An interview with Steemit Inc. regarding Smart Media Tokens
Today, