SMTs: No code, but a lot to consider

in steem •  20 days ago 

It is getting interesting now that Smart Media Tokens (SMTs) are finally getting introduced and by the look of the last Steemitblog, they have one feature that has the potential to be a killer move for the industry - code-level simplicity.

Just because anyone will be able to launch an SMT without writing a line of code, that doesn’t mean they are underpowered or simple.

Yes, code level simplicity doesn't mean they are simple by any shot as there are going to be a great many dynamics that complicate the configuration through their use case as each end product that utilizes them will likely benefit from more than a few tweaks. To get the most out of any tool or resource always requires expert knowledge and SMT are nothing more than tools, it is how they are used and what they will create that has the real value.

Any configuration for SMTs is going to have to factor in a number of points that will require expert knowledge, much of which most people do not have a great deal of understanding in as most people haven't had experience with thinking about things like distribution or inflation rates and how to reward early adopters without losing the excitement of the bandwagon jumpers later. Factor in airdrops, targeting, and stability and there are millions of points to potentially consider. Get them wrong or fail to take critical points into consideration, and there will be a lot of problems that might not necessarily be recoverable.

We can see from the way Steem has developed over the last three years and all of the issues the community has had, has and will have, how difficult all of these factors are to think about once there is value at stake. Having value or even potential value throws a lot of complexity into the mix at both the "how to create it" and the "how will people interact with it" levels. We can see how the tribes have struggled with various kinds of abuse as they have modelled much of the experience on Steem's current processes, including the interfaces.

But, SMTs aren't bound to a blogging site that already has a culture set and they can be applied to already existing experiences and communities that will have never used these kinds of tokens before. The only game I play is Words with Friends and even there, I am a bit of a hodler with my tokens :D *Habits - but I do not think that most players are as tight-fisted.

So, when non-crypto people start getting SMTs, they might be more likely not to recognize the value or the potential value of them and therefore trade them more freely in the same way that they would have done with Bitcoin back in the day. There aren't many people buying 10,000-BTC-pizzas these days, and there aren't many people in the world who would turn down being handed a few Bitcoin today either - even though they might not buy it themselves.

Because of all of the complexity and points of consideration, I am hoping that there will be a few "templates" made on how to use them with basic configurations suggested and potential applications of them. Remember that the developers that created on Ethereum were already likely technical and have some idea about the way Blockchains worked, but SMTs are targeting a different layer of the population, the not-specifically-technical, community and business creators so, reducing options and suggesting can bring in more to try and bring them up to speed to extend.

I am also hoping that there will be several new job titles that are created to go along with the SMTs which will include those who understand the tokenomics and distribution for value creation, configuration experts who can marry solutions to use case and tokenized community professionals who can advise on how an SMT owner/creator can empower their endusers and make the experience smooth and compelling.

Through SMTs, the Steem blockchain moves away from the technical fields and into the everyday experience areas and therefore becomes the business blockchain that empowers all facets to take ownership of their model and experience. With so many configurable options, rather than just tokenized games and gambling, Steem can enable SMTs to welcome in a much wider and diverse group of end users and owners by lowering the technical barriers of entry. This means that the tendrils of Steem will stretch deeper into the marketplace and slowly siphon users into the blockchained experiences from the centralized platforms.

Obviously, I like many others are really looking forward to how SMTs can be used, but I think that for them to really get off to a good start, the development and integration of them needs to be well-nurtured to further ease uptake. This comes through the right people lending the right skills and information at the right time, because like any business model, it doesn't run itself and this model empowers businesses at an infrastructure level to become their local blockchain service provider.

SMTs might not need code, but they do not need a network of capable people with varied skill for design, integration and distribution. The Steem community could soon become the watering hole for all things blockchain community and in time, many of those who have spent their time learning could find themselves in positions yet to be created, helping businesses do what they do in a cleaner, smoother, more empowering way.

[ a Steem original ]


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Thanks for the nice update on SMTs. The arrival of SMTs is very promising for the future of Steem.

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Thank you for posting from the interface 🦁

I really believe that SMTs could really take off but there will be some dust but nobody cares about that.
Very good post. I like it.

Many of the early ones will fail and pave the way for those to follow.

I agree and a few good ones may come out of the water very well. Only they may change the STEEM and it's worth.


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