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RE: Smart Media Tokens Use Cases, Caveats And Limitations - The SMT White Paper Series, Ep. Three
My question is, what is the barrier to entry? With my very very limited knowledge, it seems we could do this anyway with ETH? I really don't see how this is game-changing. I have read so many posts from well-known authors on this, yet I still fail to understand why this is so amazing. It all comes down to my lack of understanding, obviously, but I would love to know why this will not cause even more people to potentially lose their money through ICO scams than we are currently witness?
It's still unclear. In the initial version of the white paper there are mentions of either 1SBD or 1000SBD as the required fees to launch your own SMT. We'll see when it launches.
No, you can't. Suppose you write the entire application layer yourself (code for posting, voting, curation, vesting mechanisms, etc) on Ethereum you will still have to pay gas for each operation. What you get with SMT is Steemit-on-demand.