Smart Media Tokens: Introducing the Game Changer

in smt •  last year

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Not too long ago, I wrote a story about how we often fail to recognize just how revolutionary and how much of a game changer certains technologies are, even if all the elements were in front of our very eyes.

Today, I get the opportunity to write to you about one of those game-changing technologies, doing so while hardly being able to contain all the excitement that I’m feeling at this very moment.

But before we talk about the Smart Media Tokens and the magnitude of what what’s about to come… Let’s backtrack a bit to get more perspective into what the SMTs represent for the future.

(If you want to skip that part however, you can just scroll down to the robot picture)

A Brief History of the Social Media Evolution

If you went back to the past - just a few years ago - and pronounced the word “Blogger”, what is the first thing that most people would think of?

A bored college grad with a hobby and not enough friends to talk about his passion. Everyone can create a blog on WordPress and play pretend-writer.

Okay. How about the word “YouTuber”?

Now that’s just a “Jackass” wannabe who’s goofing around with the camera trying to emulate Johnny Knoxville and his crew… Get a hobby and leave the camera to the professionals!

Get a hobby, huh? Maybe he should get a Blog.

Days of Future Past

Now, let that sink in there for a moment, all the dogma, all the resistance… Because when we’re gonna travel back to 2017, it’s going to feel like Mark Wahlberg coming back to earth from The Planet of the Apes only to realize that:

It’s a whole new planet entirely.

Take a look around, even the biggest brands have blogging digital content nowadays, no matter how big or how massive they are.

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They all have video content as well, both in long form and short form. Some of them have even launched podcasts around their product and invite all sorts of influencers to create a community around it.

Like the Quest Protein bars, just to give an example.

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This is a very recent phenomenon by the way. A some point in time, big companies started to realize that the attention market is starting to move from traditional television and paper-version newspaper and onto the new media.

The truth is, barely anyone watches TV anymore, if someone decided to watch a movie, they no longer have to remain at the mercy of the television programming while they can just stream the program of their choice.

Plus, who would want to sit through ten minutes of paid advertising when they have far better option at their disposal?

From there, it was only a matter of time until more and more advertising money started fleeing from the pockets of the six major TV conglomerates and onto the new media channels where the real attention has turned.

Here's the thing, every person from the new generation owns a smart phone, and they’re on it all day, every day. So sooner or later, this was always bound to happen.

And from that point forward, the game has entirely.

When Attention Shifts, Markets Shift

Now more than ever you have communities building around a passion or a topic of interest than any time before. Communities with their own private groups in social media and their own Slack channels.

With the widespread use of social media, everyone started talking about their passion and creating engagement about it. No matter the topic, no matter the skill level.

Let me give you an example:

Let’s take The Walking Dead for example, the series came around in the golden years of social media, and so many fans of the series created blogs or YouTube channels to talk about their favorite TV shows.

Some of those channels and blogs have hundreds of thousands of followers if not millions, so what happens?

AMC starts rewarding those influencers by gives them all sorts of early access, all kinds of merchandize, posters, and toys... Those on return, also start to reward their audience for their attention and engagement, not only in the form of giveaways, but by being active in the community, answering their questions..etc.

And that phenomenon kept growing to such point where celebrities are going to podcasts all the time now. Because when the attention shifts, market shift.

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You look around and you see all kinds of new brands taking on the big companies that had absolute consumption monopoly for generations and generations. Whether it’s Harry’s taking on Gillette, or Jessica Alba’s Honest Co. taking on Pampers... Examples are many.

All across the board, you see new companies building actual communities around a new product that not only improves on the previous models, but also advertised through all the newest social media channel, from fresh juice to eco-clothes.

Living in the Age of Communities

Given the massive attention shift, it was only a matter of time before brands started teaming up with bloggers and Youtubers to create a culture around what they are passionate about.

Say for example, grooming product.

