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Just a one time air drop to current steem holders.

Geez, a STEEM bonus of sorts...I heard mention of this a few weeks ago. It will be interesting to see if it comes to fruition.

Peace.

An automated distribution mechanism, based on, or much like SMT?

It is a fork of the code. Unfortunately it's likely to be a competitor to steem going forward. That is what we get with open sourced. At least we get the air drop though should VICE ever make it big.

competitor to steem

From the reviews, VICE could be a thorn in STEEM's side.

At least we get the air drop

A lot of the serious investors have already said, should this happen it's going to be a quick sell for other up and coming cryptos.

Peace.

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