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

#SocialMediaTokens #SMT

........"...what will effectively happen is that #Steem will become the Reserve Currency for Social Media and effectively becoming a "Gold Backed Standard for Social Media"...!!"

MASSIVE news for #Steemit and the #Steem Ecosystem..!!

Last week Ned made a massive announcement by proposing to leverage the #Steem Blockchain by issuing #SocialMediaTokens.

Since this news was released I have been asked by so many people why I am so excited about the news.

A lot of people that have approached me are simply struggling to get their head round the implications of this news, and in true "Stephen Kendal Style" I hope this simple explanation in the above video helps.

The scalability is simply mind blowing

The proposal of leveraging the #Steem Blockchain with #SocialMediaTokens #SMT is MASSIVE news for #Steemit and the #Steem Ecosystem and I hope by breaking it down into an easy explanation will help people appreciate the scalability should this be rolled out successfully.

The scalability is simply mind blowing..!!

Johnny's Coin backed by #Steem

In the example in the video I suggest a website called "Johnny's Site" and on this site there are 1 million users/subscribers each creating content, posts, comments and votes amongst themselves.

What #SocialMediaTokens #SMT will allow is for Johnny to issue his own currency for his users/subscribers to use and be rewarded in.

This new token, and for ease of the example I call it a Johnny Coin, is essentially a currency backed by #Steem.

#Steem effectively becomes a Social Media Reserve Currency. A "Gold Backed Standard for Social Media".

What will effectively happen is that #Steem will become the Reserve Currency for Social Media and effectively becomes a "Gold Backed Standard for Social Media".

I have said from the outset that both Ned and Dan were geniuses and have on many occasions reaffirmed my believe that they are.

This proposal to leverage the #Steem Blockchain in this way takes this belief in these guys to a whole new level.

I truly wish Ned and the rest of the #Steemit Development Team tremendous success in rolling out the #SocialMediaTokens and I am so excited to see the first #SMT created.

Thanks for reading/watching.

Stephen

Sort:  

This is going to be huge!!

"This is going to be huge!!" ...You mean HUGE..!! Stephen

You made me laugh!! thanks

Just hope so

Stephen, I like how you simplify the SMT to something more tangible. Thanks!

You are very welcome. Stephen

Thanks @siephenkendal for sharing
to steem society.

You are very welcome. Stephen

Shared on twitter. Stephen

Sheer brilliance, game changer, Cheers ;)

Shared on LinkedIn. Stephen

Hi @stephenkendal just watched your video and reblog to my feed I am so excited for this I know a lot of sites that can so benefit from the #smt it is absolutely brilliant!!! So glad we can buy and earn steem now before the rest of the web wakes up, I am doing my best to get the word out. It really is exciting that people can do what they are already doing ie interacting with their favorite site and will soon earn rewards the way we earn sbd. I can see sites setting up to where you can earn many different smt at one time. I always wondered how do you beat free, the whole system was heading that way and advertising was the only model until you add Blockchain into the mix and rewards to members always beats free! What an exciting time to be alive.
Creativity flows in the waves of now.
Allowistic Artist
Vincent Strader
#allowistic art for your voting pleasures

The website looks like crap. I love the idea but, the underlying technology is not what will bring people in at first. Also, this space is filled with people in fear of differing opinions.

"The website looks like crap". That is a matter of opinion. The clever bit behind the scenes is what is important and will drive growth. The hairy fairy bit at the front can be improved in a blink of an eye. Give it another 2 years and the website will look/feel nothing like it does today. Stephen

thank you for sharing valuable information.

You are very welcome. Thanks for the support. Stephen

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!

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.

Great news for steem! I can't wait for the rollout!

I am more anxious than you are.

Exciting times we live in!

"Exciting times we live in!" They certainly are. Stephen

Amazing news for Steem! Thanks for sharing.

Thank you very much. You are very welcome. Stephen

That's awesome! This is only the beginning

"This is only the beginning" Nailed it..!! We haven't even scratched the surface yet. #Steem is already Social Media Gold. Stephen

I'd love to see this take off like a hot rocket! Thanks so much for explaining it.

You are very welcome. Glad it helps. Stephen

You have a lot of awesome posts, but this is by far one of your best ones man. I needed this one today! Thanks.

You are very welcome. Sometimes it just makes sense to break it down into simple and easy to understand bite-sized chunks and let the developers would on the complicated bits to make it all happen. Glad it helps. Stephen

The possibilities are endless, i could imagine IMDB paying such tokens for reviewing films which then could be used towards buying a cinema ticket so rewarding people for adding good content. Just like nectar points any company however small could offer loyalty reward tokens that would have a broader value, the only limitation is in the imagination.

"....the only limitation is in the imagination." Exactly...!! Stephen

The social media community is growing fast, having its own gold-standard is a big and exciting news...ill keep an eye out for your posts...Thank you @stephenkendal

Great news for steem and all steemians

So basically it is like ICOs presently using ethereum to fund their ICOs. Instead they use Steem to finance social media ICOs.

