How will SMTs affect STEEM?
What are SMTs?
I see a lot of confusion around what exactly SMTs are, and also how they will affect STEEM.
According to the whitepaper:
Steem’s Smart Media Tokens (SMTs) give anyone the power to launch and sell Proof-of Brain tokens, which are tokens distributed by “upvote” and “like”-based algorithms and can be integrated with websites to align incentives and spur growth, while websites are empowered to adopt sustainable, currency-centric revenue models.
Which basically means if someone is using an SMT they are able to launch their own token with the same functions of STEEM (zero fees, instant transactions, and upvote based algorithms).
How will SMTs affect STEEM?
Costs of SMT Operations And Bandwidth Rate Limiting
Like STEEM, SMTs can be transferred on the Steem blockchain with zero fees. Steem replaces fees with bandwidth rate limiting based on the percentage of STEEM an account has staked, which means the blockchain calculates how much STEEM an account has temporaily vested to determine how much bandwidth the account is permitted for transfers, posting, and other operations across a period of time. In a future version of Steem, possesion of an account name could permit some small degree of bandwidth to allow for even greater user experience.
So the more an SMT grows, the more STEEM Power it will require for more bandwidth on the STEEM blockchain.
Conclusion
So it seems that SMTs will be great for STEEM, because the more demand that STEEM has, the more the value of the blockchain should be!!
Also with Steemit getting closer to 1 million users everyday..
We definitely seem to be growing a lot fast than last year, and 2018 seems like it is going to be an exciting time for all cryptocurrency!
Let me know what you think in the comments below, and thanks for checking this out!!
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STEEM will be extremely valuable, HOLD, HODL, BUY, BUY!
We would be growing even faster if the on-boarding process was smoothed out. We can't have new people waiting weeks to get their accounts approved.
True, and if we really do get 100k companies using SMTs.. I hope it doesn't get worse.
I wonder if that will ever be sorted out, it's been almost 2 years now . . .
Cg
thank you very much because for your valuable information
Steem is the winnere here.
Smts will make steem ethereum in the content industry since everything is based on steem blockchain, ico, coin transfer, incentive scheme. Smts will make it one stop service for traditional websites to get access to the blockchain and raise up fund.