The new steem.io site is so much clearer and more concise when it comes to describing Steem and Steemit that it actually cleared up some misconceptions that I didn't even know I'd had.
It's a little embarrassing, but I actually thought that Steem was going to be the backing for SMT's. That doesn't seem to be totally accurate based on what I understand after having read the steem.io page.
Steem needs to be regarded as distinct from the Steem blockchain. Steem is a token on the Steem blockchain. The thing that the steem.io page drove home (by saying it outright) is that steem can itself be regarded as an SMT. It's special only because it's the first one.
SMT's in general, however, will open up the Steem blockchain, and with the infusion of value raise the price of Steem.
This is everything as I understand it now. I think it's less wrong then what I thought before, anyway.
Friday, November 3, 2017
Source: screen capture by yours truly