Steemit SMTs and How They'll Impact Steem's Value

in steem •  2 years ago 

Excited About Steemit SMTs? You Should be!

In today's video I break down what Steem SMTs (Smart Media Tokens) are and how they'll impact us as Steem holders. Even if you're not interested in investing in these SMTs, or using the new platforms being created, you may want to know how they affect us over here on Steemit. As the very first SMT, APPICS is in its final ICO stage and set to launch in the coming days/weeks. So it's important to know how this upcoming platform could influence the value of Steem for us who are utilizing Steemit and its many applications.

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The SMTs run on Steem blockchain just like ERC-20 tokens run on ETH but Steem chain is specialized into building Social Media apps "proof of brain". Think of it like a real life metal link chain carrying buckets of water to its destination. The SMT is the buckets and Steem blockchain is the chain that carries them. In ETH contracts and transactions must paying gas fees to use Ethereum's underlying blockchain infrastructure. In Steem or EOS tokens (SMT's) must use bandwidth, which requires holding a certain amount of Steem power. As a fairly early on investor into ETH it took me about 6 months to understand why ultimately builder blockchains such as ETH, EOS, Steem will have much more value than the app tokens themselves and the currencies such as Bitcoin, since they enable a Web 3.0 infrastructure for future apps to be built on. Appics is built on the Steem blockchain but tokenized with its own coin. If successful Appics value would vastly increase but so would Steem value to a lesser extent. However, if many successful SMTs are launched Steem token should ultimately gain more value than any of its tokens. We can already see this playing out in real life with Ethereum. To date I don't believe there's any ERC-20 token that's outperformed the price of ETH over the last year. Personally I would rather be making a bet on the entire ERC-20 eco-system rather than just one tokens success or not. I believe the same to be true for Steem once SMTs offically launch. I believe this is why @ned is so keen on successful launch of SMTs.

Great analogy with the chain and buckets of water! And I think you're absolutely right; the value of Steem should only increase as more SMTs are launched. We're providing the framework for the future of these "proof of brain" applications. Great breakdown! Thanks

I like this analogy

Most excellent explanation @hedge-x . Thanks for sharing.

thanks for this breakdown- really helps me to understand it better :)

Great to see how STEEM can potentially get nore value than ETH as they can stake STEEM for bandwidth. I had not seen that potential which is huge as supply would be constrained. If media outlet come in quickly, they may be a squeeze on the price and it will also distribute it more broadly amongst the community. Thanks for the information!

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Aren't these token ICOs just as dangerous as any ICO? Seems risky even if their white paper doesn't talk about risks of never starting.

Investing money into anything (including ICOs) has risk. However, I don't think there is any chance that APPICs will fail to launch. Especially with them having Steemit's development team helping them along the way and ensuring their success.

  ·  2 years ago (edited)

I guess that they have the backing of the Steemit team, so that gives them a bit more validity. I just can't wrap my head around the purpose of introducing tokens when there is already a currency to promote posting. Is this for encouraging posting within a certain tag? I can't understand the motivation to get these coins or hold them, instead of instantly converting them to steem or SBD?

APPICs is an entirely different platform so their content will differ from Steemit. And each SMT can program their blockchain differently so it will differ slightly from Steemit. For example, some rewards will go back to the company for application costs. But there are a lot of different parameters they can program which will make them unique.

And you would want the APPICs coin if you're going to be using APPICs. Just like with Steemit, you need Steem to function on the blockchain. But if you're not going to be using APPICs, then the only reason to have the coins is as an investment.

I heard about SMT, will listen to your video on my way to work. Thanks so much.

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You're welcome, enjoy it! :)

Hey. Do you know: is there a road map for the SMT?
J

SMTs are already launched. Any platform or website that wants to utilize an SMT can now do so.

They are ? I have not seen any documentation on that.
Can you point me in the right direction. Everything I have read says they are coming in the future.

Any info would be greatly appreciated.

APPICs is our first SMT and it's getting ready to launch. They're finishing up their ICO now. I mention this in the video above. :)

I'm listening to your YouTube video now.
Thanks for posting it.

I always think that I'm back in school when watching your videos. Which is a good thing. If only they taught us this kinda stuff in school - we all would have been better off financially.

What an informative video this is. Thank you for taking out time to properly explain all this.

What an informative video this is. Thank you for taking out time to properly explain all this.

What an informative video this is. Thank you for taking out time to properly explain all this.

Informative Post :)

Man....this is totally the million dollar question! I can't wait for them to launch!

Very interesting. This launch of SMT's tied to the Steem blockchain could act similar to how a stock split affects a holder of a share of original stock.

Very exciting times to be alive.

Excited is an understatement!

I can't wait for these things to launch and when I first learned about Steem, this was one of the main selling points for me long term.

Yeah this is social, yeah it's a fantastic community....But when entrepreneurs get a hold of this stuff and start getting creative....The sky is the limit. Appics is just a start!!!