All you need is to find some content creators and community that share the same passion. You know they are going to talk about the subject everyday, so why not team up with them and create a win-win for everyone involved?

You reward them for the attention they generate around your product, they reward their community members for their time and engagement and everyone wins.

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And by the way, this was just the beginning, because from that point on. it went from evolution to revolution.

Welcome to the Social Media Revolution

If if told you a couple of years ago that there is a social media platform on the blockchain that rewards users for creating and curating content would have believed me?

Enter steemit.

When you think about it, steemit is just a social media platform on the STEEM blockchain, though for many of us no matter how many new platforms emerge and no matter how excited we are for them being on the STEEM blockchain, steemit will always have a place in our hearts.

People from all walks of life found their way here, from all backgrounds, countries, and cultures, and they all brought their passions and their skills with them.

No, I’m not trying to get all romantic on you. I’m saying this because there is no other crypto-currency that has managed to attract a crowd so diverse than STEEM did.

Standing on strong contrast with the popular stereotype that cryptocurrencies have, which is them being formed mainly tech-friendly people.

But enough history talk, here’s where it gets exciting. Are you ready?

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You see, while we’re still in the early stages and we’re still experiencing just how exciting STEEM is... Something bigger has just happened, far bigger.

SMTs: Introducing the Game Changer

Imagine that you have the possibility to create your own currency and start rewarding people with it. It sounds amazing, doesn’t it not?

Now might be the time where you’re wondering why I’ve spent so much time in the build up, talking about the evolution of social media.

Remember when I mentioned that part about content creators and influencers rewarding their audience with all kinds of giveaways and creating private groups and channels to grow a community and a culture about the topics they are passionate about?

Now, Imagine that very exact situation only this time, imagine if their have a Smart Media Token that allows them to not only monetize their content but to reward the most engaged members of their community via inflation or otherwise.

Let’s say they’re into Gaming, they can create Game Coin - or whatever they wish to call it - and not only use that to reward the most valuable members of their community, but also to gamify the user experience and to grow their community even bigger.

And with it, the value of their SMTs would inevitable grow even as well, which will benefit all parties involved.

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As the community grows bigger, and as one of the founders of that SMT, you will be getting a percentage (that you set beforehand) as the user base grows and price goes up, it’s like creating royalties of sorts, a new stream of income so to speak.

There has never been many tools for monetizing your passion as we have on this very day.

So if you’re a Youtuber, Blogger, writer with your own fan base or community, you might wanna check the Smart Media Tokens.

This is not about individual users, the same is true for multi-user platforms that already established like Medium or FEE.org, or even traditional style magazines like Mashable or Rolling Stone.

Personally, I can’t wait for the day for when big outlets start shifting their content to the STEEM blockchain.

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And most important of all, I suspect many steemians will create their own SMTs in order to grow whatever field their passionate about which will only contribute to the growth of STEEM.

It’s needless to say that we are before something truly revolutionary, something that can be the next step in social media evolution and at the same time something that can fast-track blockchain adoption, and I say this with great intent.

So let me explain just how massive of a win-win the SMTs create to all parties involved.

For the content creator:

Not only the SMTs will give them the ability to reward the most valuable people in their audience and create more engagement, but it will help them create a culture and community around their passion or product which will only increase the value of their coin.

For the regular user and content consumer:

There many people out there who do not precisely want to create content but they’re still passionate about their interests and you often find them very active in all sorts of forums or comment sections.

They may not write long form essays, or create videos, but their value is beyond any doubt. They still jump in the discussion and add value to it any chance they get, thus increasing engagement and helping create a vibrant community that they're members of.

Now with the SMTs, finally they could get rewarded for something that they were going to do for free anyways. Now tell me:

How great does that sound?

For the crypto-currency sector as a whole:

Nothing will accelerate mass-adoption and public consumption than having social media influencers rewarding and increasing their audience by using currencies on the steem Blockchain.

I stand corrected, there is only one thing that beats that.

