Smart Media Tokens (SMTs): Totally Unique And Household Names Looking At Them!!!!!
There is a lot of FUD in the crypto world. We see it each day with stories about something in this industry that is going wrong. The MSM likes to serve it up with a backhoe to make sure nobody forgets how "dangerous" and "worthless" cryptocurrency is.
Sadly, we see a lot of that mindset on STEEM. Many believe that STEEM, since it is not a perfect system, is going to collapse. We all know the challenges with Steemit, which people use to justify the negativity. Add in a bit of terrible price action over the past two months and there is a recipe for full blown FUD.
Fortunately, those who buy into this stuff have little idea of what is going on.
I posted yesterday about this sign up process being reworked so that it will speed things up. This is something that we should see improve in the next 2-4 weeks.
During the same interview, there was also some tidbits that came out about Smart Media Tokens (SMTs).
If you are not familiar with this technology, it is a good idea to do some research. The SMT protocol is a software enhancement to STEEM that allows anyone to run some basic wallet software and create a token of their own.
In other words, any content creator is able to come to the STEEM blockchain and develop a token personal to that particular website.
What makes this unique, according to @ned, is the nuances of the Token Creation.
-Out of the box ICO based around content creation and a reward system.
-Low barrier to entry for fundraising
-Reward sharing across community organizers, content creators, commentors, and publishers.
-Proof of Brain concept
All this is makes the Smart Media Token package unique. These four nuances are not found anywhere. No other blockchain has it.
What is most beneficial is the concept is already proven to work. It solves real world problems and STEEM is the example of that. Each day, people log onto the applications on this blockchain and post content. At the same time, they upvote and comment. All rewards are distributed to the different parties involved according to the parameters established by the application.
@pkattera made a very interesting observation.
He stated that SMTs are the first system where the incentives of the publishers and the community are aligned. That really sums up what the potential is with SMTs. Instead of being in an adversarial relationship, where the publisher are trying to get the users to buy something, now both are incentivized through the tokens.
What is really exciting is this quote located at 13:57 of the video....
"We're seeing some really big publishers come through who are interesting in our Smart Media Tokens and the reason..and some of these are quite big household names..you know, our jaws dropped to be honest with you."
Some of these are quite big household names....
I don't know about you but news like this, to me, doesn't exactly suck.
Perhaps STEEM will not be flying under the radar for too much longer. The market might not be aware of it but some big players in the publishing world obviously do.
That is why following speculation and buying into the FUD of the market is not a sound practice. Watch what is taking place on the blockchain. There is real the future is being created.
To view full video.......
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Regulators will try to compare ICO's whit SMT's. Thye will say they need to regulate and tax, but they don't know how. Do they want to regulate technology? I think not, open source technology scares them, but they know that can't be regulated.
If you can't beat them join them. Clearly the regulators will have to create their own Blockchain for regulators!
The FUDsters have always existed , just in diffrent forms. It is because they are just resistant to change their ways. I mean in all great creations there were groups of people who fought it. Could you imagine being one of the people that resisted the automobile, indoor plumbing, refridgeration, toilet paper, electricity. So yes people will always dig their feet in like a stubborn mule and fight harder the more you try to pull them.
Yes true. But pretty sure people are getting more open minded as time pass. It's just that it's a bit harder to see when we are living in our daily life!
This is a great talk and I wish @ned and his team would do more of them as, the more we can learn about what's coming down the pipeline, the more momentum that will build around this (already) amazing platform.
I agree. The fact they are a bit poor on their communication often causes concern.
That said, they did name someone on here to be responsible for the communication with steemians.
So it is a step in the right direction.
Must be so much going on right now for them. We need more hours for every day 24 hours is way too little! So excited about the Communities feature that they will launch. Going to be huge. Finally something that could compete with Facebook dictatorship groups!
I am sure they are very busy. It appears they added more people to the mix..now there are 40 according to @ned.
Hopefully that takes some of the pressure off.
If they can get the sign ups moving in the right direction, that might allow them to get the heat off for a while.
Having more people join would create another level of excitement while we are waiting for some of the other updates like communities and SMTs.
I'll tell you one thing! Those who wish prosperity to Steemita - believe in his future. I believe in the future of the Steemita and nobody will convince me otherwise! Thank you for keeping us abreast of developments related to the improvement of the platform!
