Announcing: Smart Media Tokens (SMTs)

in steem •  2 years ago 

Dear Steemians,

After more than 20 months of development and 350,000 users on Steem, I have an important message for you about a new Steem-based protocol I call Smart Media Tokens to allow any and every application to have their own STEEM-like token:

Read the Smart Media Tokens whitepaper, and tell your friends!

Ned Scott
CEO, Steemit

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Excellent work from the team! Looking forward to some exciting times ahead! This is awesome as people can now monetize all kinds of websites, blogs and forums with this tech! A complete game changer this!

Here is a great article that shows what is possible with SMTs:

The Day the Paywalls Died: How Steem’s Smart Media Token Saved My Family’s Newspaper

That's really cool. Imagine if the SMT really could do that.

Extraordinary development @timcliff, looking forward to seeing the roll-out. Given that there is a plethora of currencies out there (not all can survive), is there a mechanism whereby tokens could be aligned with SMTs to give them a purpose and, hence, an underlying value?

follow me plz

SMTs will be their own tokens, and will be tradable on the internal market for STEEM.

Exactly what I'm looking for... thanks @timcliff

Can anyone explain briefly , what smts are ? Thx

They are going to allow users to create their own tokens, similar to STEEM and have them run and distributed by the Steem blockchain.

pls vote & comment me

I would like to add my 2 poor cents in:
https://steemit.com/steemit/@dv8/smart-media-tokens-what-i-learned-in-small-hours-of-the-dawn
TL;DR I believe the announcement represents a structural shift from centralised to hub-spoke model with chages in the role of STEEM as a currency

Here is my 2 poor cents in:
https://steemit.com/steemit/@dv8/smart-media-tokens-what-i-learned-in-small-hours-of-the-dawn
TL;DR I think that SMTs have a potential to change the role of STEEM coins as we transition from centralised to hub-spoke model with this announcement

  ·  2 years ago Reveal Comment

This is gonna spark plenty of ideas. Social currencies for all.

Wow! This is good news for the steemit community and cryptoworld at large.

  ·  2 years ago (edited)

Absolutely true! A complete Game changer, you said it best!

hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts

Truly well said! I personally look forward to the future!

Agreed, this truly is revolutionary, a real game changer, nice work and congratulations. Cheers ;)

Hail to the chief. More of the steemit innovations which blazes the never ending trail. Hail.

at times when i think about how much i have missed in cryptocurrency world, i wonder if i can turn back the hand of time.... but since i found out about this amazing steemit, am already rest assured that the future is bright.

We are still in the early beginning!!!!

Excellent job for sure! But steemit.com need to work more on the basics first.
New website design
Android app
IOS app, before trying to offer smart contract.
Also I don't think steemit blockchain will be able to handle the load! They have to scale the transaction per/second.

Does it mean that more people need to keep up the blockchain by infesting in mining hardware in order to handle this potential new load?

I completely agree with you that Steemit needs new webdesign, perhaps make more use of the STEEM metadata and the apps, how do these not even exist yet.. The time is due!

They have to find a way to scale up the chain to be capable of doing more than 1 million transactions per second before thinking about smart contract.

In my opinion it's look like they just trying to make some money, because the price will go up so high.

If that the case then what a shame.

That would be very short term oriented. I feel like Steemit or at least the idea of a crypo based social internet is very much so a long term thing.

hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts

Indeed

There's tremendous potential with this platform; this is definitely one of the most promising new developments I've seen so far.

u are right bro....

hi i am new on steemit plzz follow me @aabisteemvoter ..and upvote my posts

Great Work !!

yeah man change is coming :D cheers to all stemmians

You are right ...

@firepower
Can this also be used in monetizing our blog contents in steemit... I mean the older ones...this is truly a game changer and am happy to be a steemian and will work harder to benefit from this innovative options

Steemit is great, they are showing various ways in which block-chain can have a significant impact on people everywhere.You guys are amazing, I just joined Steemit a while back and I see why they can be a game changer like red-dit.It's great to see block-chain applications,with smart media tokens they have opened the oppurtunity for expansion which expands the community and educates the people about block-chain technology and what it can do.