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 think the idea has merit, but isn't really any different than a subscription model or voting model or tip jar where you pay with bitcoin...of which there are many wordpress plugins that already do this.

i've got a lot more to say about the downside of this to make a post over a comment.

i'm not saying your wrong and i'm not saying i'm right. i'm just saying they could have wrote a whitepaper about the last shit he took and you would have written a positive post about how it was going to rise in value because of it just because you are heavily invested.

i'd love to hear your take on my arguments...

post should be up in an hour

Edit: Rebuttle Post is up, enjoy! https://steemit.com/steem/@wetthebeak/contrarian-take-4-reasons-smt-s-will-send-steem-to-zero

I think it's quite different than using Bitcoin. Bitcoin's fees are too high to do this, and it's way too slow.

Imagine voting with Bitcoin. You click upvote and wait a minimum of ten minutes just to see your vote counted. Then there's a two or more dollar fee for your vote, which you have to pay directly from your external wallet.

With the SMTs your wallet will be built into the site like on Steemit. You log in, your funds are there, you vote directly with your stake, and the funds for the vote come from a rewards pool funded by inflation, which happens behind the scenes. There's none of the friction that comes with using an external currency. You don't even have to understand cryptocurrency to start using it. Sites will probably even offer free coins when new users sign up to get them started, like on Steemit.

All it will take is one or two sites with a few hundred thousand users adopting SMTs to get buzz going about this. The first ones will probably be sites run by people who are already big Steem holders and have a following. DollarVigilante comes to mind. When just one major site hops on board, game over.

imagine it'll be a bit more complicated than that and assume to realize a value worth cashing out you'd have to be on the site all day.

you're also not taking into account that if it doesn't already break the ToS of the platform they use it on (WP, YT, wherever) they will update it immediately if it gets popular.

companies like that don't want the liability. There isn't a kickback big enough for them to allow it.

Not sure what you mean with the ToS. If a site implemented SMT, why would they change the ToS to not allow it?

I can see a lot of companies not wanting to deal with liability issues, but then again there may be sites in countries other than the US where it's not really a problem.

Good to see some criticism of the SMT concept, you may be right. But I hope you're wrong.

Wow simplified and summarized in a nutshell short sweet and to the point. Truly incredible, thanks for this, the future truly is looking rather pretty. Cheers ;)

You will be able to take any crypto at ICO. With the only difference you will be building your token on Steem Blockchain with it's properties. i.e. instant and 0% fee transactions and other.

sounds like an amazing boost to the value of Steemit ! Very curious where all of this leads to in the coming 5 years !

music to my ears as i recently invested in Steem. *fingerscrossed"

@stephenkendal completely mind-blowing and revolutionary! I've been paying attention to your posts and tweets - this is so encouraging to hear. I can't tell you how many 'boats' I've missed and I'm relieved to know I'm completely on point with Steem. I'm not really about opulence, just financial freedom and quality of life. Steem is giving hope to millions.

Thanks for your loud voice for sound money :D

Thank you for your support. These are exciting times. Anyone who get involved in #Steemit & #Steem before the end of 2018 will be seen as the early pioneers in 2021..!! #Steem is already Social Media Gold and we haven't even scratched the surface yet. Stephen

While the technical side is going over my head, I'm happy to see the enthusiasm for SMT, I'm a little slow but will get the hang of things once it gets started.
I've been excited about steemit since I found it, and anything that enhances and promotes the platform is good news to me.
Thanks for posting.

Think as #Steem as the "parent" currency and all the new Social Media Tokens as a "child" currency. Each "child" currency will have to backed by the physical "parent" currency which just happens to be #Steem. Hope this helps. Stephen

This is a wonderful news, am happy am a fans and investor in STEEM via steemit

I hope SMT can be applied to www.acehtrend.co community media in aceh, Indonesia

Thanks for breaking it down! Its all very exciting and nice to see the price of steem back up.

You are very welcome. I hope it helps. Stephen

Yeah I have only been involved with Steem a few weeks now but from everything I have read about recent developments and the potential it has I think we are all sitting on a gold mine. This thing could be huge and this is just the ground floor

Welcome to #Steemit. Anyone who get involved in #Steemit & #Steem before the end of 2018 will be seen as the early pioneers in 2021..!! #Steem is already Social Media Gold and we haven't even scratched the surface yet. Stephen

SMTs will not be "backed" by Steem. This would imply that Steem is held in reserve to "back" an SMT. This is not the case.
They will be running on the same blockchain, but have completly independent economy.

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Upvoted and resteemed & followed you! thanks!

Thank you. Stephen

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Watched and loved your video @stephenkendal! Followed and resteemed!

Thank you. Stephen

This sounds great, the effects of this will come once these websites(in this case reddit,quora etc) accept the fact that they have to reward their value creators something meaningful. Once that happens I see an upward trend for Steem.
Thanks for simplifying the explanation Stephen, will help me to approach the whitepaper better

Nailed it. In my example I talked about "Johnny's Coin" and a website with 1 million users for simplicity to explain. Imagine what will happen when a much larger site with say +100 million users adopts the #SMT..!! The numbers are simple jaw dropping. Stephen

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Thank you. I appreciate that. Stephen

Thanks a lot Stephen I'm still learning and I appreciate your illumination of these Concepts because they help me out just a little more but all I keep hearing is that this is big big big

You are very welcome. Stephen

Great video, @stephenkendal! I've been wondering about how these tokens will affect Steem, and this has made me sure that they are a good thing. I'm really looking forward to seeing how the end up once they get released.

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