Can't wait for SMT's!!! Did I mention that yet? LOL

That's absolutely right; it ensures Steem's long-term success which makes any investment we make into Steem worth so much more. There's such a bright future ahead of all of us!

Upvoted and resteemed! Thanks! I can't wait for the SMT's to be rolled out offically.

Thanks for the support, @hedge-x! :)

Very informative. Seems like Steem will be a "reserve currency" that the issuers of the new tokens need to relate to in order to get turn-key access to infrastructure they would otherwise have to develop at own cost. A win-win. Hopefully creators who are good at content can use this tool and spread it through good example.

Exactly, you got it. Steem is the fuel for all SMTs basically.

Thank you, Brandon. Very helpful:) I think I understand now. SMT appears to be a crypto financing option. Sounds like it will be good for steem, but maybe not so much for steemit. If I understand correctly, we will be financing competitors.

Basically, Steemit was the test engine to see how this concept would work. And it's been a huge success. But the cool thing about SMTs is that they can be programmed and tweaked to function differently than Steemit. For example, the rewards curve. I know that (at least in the beginning) they will be paying out some of the rewards to APPICs for application costs. But there are a lot of different parameters that they can set which will make their application unique from Steemit.

I suppose if we are invested in steem itself ... then we are invested in the backbone. But I would still love to see more attention paid to steemit itself. I have noticed our view count has disappeared. Like ... why? For someone who is trying to build a blog and gets some off-platform traffic ... I am not keen on this choice. I really hope the view count comes back.

You got a 48.78% upvote from @brandonfrye courtesy of @brandonfryeroi!

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You got me excited about SMTs, Brandon. They sound like a great addition to the Steem block chain. I didn't think that these projects would require SP to function, that is a great point. SMTs will help drive up the price of Steem and increase it's popularity.

I also didn't realize that SMTs won't be posting directly onto the Steemit homepage. This could lead to Steem-based apps that offer more privacy when posting. One of my biggest gripes with Steemit as a social media platform is that you can't pick and choose who views your posts. Its everybody or nobody. SMTs could lead to a true Facebook competitor on the Steem block chain.

Great info!

What an informative video this is. Thank you for taking out time to properly explain all this.

You're welcome, @edwin23. I'm glad this helped!

SMTs at first glance seemed to me not to be that big of a deal for STEEM or Steemit, in that those tokens are not designed for operation within Steemit, and so I failed to see how it tied value into Steem itself. Only recently did I see, thanks to @jerrybanfield and yourself, that their SMTs would be traded against Steem, to make those tokens liquid, and that creates demand for Steem as a gateway to fiat.

Very cool, very exciting, wish I didnt piss away 600 steem a few months back, trying to swing trade. Oh well, still very happy to have, what I do have.

So Steem Is Going To Be A New Erc20?

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Talk about perfect timing! I'm heading into a dinner with the president of an investment bank that I'm planning to advise to invest in steem and a few other coins and this is the additional info I needed to really make the steem case for price appreciation. Thanks so much for this!

What an informative video this is. Thank you for taking out time to properly explain all this.

Hi @edwin23, please only leave one of the same comment on my post. Leaving more than one does not improve your chances of winning the upvote from the upvote bot. In fact, now you're disqualified. Please be careful of this in the future as some people would see this as spam.

So sorry sir @brandonfrye. I didn't even know I commented twice

Hello sir @brandonfrye
I am very excited about the steem media token, I just came to know about this from you and would love to know more. This is really unique and different.
Haha steemit is reaching different heights.
The video you make are really of great help I follow you on YouTube and I se you are putting in a lot of efforts and I really appreciate it.
Thanks a lot

We are approaching 1 millions Steemians. What better way to advertise than in conjunction with communities, organized content, varying ways to like, and mini games. Offer the people, not just the logical alternative of the blockchain, but some amusement to the candy coating we have grown accustomed to in social media. Thanks for the to-the-point high-energy post. I was falling asleep.

This is such a great informative and detailed video, which I think could help with my current situation as Facebook locked my advertising account with no explanation to why, this could be the very solution to my problem and others who might have experienced similar issues with Facebook. So definitely a good alternative for social ads. Thanks for the great info.

Can see one of the only green coins is Steem on coinmarketcap right now. Thanks for posting this video! On top of things as ever dude :)

Nice job on the breakdown. SMTs in the future and now Steem added to Huboi Exchange...things are looking bullish for Steemit. Hopefully, everyone was able to grab some while it was cheap.

i watched and listened to this video TWICE!!!!! INFO DENSE!!!!! thank you brandon!!!!! stellar video!!!!!

What's that noise? Me stumbling out of my closet. Whats that other noise? My head exploding. And that one? Me clapping me for almost kinda getting this. Almost. Excited about APPICS!

who is gonna to use it?