A complete game changer INDEED. 🙏🏻 🙏🏻 🙏🏻

Absolutely agree!

Need to read more about this! Awesome!

  ·  2 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.

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.

Wow

really nice

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?

Indeed.

LOL

Screen Shot 2017-09-28 at 21.29.57.png
Screen Shot 2017-09-28 at 21.27.51.png

Well this is officially the first time I've had any use for the differential equations I learned before dropping out of Engineering school. Lol.

obviously you dropped out too soon!

I think you mean too late.

6 or half a dozen

42

hahah :)

xD tip!

Amen!

amin

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

SMT_UPVOTE_LOCKOUT_HF17 : Static – This value locks out upvotes from posts at a certain time prior to “CASH OUT”, to prevent downvote abuse immediately prior to “CASH OUT.”

Page 41

Is that true? I thought *_UPVOTE_LOCKOUT_HF17 was to prevent upvote abuse by only allowing downvotes for the last 12 hours before cash_out.

This has me confused too... Is it the new votes or the old votes that are being locked?

@busy.org + SMT (Busy Token) = moon

We're definitely on it with Busy

Busy (moon)rocks!

Moon rocks are busy? This sounds steemy...
I'm off to see the wizard read the white paper!

hahahaha good comment ;-)>

How I´m feeling right now

Thanks for all the hard work @ned the community is obviously stoked and grateful which is great!!

Cant wait to see how this unfolds and benefits us all!

Can't wait for this to go into fruition 😀

Can we start last week?

Ned this is like being on the crew of the first Apollo mission.
Yes the Moon does Rock! And so does the Mind that STEEMs!
Thank You for being brilliant!

follow me

I approve :)

<3 Busy.org

I've been drooling over this idea ever since you first mentioned it on steemspeak months ago, I'm so stoked to see progress on this.
Resteemed and working my way through the WP now :)

First time in my life that I feel like I'm right there when a disruptive technology completely transforms an industry. I wasn't there in 2009 when bitcoin launched, I wasn't there when Vitalik produced the Ethereum genesis block, wasn't with the program when Steem launched in 2016.

But I'm here now. Eyes open, wide awake, front seats at the show. Let's build a better world for us and our kids!

Cant wait to see more good progress here in steemit.and i'm very happy for being part of this community

Couldn't agree more. This is why I stuck around! :)

Not because your name has steem in it?, hmmm... Guess I should read this token white paper! :D

:P

The idea is amazing indeed, the over dependence on adsense and ad based revenue is alarming. And with the massive crackdown of ads with ad-blockers these days, this should be able to help good content creators get what they want.

Well then... The drool is over :)

WOW this white paper provides a clear path to cryptocurrency mass adoption and how Steem will reach the #1 spot! I am opening Bittrex to watch the price blow up as the traders realize what this means for the future of Steem!

Goota love @jerrybanfield's enthusiasm!

Jerry has his shirt on Steem rising so pumps it when possible.

Yeah Steem to #1 spot? Lol

I will trade you 100 steem for 100 btc. Do it now, Steem soon #1, Jerry said it.

Well, that's not going to be a fair trade even if Steem beats Bitcoin in market cap, seeing as the current supply of Steem is around 242.6M and Bitcoin's is about 16.6M.

242.6/ 16.6 = 14.6

So, the offer should actually be 14,600 Steem for 100 BTC...and, no, I won't take it ;)

follow me

Indeed he's just great lol .. something about the guy!

He is the best :)

I was wondering where that crazy spike came from. Bitcoin is currently well above $4200, if we get a descent rally today, Steem prices might go above $2 again! Reading the whitepaper now...

Jerry...was that you buyin up all that steem?

I just moved some btc across.
I thought @blocktrades was getting cute with the exchange rate, but didn't notice steem's really jumped in the last 24 hours.

best of the best steemit is the best

Yeh @ned great invention!