Nothing will dissipate the initial fear and dogma around cryptocurrencies than having every single person using their own crypto-currencies and use them in their daily life, either by creating them or by receiving them from the social media community that they belong to.

For Steem:

Today, steemit ranks in the top 2000 websites worldwide. Imagine what happens when all sorts of social media platforms and all kinds of social media influencers start creating SMTs on the STEEM blockchain...

Wait, I think I’m hearing someone saying:

To the moon!

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I know this post has been longer than usual, but believe me when I say this:

We are just scratching the surface here, and the best is yet to come.

Steem on!

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Its so exciting to be on the ground floor. I think most people don't realize how lucky we are to be a part of this as a community. Things of this magnitude are usually only available to the elite. If the power of the community could be harnessed the growth could be exponentuial

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Yep we are witnessing a massive power shit! woot!

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Yeah it's true. I for one feel lucky witnessing this take place and have the chance to participate and comment about it. This community is really one of the best things there is :)

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This is why I was an early investor in steemit and my cryptofund will invest in steemit. Steemit is such a dynamic, organic, and exponentially growing community. But that's the power of decentralized systems of which I've always been a staunch advocate. (͡:B ͜ʖ ͡:B)

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These are great things you touched on, the dynamism and the exponential organic growth.

I'm also a staunch advocate for decentralization and I think that the outlook is very promising.

Thank you for the great comment and I hope your cryptofund will keep growing :)

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It would be great to see Smart-Media-Tokens plugin for forum communities (e.g. xenforo, phpbb). I am sure that my 10k forum users would love such a token reward for their content.

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Is there already anywhere an implementation of this in any standalone forum yet ?
I really would love it to have it now also...
So where are the implementation yet ?

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As far as I know, there is no active forum implementation at this time.

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Too bad, I hope there is soon one coming...Also the guy @jesta from ChainBB just closed ChainBB, so no more forums based on his system anymore... at least he made the source code available...so maybe a few other programmers can pick up his work and put something out there...

This made my day

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Me too! The announcement made my day :)

My brain hurts

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Mine too... but it's working on figuring it out... as I guess yours is :D

Can you imagine your followers being paid back for following your writing - and being paid in biscuits... or currants - a currant-cy of sorts, @gringalicious?

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that's awesome, "currant-cy." I'm totally using that, with your permission of course. That made me laugh out loud

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Please! Have it with pleasure! ❤️️

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Oh-oh... it appears my post has been flagged...

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Hahaha sorry :P

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Oh no, don't be sorry. I'm sorry for not being able to leave a more intelligent comment. I'm working on it though

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Haha no, you're one of the great members of this awesome community and your comments and input are always welcome. You know I mean it. :)

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mine too... it needs to be translated in english...

Wow. Wow. Wow! Who knew?🤗

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Haha right?

an exciting leap for the Steemit community and the STEEM blockchain ecosystem that's a cool update thanks about it

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Oh yeah, it's a very exciting leap!

We're expanding moment by moment.
Great to experience this in the real-time.

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That's the beauty of it all!

Woow, this is amazing

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I know, right? :)

Fantastic post! It's true SMTs are a total game changer!! So excited that this functionality is being released. It's got the potential to change everything. By the way, speaking of game changers... my kids love Jessica Alba's diapers! ;-)

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Thank you Doug! Indeed, this is a total game changer we are witnessing, hope we can help introduce to as many people and platfroms as possible :)

Haha that's great to know! I heard Jessica Alba had some great products :)

This sounds amazing / TY / Resteem !!

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Tesla!! :)

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Wow! Intelligence and and je ne sais quoi in those eyes. Nice!

Very nicely written
Ico takes the cryptocurrency world to next level

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Thank you! Yeah it's a new level entirely :)

Hello,, @the-alien, its breaking news for steeem community, much thankful to you for sharing in very detail about "smart media token" very helpful and useful software, i think mostly steamers are much excited after knowing about that..
FoLloweD

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Thank you! I'm glad I could be of help!

