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RE: Announcing: Smart Media Tokens (SMTs)

in #steem7 years ago (edited)

Now every major content site / community out there can launch their own token, and inherit the economic properties similar to what we're used to here at steemit.

I'm looking forward to the impact of SMT enabled commenting systems. This could reduce the hate and inane trolling, as people are competing for rewards by being helpful and nice.

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Exactly, every application, business on top of Steem can have their own token and build up/expand community, incentivize users, contributors, etc. Exciting times ahead!

I feel like esteem might be brewing something in the near future?

I strongly agree with the content of @good-karma comments, we can expand the Community for the better and more.

This is very exciting. I am getting all the folks I know that have heavy traffic sites to look at this white paper. We are all very fortunate to be an early adopter of STEEM.

I would like to wager all my PeerPlays tokens on the Peerplays app as to what major website adopts this first.

@good-karma I have been following your opinions for a pretty long while now, and its always top notch...I agree with your opinion on this new tech Steemit is providing us, and am glad its also a game changer for everyone

A good troll sometimes adds great comic value too :)

This could reduce the hate and inane trolling, as people are competing for rewards by being helpful and nice.

Very valid point and an incredible potential influencer for a brighter future!

Good insight. Imagine STEEM revolutionizing online civility and saving mankind as a result. I'm not kidding.

YouTube needs this badly lulz.

Funny I was just thinking today on integrating comments with reputation, I'm looking at you YouTube... So I mean with all these tokens, where will they be traded? Won't it be confusing? I mean I was already doing that on #bitshares, so will we be using #bitshares?

The SMT tokens will be integrated into a DEX in the STEEM blockchain using a protocol similar to Bancor as explained in the SMT Whitepaper:

By leveraging a recently designed automated market maker concept [2], SMT-based ICOs allow a portion of STEEM tokens received to be sent into an SMT’s on-chain, off-order-book market maker in order to provide liquidity to the SMT at a specified reserve ratio.Beyond the social and specialized distribution mechanisms of SMTs, this feature advances the concept of automated market makers by pairing it alongside SMT’s decentralized markets, which also facilitate bids and asks by human participants. The combination of these two markets enables on-chain and trustless exchange opportunities for marketmakers while enabling liquidity for token users .

In other words if an ICO is run for a SMT it can be specified at launch that a certain amount of STEEM can be set aside as a reserve currency to provide immediate liquidity.

Thanks for the explanation. Will there be enough liquidity though? Or is also Steem Power being used as a reserve pool?

The tokens that use the reserve currency function will have instant liquidity. This is part of the Bancor protocol that the steem developers are emulating. From what I gathered on the white paper Steem Power will not be used a reserve pool.

That's a good question!

I'm not sure how it works yet but I could forsee this with Steemit jobs. I've already done some work to further our community and I by letting my voice be heard like on the #whaletank for example it was nice to feel supported and valued. I'm not sure how #dtube is funded or that he started by himself?

Amen!

Wow if this helped reduce people competing, manipulating, lying, trolling etc and helped people work together that would change the world!

Many whales are talking now. Its a whale reunion.lol

Your publications are really beautiful I've checked most of them and found them amazing you're really worth it all thanks for sharing I hope to be like you in the future I work with all my efforts and perfection of God

follow me please

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