This kind of attitude is what I hope will be steemits saving grace. There are still a ton of problems on steemit but by asking the entire community to "tear it apart" when there is a new feature, you can mobilize the entire community which consists of tons of brilliant minds who could potentially solve any problem. Engaging with the community on your part is why I believe that as long as there is crypto steemit will make it's way to the top 5 and stay there.

I hope that one day soon you mobilize the community to come up with innovative ways to prevent (or better yet, reverse) a similar distribution of wealth as that of society at large. Will these tokens help? I guess I'm about to find out...

Thanks Ned.

everything that human produce follows the 80/20 rules, any attempt to change that reality is bound for failure.

I like how you think.

You do NOT have 350,000 USERS! MAYBE 350,000 accounts but anyone looking at the site, or data (which you obviously don’t), who isn’t mentally handicapped, can see you’re 100% full of shit.

Trump may be able to pull of the constants lies, but you’re failing.

For better or worse, I doubt anyone will take any of the claims you make in the comment section seriously at this point unless you post the actual numbers and sources.

Frankly I don't care about the total users right now though. We're no where near counting our money. Still sitting at the table.

I first thought you were launching a new coin...

After scanning the whitepaper quick I think I get what your doing now. Your basically allowing any sort of token to be created and secured through the steem blockchain.

I might actually find this useful for my website I plan to launch here soon. Upvoting plays a major role in certain functionalities. Using the Steem blockchain to create a token may be a good approach to reward users... I'll have to read more into this.

Thanks for the update. This certainly adds value to the steem blockchain.

Thanks for this, Ned. I have quite a few ideas of ways to use the SMT system for some upcoming projects. I'll do some research around it and make a few posts soon!

Hello @Ned, I have read the white paper and I have one simple question that is probably answered on the whitepaper but I am not technical enough to understand:

Can the Token Reserve be depleted by token´s sellers?

Rock on Bring it

Changing the game!

Wow, Amazing! Will be looking forward to Smart Media Tokens!! 💪🏼🙌🏼💯

  ·  2 years ago (edited)

Haha, I am excited now too.

😬🤣🙌🏼

You and me both Stackin - this is the thing that Steemians have been waiting for ever since early 2017. Can't wait to see what comes next... :-D

Still listening to the video as I write this 😂

Will Smart Media Tokens have the ability to receive perpetual payouts, or do they have the same 7-day limit that Steem has?

  ·  2 years ago (edited)

SMT - Steem Moon Time? :)

almost there.

great idea!

A question about the 'automated market maker' that provides liquidity.

Will this be a requirement, will anyone making a SMT need to provide this.

If it is that will lead to a lot of STEEM being locked away and make it more scarce and therefore more valuable

This seems like HUGE news... Does this means that any social media can give tokens just like steemit does?, do they have to build a blockchain?... There are so much questions...

Any website will be able to integrate an SMT just like Steemit integrates Steem. Reddit, facebook, The New York Times, 4Chan, etc. No blockchain development necessary. It's all powered by the Steem blockchain so that platform owners and managers can focus on what they do best: create content.

Community Liaison, Steemit

Yep!, i just gave a quick read to the whitepaper... This is CRAZY HUGE, if this works as its planned, we are in the rise of a new era, and hopefully steem could moon higher than we ever dreamed about...
Really exciting news...

With the increased workload that this would cause the network will we need to scale and are there scaling plans in the works

Awesome!! @zurvanic introduced us to SMTs at our recent Steem Saturday event. Exciting times 😁

  ·  2 years ago (edited)

I am amazed by your SMTs, @ned. I would set up an ICO for a strong serverfarm to speed up the Steemians. For faster applications ie. like my pretty new project SteemWiki. I would make the Steemians faster and much better informed. Don't ask the Steem what he does for you. Ask what you can do for the Steem. That for I ask you for the Tokens named HELP, to build an international, professional Help–Base as fast as possible.