smart media token vs. bat and bitshares tokens
I haven't read the white paper (actually I don't think I ever read any white paper) for smt but rather only some posts on steemit so obviously I am missing a lot of information.
The way I understand smt is something like bat (basic attention token). Can someone explain the difference?
In addition within bitshares anyone can issue very easily his own token. So what smt has to offer more than a user token issue via bitshares? Anyone can create a token in bitshares and use it to reward curators, blockers of their website etc..
I don't want to diminish this very nice development about the creation of smart media tokens or ICOs taking place via steem blockchain but rather want to understand if there are any benefits vs. creating a token for whatever specific reason and model anyone want to implement via bitshares.
So I read the whitepaper and I am also familiar with the BAT and Bitshares projects and I think this is the best of both worlds. Let me compare and contrast them.
BAT uses a custom token based on advertisement consumption. At its best it will allow advertisers to purchase tokens in order to deliver ads to their target demographic as well as allow users of the brave browser or any browser that integrates the BAT token to be rewarded for agreeing to be exposed to ads. The concept is similar to steemit in some ways but with several disadvantages. One is the lack of a current large user base so it will need both people to adopt the browser instead of the existing browsers on the market or it will need existing browsers to adopt the token. It will also need advertisers to pay for ad delivery using the token. Steemit has the advantage of an existing ecosystem and only requires the media company to adopt the token as that will force both the users and advertisers to use the token hence it only has to target the media companies.
Bitshares is an amazing platform and it shares many similarities with Steemit including the ability to create your own token. Smart Media Tokens have the advantage of the tokens created already having an intrinsic use which is to be transacted between authors, readers and advertisers whereas the Bitshares tokens do not necessarily have an intrinsic use. Finally, Bitshares does not have a large user base to leverage whereas steemit approaches this project with a user base that is already familiar with the idea of using tokens to reward and be rewarded for content.
I am actually excited about how all of these three projects progress and I think they all have great potential and great technology. I believe that the issue will always be user adoption and having reviewed all their whitepapers in detail I will say that while Bitshares already has a functioning product and BAT already has a functioning Browser, STEEMIT already has a functioning use case and a user base that is primed for adopting these new tokens as they arrive on the market.
Amazing reply. Thank you very much for that!! I get it now. I wish everyone can see your reply, or may I suggest that you do make a post and compare these projects.
That is a great idea for a post and it is definitely the kind of subject I would enjoy researching and writing about.