Great news and I am so happy and proud to be in where it all started! This is one of those days to look back on!

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Oh totally! This is one of those days! In fact I haven't been this excited about something for a while! :)

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Me neither. I love it when stuff like this happens!

Game changer for sure! Anyone on the Internet will be able to monetize a site with thier own token now. Amazing.

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Absolutely! It's a really great thing we're witnessing, so exciting!

The SMT announcement today has got me excited for Steemit's future. It feels like we're at the epicenter of a huge upheaval that's about to spread all over the world.

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Exactly! It's amazing to see this take place live :)

Very interesting post, perhaps PIVX could create its own SMT, or even just a fringe group within the community, this type of cross-chain pollonation is what makes crypto the most exciting of all the tech areas. We will have to look into this further, your post doesnt mention any release dates for beta or alpha, but we're assuming it wont take long to create judging by the production speed of ned and his army. Keep us informed, upvoted and followed!

This is brilliant! I had to Resteem. Thank you for breaking it down.

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Thanks Randy! I appreciate it :)

Great idea but I'm a bit lost, how do I start a SMK? Can I make one here on steem on only on other websites?

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It's in this website https://smt.steem.io

There's a white paper in there too if you read more :)

@the-alien Thank you, I fully agree, I am thankful daily for stumbling on this community. the possibilities seem endless.

The entire ethos behind the blockchain technology fascinates me and makes me think about just how much we as a species were abused by the powers that be. It is unbelievably uplifting. Power to the people and the redistribution of love and living life the way it was meant to be :-)

Floowed and upvoted. bigLOVE. @michaeljn

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Excellent comment man! I really can't add anything to it.

Thank you!!

Imagine if @the-alien creates the alien coin...lol, that would be amazing.

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Haha we may have it :)

Another fantastic post about SMTs! This is looking better and better all the time!

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Thank you!! :) The outlook is amazing I agree :)

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.

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Great points.

Thanks for sharing!

You have done a great job on studying this promising topic! This is what I've been waiting for.

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I'm glad to be of help @tanata :)

Bartering, then the currency based system (e.g. gold, silver coins), early banking (fiat currencies, credits), money creation on the back of (proper) human activities (SMT)-- Crypto (Steem) has entered from Homo Erectus (Banking) to Homo Sapiens (STEEM-SMT) age :)

its def a different platform. I don't make money on here but the idea is great. Just hope when it get more popular then Facebook we don't get as many dumb jackass junk as Facebook has. I don't give a damn about there political views forced on me.

jackasses. :):):) so long brothers and sisters

Great update and much to look forward to for everyone especially the Steem community!

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Much to look forward, can't agree more :) Thank you btw!

waw this is such great news! amazing! indeed if all this happens on the steem-blockchain---> to the moon we go! thanks alot for keeping us informed!

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Hahah to the moon we go! Thanks man, it's my pleasure.

I like steemit :) And it help as all . Just tell it for everyone.

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That's true, we should continue spreading the word :)

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Thank you!! In the last two days, I brought a new user here.
If you have time go and help him . This is the name .... : https://steemit.com/@anja.homeart .......this how we must make this.

Thank you for the exhaustive and enlightening post, Alien!

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Thank you very much! I'm glad you liked it :)

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It's excellent information. I am researching now.

very interesting and very useful for everyone who saw your post this and I resteem the best post from you this @the-alien

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Thank you! I'm glad it helps :)

thank you for sharing @the-alien and I really like it your post,

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It's my pleasure, thank you!

very useful information. thanks for sharing @the-alien. Greetings. I am from Aceh Indonesia.

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Thank you!!

One of the most informative article of you I have ever read ..
Keep up your good work:)

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Thank you @anvesha!

good news !!! thanks =)

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Thank you :)

I think this will be amazing. When I get my head around it. Thanks for sharing.
The White Paper is a bit like listening to @sneak and others chatting at steemfest last year. Another language.

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Haha I am actually looking forward to listening to them on this SteemFest edition :)

Imagine what happens when all sorts of social media platforms and all kinds of social media influencers start creating SMTs on the STEEM blockchain...

I'm trying to wrap my head around what effect SMTs might have on the value/price of Steem tokens.

thank you so much for all you do, my friend. I am a writer, a story teller, who relies on others to do the techy things. Without people like you I know I would never reach the fans I need to. So, my hat is off to you and other great thinkers on steemit.

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You're too kind thank you very much! Without storytellers like yourself we would never learn to explain tech details in a more digastable way.

Thank you so much for the kind words.

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sounds like a great combination, my friend

Finally we are changing the world!

“You think Yoda stops teaching, just because his student does not want to hear?" – Yoda

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Very interesting and thank you for sharing. We are without question moving towards de-centralization of the monetary system and the power is shifting to people via the crowd/ community.

Exciting times for sure

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Yeah I think that too, we are moving towards that :)

I'd read 10 posts today and soo much excitement. But no one explains in simple words how is this connected with steemit and price of steem. It looks like is obvious to everybody that the price will rise. Except me. I'm sure there are many people who don't want to embarrass themselves with this question. Or am I the only stupid one here?

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Oh no! That's not a stupid question at all! Maybe we just took the audience for granted.

In short, the more used a coin is, the more value it has. Just like Bitcoin drops when it's banned, and gets much more valuable as more people us it. When only a few were using it was 30 cents and the more it gets used the more it's more valuable.

With the SMTs all these media coins will be on the STEEM blockchain, so the wider the combined use of all, the more valuable the whole thing will be.

Hope that helps!

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I'm one step closer now. Thanks for your time.

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You got it. And don't hesitate to ask if you have any questions.

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I had the same question. It kind of seems like making a cryptocoin derivative out of an already existing cryptocurrency. Which could initially deflate, but ultimately inflate the value of steem dollars, if I'm not mistaken.

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@littlescribe, just to answer this question you seem to be putting everywhere :)

STEEM is a currency on the steem blockchain, SBD is a currency on the steem blockchain, GOLOS is a currency on the steem blockchain.

DTube is a platform on the steem blockchain, Busy.org is a platform on the steem blockchain.

What is not is a platform on steemit.

It's like Microsoft has so many programmed built on it. It's like apps being built on the operative system.

That's the closest metaphor I can give and I hope this helps :)

Wow! I am still struggling to get my head around it all tbh! lol Tech moves so fast and I am normally one of the last people to hear about new things, so I am really happy that I have been a part of steemit from relatively early days. Proud Steemian! :D

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That's great! Yeah we're on of the greatest innovation trains there is, and we all love it! :)

BTC is the "money" payment method of the future. Steemit is the social media platform of the future that will empower directly all participants invovled in this ecosystem .I believe Steemit will have an even better potential to grow compare to BTC. GO GO STEEMIT!

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Agreed! I believe it has that potential too :)

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Thanks for the upvote . I am planning on power up some steem in the near future before the big wave of whales show up.

Sounds amazing!!!

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It really does! :)

Thanks for explaining this announcement a bit more. I also wrote a post about this as I find it difficult to understand what the impact really is. But your post makes it a little bit more clear for me. thanks once again!

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Thanks, I'm glad I could be of help :)

This is really the greatest news I've read since joining steemit couple of months before. I'm already seeing some amazing coins like my passion one : Food Coin! This will be just so exciting times man.

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Oh that's a great name! Food Coin :) Thanks for the great comment. Exciting times indeed!

Thanks for sharing keep it up

Great post. Thank you :)

Yep future is coming :)

Great explanation!

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Thanks I'm glad you like it :)

Alter Schwede! Here it comes...

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It has began!

