This post is to call for feedback, suggestions, technical knowledge and input into an idea I have had. Particularly interested in Witness, Developers or coders input as to the feasibility. Also need people with knowledge of how the proposed SMT's will work to provide input.

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Proposal for creating an SMT as a transaction currency.

• The STEEM blockchain is one of the leaders in the Cryptocurrency field in transactions per second. When SMT's are implemented, many new use cases become feasible. I propose the creation of an SMT that is tethered in price to a fiat currency (for the purposes of this idea - Australian dollars (AUD)).
• Online commerce and transactions are growing at a rapid pace - this trend is set to continue. New payment technologies and methods are disrupting the status quo.
• As an example, Afterpay has grown rapidly in a short period of time in Australia. In a couple of years, it has developed a payment system that has gone from nothing, to a million plus users and thousands of merchants, along with international expansion. It's growth has been consumer driven - customers have demanded retailers provide Afterpay and retailers have obliged. For more information see Afterpay's website I use this as an example of how quickly new payment systems can disrupt the status quo.

My suggestion would look like this:

• A front end/website that consumers can start at. An AUD tether SMT (lets call it "Aussie Steem Bucks" for now - ASB) would be available to purchase. Purchase of this would create a new STEEM account for the consumer through the RC account creation process.
• A back end for retailers to implement ASB payment into their website. Retailers would also have a STEEM account established for them.
• A reward system for both consumers and retailers for using ASB's for transactions. Perhaps the system that @steem-ua is using to reward large delegators. As I understand it, a post is auto generated that then receives a steem-ua upvote for large delegators. In my proposal, a post could be auto generated for a transaction, auto voted by the SMT's account (It would need a lot of SP/delegated SP). Reward payout from this post could be split between consumer and retailer. All of this process would be automatic, and behind the scenes. All both parties to the transaction would need to see is an estimated reward for the transaction to be received in 7 days.
• At post payout, both parties would receive there reward (SP and SBD/STEEM) The liquid component could be set to auto convert back to ASB if desired.
• The consumer and retailer front end would need educational information regarding steem, SP and so on, on-boarding to the rest of the steem eco-system. All parties could be incentivised to delegate SP to the SMT account through a profit share arrangement.

Benefits for consumers:

• Fast payment system with ability to earn rewards for transacting.
• Build an account that shares in the profits of the SMT.
• Introduction to Crypto via an easy to use AUD stable coin.
• Earn crypto by shopping online.
• Other SMT's could cross promote via advertising on the front end.
• Possibility for referral bonuses.

Benefits for Retailers:

• A crypto payment system with a AUD stable coin.
• Broader customer base.
• Use earnings, profits generated to advertise on the consumer front end.
• An account earning STEEM/SP from each transaction - encouraging acceptance as a preferred payment system.
• Fast/free transactions - all permanently recorded on the STEEM Blockchain.

Benefits for Delegators:

• Profit share could be paid in ASB or STEEM as desired.
• Helping grow the overall ecosystem.
• More demand for STEEM makes SP more valuable.

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So that is my idea, I would love to get as much feedback as possible. Genreal, specific, technical (I don't have much tech knowledge and no programming/coding skills at all) Dumbed down layman technical would be great. Also, general feedback as to if this is a system you could see consumers/retailers wanting to use.

I look forward to everyone's input.

Regards,

@jk6276 - John.

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