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RE: Why the proposal of leveraging the Steem Blockchain with Social Media Tokens is MASSIVE news..!! Effectively becoming a "Gold Backed Standard for Social Media"...!!"

in #steem5 years ago (edited)

I totally get the token creation part. But could you elaboraye more on how STEEM will back it up? As i see it now it is the same like creating an ERC-20 token o Ethereum Blockchain and it is not backed by Eth in any way. In this instance you will be able to run the Token on Steem bc with with Steem BC properties and will have to take care of it and back it by yourself.
Correct me if i am wrong. Thanks!

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Just watch the first part of this interview, @ned explains it:

1 - increase demand for STEEM as the blockchain's bandwidth token

Nice video, haven't seen it before. Is there any source that tells more in detail about creation of SMT besides Whitepaper?

Hopefully the comment above helps...

"A lot of people are asking me "...is it like an ICO?" and I say no. What it is in essence is "a facility" without the hassle of going for an ICO. Buy leveraging #Steem anyone anywhere can issue their own currency. Take your subscribers/followers/users for example. There is nothing stopping you issuing a "Maneco64 Coin" for your followers to trade. The only thing you have to do is back it with #Steem. The moment Ned released the news I commented on twitter that at the swipe of a pen he had just increased the demand for #Steem over night because you will need to hold #Steem to back your Social Media Token. If this isn't genius I don't know what is..!!"

Stephen

I was reading SMT whitepaper, and it said all you need to create your token is 1 STEEM. I did not see the part where it said if and how much STEEM you would need to hold or leverage for your token. Is there any other source for this? Does it depent on the ammount of your tokens that you create?

Depends what value you want to put on your Social Media Tokens when you launch it to your followers will depend on the amount of #Steem. Stephen

Hmm, ok, thanks, i guess i will need to get my hands on really detail analysis if i manage to find one. As for now it is still not clear to me.

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