Excellent work! Looking forward to some exciting articles!

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Thanks!

This was a really great explanation. I am a little tech-dumb. But I have always understood the ramifications of blogging/curating on a blockchain. Now Ned is putting out coins. I'd like to be more excited, but I just don't grasp how it works. Maybe a follow-up how-to for dummies?

How will this differ from simply curating and giving steem power? How will the coins gain value apart from steem dollars?

Isn't it like creating a cryptocurrency out of a cryptocurrency--like a derivative?

And also, I'd say this is a really creative way of responding to the stop exchange on the Chinese market. "You don't want to value our cryptocurrency? OK. We'll value it ourselves."

Is that what this is?

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Haha I don't think it is Ned putting out coins.. It's more like Ned and the team are allowing everyone to create a currency to monetize their community, platform..etc. Which is both fascinating and admirable.

Suppose Medium wants to create a Medium Coin on the Steem Blockchain I hope you see where this is going?

Currencies are valued by the market, by how many people use them, not by governments like China that setting up an arbitrary number to value them.

I think this isn't a tech issue here..

it's an economy issue which raises an important issue.

Maybe we should pay more attention to explaining the economic side of things, the difference between the Federal Reserve and Blockchain, between Fiat and cryptocurrencies..

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No, I'm pretty sure the white paper makes it clear this is a Steem-based coin for people to use on their own websites. It increases the value of steem, while also giving others a chance to start their own steem-like community. The technical aspect is already built into the coin. I wrote up a thing on the economic side of it HERE. If I'm way off, then I'll stand corrected.

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I'm a hundred percent lost haha. I was just answering the question you were asking in the comments, on other people's comments on this post, and also on other posts.

So I answered that question and that question only.

So I don't know if this comment was meant for someone else? "No, I'm pretty sure the white paper makes it clear this is a Steem-based coin for people to use on their own websites." I never said the opposite, not only that I even named examples in the post: Medium, Mashable, Rolling Stone..

Rest assured that nobody is doubting that, as I said, even examples are listed, people can of course use it for their own website.

Hope that helps.

Nice idea but before I can get on board I would need legal advice. We need to know that these "Steem Media Tokens" will not be viewed as securities by the SEC. If they are viewed as securities then the main barrier to using these tokens will be the amount of paper work and legal risks involved beyond the technical difficulty of launching such a token. If it's not a security then I might launch a token myself.

Indeed as you said a huge potential.

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Yeah and we're just scratching the surface :)

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It sure seems like it :)

This could take off. If Steem made itself the sole trader for these tokens and managed to collaborate with the new ADEX coin, it could create a whole new world for content creation and online payments. It would certainly bolster STEEMS value through the roof.

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I see a lot of collaborations taking place now with the SMTs. Great things to look forward to :)

I'm completely new to Steem and this wonderful community. Lots to learn and grasp. But more I dig deeper, more excited I am! This is wonderful news, thank you!

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Thank you! And I hope that you have an amazing experience in this wonderful platform!

Magnifico article, true and complete. That is the future and began in the year 2000. (I suppose)

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Haha the future is now :)

Well done!!!

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Thank you!

wow another innovative and game changing tech on steem...glad that I am part of this amazing community...following you @the-alien in order to stay in touch and always send in my support.Thanks for sharing this

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Thanks Charles! I'm glad to be of help :)

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welcome bud, hope we stay in touch

that's great

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Sure seems like it :)

Thanks for sharing ,

Upvoted !

By the way ,I started following you and I would appreciate your follow back too .
please visit my blog and vote me too

U know what i was discussing this thing with my dad.....he didnt understand a shit of it but else told my mom that his son is going mad....he is going to start his currency.....mom in reply said.....pack your bags we will be behind bars soon.....nigga is not gonna live us like this....i was like this...hahaaha

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Hahaha oh man! Somethings are hard to explain :P

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Would have been great......if u like my joke....u were supposed to upvite it then....

great vision, but I smell a lot of content creators will do SMT ICOs on the STEEM blockchain? is it healthy for each community to have their own token?

