Steem blockchain processes transactions faster than Ethereum and Bitcoin combined and is home to some disruptive technological apps : DTube (a video platform like Youtube) created by @heimindanger , Busy.org founded by @fabien & @ekitcho , ChainBB : created by @jesta , Zappl : developed under the guidance of @thedegensloth and Steemit Inc (and many more).
Most recently Ned Scott @ned : Steemit inc CEO introduced Smart Media Token (SMT) which is a Token Protocol for Content Websites, Applications, Online Communities and Guilds Seeking Funding, Monetization and User Growth . In fact,
SMTs will make it possible for anyone to have the power to launch and sell Proof-of Brain tokens, which are tokens distributed by “upvote” and “like”-based algorithms and can be integrated with websites to align incentives and spur growth, while websites are empowered to adopt sustainable, currency-centric revenue models. For more info please read the white paper.
This reminds me of what EOS is planning to do including the popular Ethereum’s ERC-20 token protocol which allows people to create and launch arbitrary token-and use Ether to fund it. However no protocol enables content businesses to leverage those tokens by aligning incentives between users and applications and that’s one of the qualities that will make SMT unique.
Moreover, according to @ned in his post SMT will
Increase demand for STEEM as the blockchain's bandwidth tokenAttract new capital to the ecosystem with ICOsTie up STEEM supply with Automated Market MakersCreate new utility for STEEM with Influence SharingBecome a big part of "Steem: the world's advertising network"
This will be a game changer and will positively influence the price and demand for steem as indicated by some steemians in their post examples @kingscrown , @dougkarr , @zeartul , @the-alien , @kevinwong , @exyle , @jerrybanfield , @firepower including @biophil : what it means for Pocket token .
Another important point to note:
- Community empowerment: this will empower many large and small communities to easily raise funds for their cause by making it possible for them to create fund raising tokens and reward their members who invested in them.
- Huge platform incentives: Reedit, Linkedin , twitter and New york times are some examples of firms that can create their own Token with huge potential to raise capital , monetize their websites- including members being able to upvote and get rewards via commenting just like in steemit- which will give them a more loyal member base.
What it means for steemit:
Steem is not planning to be EOS and Ethererum killer rather it will be a big competitor which is good for users because we will have more options in choosing the best blockchain for our entrepreneurial goals. Moreover, on implementation of HFork 20 plus SMT the demand for steem will rise drastically because steem will be used to purchase the tokens which in return will positively reflect on steem price and steemit member base.
Do you agree with the points raised here? Now is your turn to indicate what you think.Send in your comments and please would you up vote my post in order to send in your support, click follow in order to see future posts from me on your feed and resteem in order to share this post with your followers.
Pls see my former post including: What is the True Meaning of Freedom
For those who want to be an investor in Bitcoin wallet see X coins link: https://xcoins.io/investors?r=v93e2z