. I am very sure that something better, especially better distributed, coin and social platform will emerge out of SMT and loads of value will shift to a new coin.
Very, most interesting counter argument is @ned mentioning 100.000! Companies going SMT, i think every company needs to have at least 5000 Steem which would count up to a demand of half a billion Steem. Oh my God, what a wonderful interesting world we live in :-)
I'm not sure what you mean. Are you saying steem would not be the dominant coin, but the gravity would shift to the new SMT?
The thing about that argument as I see it, anyway, is that the new coin will be linked intrinsically to STEEM. So steem will have no choice but to grow in prominence. Secondly, each company will not necessarily have the same tradable token one with another. The only thing the tokens will have in common will be steem, so for speculation purposes, it will need to go through steemit blockchain to be exchangeable. I mean, at first.
Ultimately, these will be alt coin exchanges, but they will still only be valuable because of their value against STEEM. If any of them grow on their own, they will still be unseverable from the fact that they are actually STEEM.
I'm not saying they won't shift on their own, and if they do, great. But they literally, and essentially are STEEM tokens, disguised as something else so they can be operable outside our platform. But they will be part of our blockchain.
It's basically signing up "users" to steemit, without signing them up FOR steemit. So we have to blog to mine. They will have to participate in THEIR business to mine.
If steemit is smart, they'll make sure the businesses publish the fact that their SMT's are tradeable tokens within steem. That way, if a customer has loyalty tokens with more than one company, he can hop right over to the exchange and fill 'er up on steem. And/or he can hop over here, get a username, and cash in tokens for steem.
@littlescribe, really appreciate this solid argumentation, good reasoning and probably on the right side. You passed the test, following :-)
Well, I'm glad I passed the test. I'm also glad I didn't know I was taking a test. I hate tests. So thanks for keeping that on the DL. Most of my reply is argumentation based on a limited knowledge of SMT, and what I believe @ned plans to do with it. So, as a caveat, it's not gospel by any means. But I think this is definitely the direction they're going.
I like the idea. It could work when someone does something about it. The best bet would be to use it to reward customers. It would increase people's awareness of your coin.
I think so too. Just think of the possibilities!
Im still trying to figure out how similar/different SMT is to things like waves and appcoins, dragonchain etc. obviously I’m routing for SMT but I’d like to understand the differences.
SMT is an appcoin. The only difference is that it is linked to an already flourishing platform that runs independently of the app. , as opposed to exclusively as the app. So basically, there is an already-developed economy behind the coin that gives it trading value in the long run. People who use the "app" or SMT could hypothetically be able to cash in for steem. As far as I understand it.
@littlescribe - this is a fascinating concept. Using SMT as an incentive for users to be able to purchase products offline. Many companies have rewards programs, but few have rewards programs that are based in a cryptocurency like STEEM/or SBD, Great post, hope to read more from you soon. Upvoted!
I know. I mean, why not? Think of all the companies that ALREADY have a rewards program in tact. In fact, they would not have to do anything different on the user-end. They would simply reap the benefits themselves by now having ownership in a new coin. And their users would also.
Ah, once again you demonstrate your mouse trap mind snapping down on an idea while the rest of us are saying, "Which way did he go. Which way did he go.?"
Why thank you, father. I can only say I inherited my mind snapping from my parents.
Hmnnnn... indeed. I do recall mom snapped alot!!
If a company like Amazon came on the STEEM platform we'll all be GOLDEN!
I have a sneaky suspicion @ned has someone(s) in the making. I'd be curious to see if they have anyone lined up....
instant tradeable that is something great property it will posses will have to see how things will go when it will get implemented amazing times ahead : )