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That's up to each community, and how they run their token.

But it's great to be given a choice to people, outlets and already established platforms if they want to run on their own coin on the steem blockchain, or if on the other hand they want to use STEEM or SBD which are two other currencies on the steem blockchain.

Hope that helps. :)

Thanks!

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My pleasure!

$Steem

To the Moon and Beyond !

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100% :)

I can't believe the opportunities to be had! What an exciting time to be on Steemit. Thank you for your interesting post.

Insightful article written here full of excitement and passion for what is to come.

This is just an amazing way to grow the value of Steem leveraging from all other social media platforms.
It is brilliant.

It sounds so exciting. The world as we know it is fast changing... All thanks to the blockchain technology. But do you know what? We ain't seen nothing yet!

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Oh yeah, this is just the very beginning :)

Interesting information - will look forward to more news on SMT - might just be a game changer if Steem someday takes over a large chunk of users from FB (which is getting wearier by the day).

We are, in deed, living in interesting time. Both Steemit and SMT are going to make history. I am exited to be part of it. I will be one of the early adopters of SMT.

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That's fantastic!

Ha! One day I woke up with this insatiable urge to learn about investing in stocks.

After hours, days, perhaps weeks of study, I realized I just didn't have enough risk-taker in me to enter the penny-stocks and/or swing trading, even day-trading on any level.

And then, just when I thought my yen was a wild hair, Steemit started popping up in my YT sidebar; so much so, that I clicked on to learn more.

That was nearly two months ago. I can only believe God, via the Holy Spirit, stirred my interest in investing. To this end, I consider Steemit a Godsend to more people than they may currently realize.

A person who lets their invested funds set for a couple of decades, letting it do its thing; may find themselves wearing BTC valued 'shoes'.

It shall certainly be interesting to observe. Entering on ground floor feels good. One day beta will be removed. That's when we'll know Steemit, as the pasta that sticks to the wall when it's done... has traction, holding power.

Peace.

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Wow, thanks for sharing! Great pasta analogy btw :)

Sir just upvote you

Please upvote my post

Excuse my ignorance. I'm not the most crypto savy person, that's for sure, but I have 2 questions regarding this.

  1. Wouldn't the SMT have to have some value at least within the platform in order to have any value as a currency? In steem, that value is influence. What would it be for an individual blogger?

  2. Isn't scarcity a major factor in any currency? While each token may be different, wouldn't the value of each be limited by the availability of all other SMTs?

Not trying to be a debbie downer, just trying to understand.

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All of these points, how much of the currency would be issued, how to set the limits are withing the white paper which is 46 pages of concise information.

Not a debbie downer at all, it's just that we can't cover all the aspect of a compact whitepaper in one posts.

These are good questions, but each coin before you set it, you have to set the parameters first :) You'll find that addressed in the white paper with examples.

Hope that helps

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Ok. So hopefully this isn't a stupid question but...

Is SMT a crypto currency itself which allows for creation of coins within it? I am vaguely familiar ERC20 tokens. Is this not something like that? Thanks for answering questions. Not downing the post at all. I just find interaction like this to be a better way for me to gain information.

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Not at all, please don't shy away from asking questions.

I'm not familiar with ER20, but I hope this helps:

SMT is not a currency on itself. You can build several currencies on the steem blockchain, like STEEM is a currency on the steem blockchain,

SBD is another currency on the steem blockchain but it's value is pegged with the USD that's why it's always around 1 Dollar whereas STEEM is much more volatile.

I don't know if you see the difference?

Now with SMT it allows in person to create their own currency on the steem blockchain, the economic of each coin depend on the person who run it.

It's like an operative system, skype is an app, but also Instagram is an app, they are all on the same operative system, but each runs their business as they wish.