Thanks for taking out some gems of the talk. I switched the video off after a few minutes as it started really boring and unprofessional. So sad that the heads of our blockchain have zero clue how to present themselves or their baby. Good to have the community to condense the interesting facts. ;)
I have been promoting my esoteric SMT platform idea on Anarchapulco, in Real de Catorze - the Peyote capital - and soon in Iquitos - the Ayahuasca capital. With the connections I already have I am convinced I can create a pearl for topics that are more supressed than anything else in this world.
I am looking forward to hearing more about your project....
And you are welcome...I agree that is a poor presentation. I didnt mind it so much since it was an informal setting..the challenge is they dont have anything formal that they do.
I agree...they need to get some people who can present the product in a much better way.
It’s amazes just how quickly all these changes are taking place!
It’s all too easy to get left behind if you’re not on top of the technological world. Steemit is is revolutionizing the social media world and we have barely started!
Nice, thanks for sharing the vid. So my question is, why use SMT's instead of just integrating steem into the site? Like Dtube and whatnot have been doing.
It seems simpler for people to have just one token opposed to 20, but maybe there is just more flexibility. Maybe the four bullet points are my anser, I could see publishers wanting reward sharing and easy fundraising.
What is proof of brain again anyone?
You just used proof of brain.
It is you using your head by contributing content that enables you to make money. We earn on here using our minds.
As for the token, content creators will want to create their own for fundraising for different projects and to expand their brand.
Over 80% of the accounts on steemit are vacant, in my opinion it's not growing what steemit needs at the moment but motivation of new users to engage more. It's much harder to get a signed up but frustrated user back than attracting a new curious one.
https://steemit.com/steemit/@cryptoriddler/distribution-of-reputation-levels-2017-12-27-verteilung-der-reputationslevel-27-12-2017
That is very true. There are a lot of inactive or dead accounts.
However, each month we do see the daily active users increasing. That is the variable I use.
We arent a site with 700K users on it but one with 60K. The dead accounts mean little.
And the 60K is a big increase from a few months ago...so growth is there.
I have a feeling a lot of the dead accounts have to do with the sign up process taking so long. That looks like it will improve in the next month.
Really only 60k? That would put me in the upper third of the influential accounts, kind of motivates me again. Do you have a source for those kind of statistics? Much appreciated.
@penguinpable and @arcange put out daily reports breaking down a lot of this stuff.
You might want to check out their blogs.
Thank you, very good reports! Interesting, @dan withdraw 100,000 Steem last week, I wonder what he is up to :)
As @dan is not part of Steemit anymore he might pull out all of his Steem eventually.
Not part of Steemit Inc. I find it just interesting to think about his motives, in need for money to hire some additional developers for EOS.IO? Or maybe speculating that steem or steem and cryptos may take a dip and securing a part? He is a genius developer first so probably possibility nr. one :)
I think so too. EOS is a mega project with giant possibilities and tons of new projects build on top of it coming out this year. He probably just wants to be more liquid to finance whatever he is up to right now.
But what is in it for Steem? I do feel and share your idea that platforms like Steemit could become a corner stone of the future. But isn’t opening the Steemit blockchain just creating competition without any benefit for Steemit? Or am I missing a piece of the big picture?
You are misreading the bigger picture. There is no competition because Steemit is nothing more than an interface...just like Busy.org.
The value is the blockchain and any entity going onto STEEM with a token will have to buy STEEM since bandwidth is only priced in STEEM. While there are no transaction fees, there is bandwidth that is required on the network....that has to be purchased by the entity.
How much bandwidth do you think a larger entity with hundreds of thousands of followers will require?
That is the golden nugget.
Thanks for the clarification. If I do understand it correctly I could create an interface on which people could post gambling related tips and get rewarded by the others on the interface.
Really would like to work out a project like this. Anybody?
Edited: Quickly browsed to the whitepaper. Next time I will do this before replying
Whoa we must definitely be on the same collective consciousness frequency ... I copied the how-to on creating my own token yesterday. I am thinking about a First Nation coin ... yes I am! Loved this article, mostly because it gives me the confidence that I am on the right track and thinking ahead. Thank you for that, xx Eagle
First nation coin....how do I join....
Do you pass out tshirt or hats too? 😀
I have to make it and are you making fun! Heyyyy it would be like the Indian Motorcycle and icon would look similar to this:
I am not making fun...I think creating a token is a wonderful idea...especially one that is designed with the purpose of spreading the betterment of humanity.
Yes Sir! xoxo