SMT has become the new celeb in town after the announcement by @ned (creator of steemit, co-founder of steem). It's become apparent that SMTs are the next big thing, but also very apparently not everyone understands it as much as it should be understood. Explained below, in a very simple way, is the fundamentals of SMT. IT IS NOT AN IN-DEPTH GUIDE. This post won't discuss the economics, or compare it to SBD, or the nuts and bolts of how it works. This post should allow many to understand SMT in a very basic way from which they can grow and learn further about SMTs.
- SMT stands for Smart Media Tokens. SMT is just an abbreviation
- SMTs will allow any online platform to be "monetized". Basically works like steemit. Any website can now use SMT to monetize your upvotes, comments, shares, whatever etc. Just imagine facebook or instagram. You can now get paid for uploading a post/pic, commenting on a post. liking/reacting on a post; if the platform adopts SMT.
- Smart Media Tokens are steem-based. SMT is powered or run by steem, the cryptocurrency.
- SMT's name can be customized into any name that you like, and earn SMTs. For example, if I have a social website called BlindSpot, I could name my website's tokens as BNS. Let's say, the website is a discussion board for cars, and uses SMTs. Anyone who uploads a photo of a car can on the website can now earn "Author rewards" in the form of BNS, anyone uploading just plain car specs in text can earn "Author rewards" in the form of BNS, anyone who comments or upvotes or adds to the content can earn "Curation rewards" and that sorts in the form of BNS.
- Any platform that wants to adopt SMTs will have to sign up with a steem service. Basically just like everyone signed up with steemit- any platform wanting to utilize SMT will sign up with a steem service. The platforms will be given "x" amount of steem coins in the form of SMT (name can be customized) but will be useful to the that specific platform exclusively.
- SMT will increase the value of steem. If SMTs are adopted and their demand is increased it will also increase the value of steem since SMT is a steem based coin.
Using SMTs, big companies (/online platforms) can attract more users to get involved in their platforms. As more "money" is fed into the platform, more users get attracted yet bringing in more "demand" and "value"- this will all add up to a bigger "reward pool"for users to enjoy. (Sounds kinda like steemit?)
As the "Demand" and "value" increases for a SMT, it will also increase the value of steem (cuz ...y'know...smt is steem based...like just put 2 and 2 together ayt?)
WIN-WIN situation!
Crypto is the future of the world. We have come a long way from bartering, to using materials as currency, to using metals, to using coins and notes, to using cards, now almost everything is numbers on screens. If this trend continues, it is undeniable that crypto and blockchain is the next efficient step.
Steemit has evolved over the days, interlacing and accepting user demands to be better and efficient. Steemit has become a corner stone that may not be in the future, but for sure will be always coined as a founding father of the crypto world ahead. SMT is by far the best idea, I think, to keep steem afloat and not just disappear into a museum as others take over.
The SMT announcement will not only change the way the world works, it is also a crucial step to integrate with the world and also potentially avoid the obstacles from the evil bigger sharks (government/ large corporations) who could feel threatened.
Open to questions, criticism, and learning. Leave your feedback.
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