Hope that helps :)

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Ok, I didn't realize that it was part of the steem block chain. Thanks for the info.

Awesome times!

I am looking to harness the power of SMT's to eventually effectively gamify the app I 'm creating.

As far as I understood (and hopefully i'm right) from this announcement it can be used for social and other appliances to "grow" their audience, this includes the integration with apps when specific actions are performed by users.

If this is the case this will be a very powerful way to reward people and give people an option to truly earn something.

Interesting to see more!

Nice post.

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Thank you!

It is really fascinating to see how quickly things have changed. Blogger and You Tuber were bizarre words not too long ago, and now they have a totally different connotation. I can't wait to see how the new coins will change society... I image that we will all be ever more empowered than we already are! Steem on!

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I imagine so too :) And we can read these old posts to remember :)

Steem on! :)

This is extremely exciting! My brother is working on an indie media app for AFROPUNK - I have just forwarded him this! See https://www.facebook.com/levi.gikandi. The faster we get this adopted, the better. Thank you so much for this article :)

Good post! I'm going to follow you to see more post like this and for support us!

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Thanks Peter!

woah, so would the new personal currencies that we create all be like a sub unit of Steem? So I might make 'game coin' or whatever and then my coins will automatically be worth some amount of Steem? Like 1,000,000 game coin to the steem dollar or something? And then I can reward my users with large quantities of gamecoin and they will benefit hugely if my coin increases in value? Is this how it is working or have I misunderstood? It certainly sounds exciting...!

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Well, the economy of each SMT will depend on the people who run it and the parameters they set, and from that the price will grow in proportion to how many people use it, and the market transactions.

And yes, you're right. If you reward your users with gamecoins and it increases in value they will be very happy.

In fact it's in their own self interest to spread the word about gamecoins and your channel.

You didn't miss-understand, don't worry :)

The future lies ahead, and it is bright for those who believe that charing content and ideas have a big value.

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Well said!

Very interesting, good post and I like, hopefully the next post better with a more perfect idea. follow me @pojan, Upvote and give a positive comment for me.

https://steemit.com/introduceyourself/@pojan/the-next-introduction-for-me-introduceyourself-2017928t182549442z

You have pretty much nailed it and particularly in below sentences:

"Nothing will accelerate mass-adoption and public consumption than having social media influencers rewarding and increasing their audience by using currencies on the steem Blockchain.

I stand corrected, there is only one thing that beats that.

Nothing will dissipate the initial fear and dogma around cryptocurrencies than having every single person using their own crypto-currencies and use them in their daily life, either by creating them or by receiving them from the social media community that they belong to."

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Haha I'm glad you liked it :)

Thanx for this post! Glad to join this amazing game-changing innovations. For now I don't understand how it's works (SMT), but will get throug it soon))

Great news.

Great idea @the-alien and definitely something I will promote on our series Crypto Nights.

Drop me an email on cryptonights1@gmail.com and we will give you a shoutout - we always want to support Steemians posting informative content about crypotcurrencies.

Upvoted and followed.

Anton

with this implementation here on steem beta and then a plugin for WordPress would make blog commenting pretty lucrative.we steemians must get the user-base enthralled with this and bring on some new blood.

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Plugins would be a nice touch yes!

so can we expect a huge jump now from steem ;) to take us to the moon as you are already there lol :D

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Haha jumps, pumps are dumps are an inevitable part of any cryptocurrency :)

Wow! I couldn't stop reading ,bro. I wish you continued. This amazing revolution and many countries are yet to see this light. While they wait, let's keep preparing grounds for them.

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Haha thanks for the kind words! There will be more don't worry.

And I'm with you there. Let's prepare the grounds for them.

Hands up if you read the announcement and were so excited that you went straight to Bittrex (or wherever you go) and bought a bunch of STEEM?

I did, and judging from the nice bump in price we've seen sounds like a lot of others did too. Steem on!