Smart Media Tokens to allow point-and-click ICOs (and MUCH MORE)
Everyone is hyped about Smart Media Tokens for various reasons. Funding their projects, creating communities, maybe just the fact STEEM can compete with Ethereum's ERC20 tokens.
One of the most interesting parts is that it allows point-and-click ICOs. Name your token, the amount made, the distribution, how content rewards work, and how your ICO runs. Poof, you have an ICO. That was easy.
This may spark many new ICOs, which can be both a good or a bad thing, depending on your perspective.
Currently, there have been a lot of poorly written Ethereum ICOs, causing people to have their tokens stolen though exploits in the smart contracts. With a point and click UI on STEEM, this problem hopefully won't exist.
The ability to mix and match tokens makes this even more interesting. A post could pay in both "CHAINBB" and "GARDENING", and it sounds like @busy are working on integrating SMT into SteemConnect, making it easy for developers to add support with little code.
A Disqus-like comment module will help to encourage people to interact with your content on your blog. Often you might post things on your non-STEEM blog, and nobody comments. With tokenized comments, they're encourage to comment on your blog, give feedback etc. in return for a token issued by you.
NOTE: All images taken from the official SMT website. I do not take ownership of any of these images.
Conclusion
Overall, SMT is very interesting. I'm not sure how well it'll be adopted outside of the STEEM community. I expect a lot of people might use it just for the ICO capabilities.
I personally can't wait until it comes out, and would love to experiment with creating my own tokens :)
Thank you @ned, @sneak, @val and all the others involved in the SMT project. It's sad that @dan / @dantheman isn't here, but I'm sure that EOS will be awesome too.
READ MORE (whitepaper available): https://smt.steem.io/
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Well the point and click ICO is a good idea - it's a logical extension of the point-and-click token creation that the Waves Platform has had for some time now (but they don't have contracts yet so creating an ICO was not possible).
However could someone describe to me why, if I was adding and SMT to my blog or website, why would someone want to buy those tokens? Unless my website allows them to utilize them to promote content above mine there is no reason for anyone to buy my tokens. Contributors, commenters all get tokens for free.
If I open my site up to multiple contributors - not just a personal blog - maybe I expect contributors to want to buy the tokens to hold so they can upvote themselves for a considerable bump, or promote their own posts in the hopes of more upvote love from the community?
Or will the be some mechanism to tie my private SMT token to a regular ad-network and drive ad-inventory to my site?
Perhaps I just place ads or affiliate links on my site as normal and commit to spend a certain percentage of that revenue buying back my own tokens to drive up the price? That could work but seems very manual and prone to error or fraud. Sure only sites that really do it would increase their token price and hopefully attract more traffic to them because of it. But remember that author, comment and voter rewards are driven by inflation. A site needs to continuously spend money just to maintain the value of the token.
If I'm just a sole operator - there really seems little reason to do this unless you're going to be expecting a lot of traffic.
Sorry, not being pessimistic - it's definitely a new paradigm that none of us have experience with. Just being skeptical and trying to figure out how and if it will work.
These are valuable questions. I am probably in a similar situation, I have some websites that I could throw open for people to create content but I don't have a staff of programmers to implement it. I am not pessimistic regarding the value aspects though. I think this could work. Once the features are fully developed I don't think it will be necessary for everyone to create their own isolated tokens or even have the ico (if they don't need money to startup). There will probably be a way to tap into the wider network of decentralized content/participation tokens, with various convertibilities to other tokens and ultimately maybe to steem. Or like let's say I had some steem, as a creator of a new token I could have an exchange where I prop up the value of the token by offering an ongoing low bid to maintain sone minimum value to the token. To start with I think folks would accept new type tokens and some convertibility would emerge. Or a website owner could sign up as an affiliate of someone else's token network, with ability to change token networks that their site pays out in later. Like you I am very interested in this and in particular would like to see it lead to a way to open up our own websites for tokenized community creativity!
Although I should say, from my standpoint I would be happy if there were a way to simply bring my websites into a Steemit network and make them Steem powered. The ability to create my own tokens could be cool and valuable. But ultimately I just want to be able to open my websites up for Steemit type community content creation and interaction. To do it with Steem or whatever other token the Steemit team would provide would be fine by me. I have multiple websites and don't need a token for each and ever one. Maybe if they had primarily 75% steem and 25% payout in a native alt coin that could be cool. I think something like this is where it could go.
Great post, i get a knowledge By read this post.
Thanks @someguy
This was awesome news.
You got my full UV. Resteemed too!
My question is how is ethereum superior to SMT for ico's?
How does the point and click ui stop peoples funds from getting stolen?
I already voted on you Mr. @someguy123 way back when I was a new member of PAL. Along with @aggroed . I do promote you here guys also in our small community.
All the best for Steemit! :)
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Cool! Hi @ionlysaymeep! What country are you from? :)
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I'll give you 5 SBD if you reply a word that is not a "meep"
thanks for sharing
From what I read, even non-developers like me can create a token?
Exactly! :)
Thanks for sharing ,
Upvoted !
By the way ,I started following you and I would appreciate your follow back too .
please visit my blog and vote me too
Its so exciting to be on the ground floor. I think most people don't realize how lucky we are to be a part of this as a community. Things of this magnitude are usually only available to the elite. If the power of the community could be harnessed the growth could be exponential
great comment. However, you shouldnot have included that part. As you grow on steemit, you will know such lines are not meant to be as comment. Your concluding sentence was great. Keep it up. And dont stop engaging people here. Cheers.
Thanks for putting a through, I love your generous heart bro
@someguy123 do you mind if I share this article to my blog off-site? I would run the first paragraph and link back to your article on STEEMIT and your profile. Let me know.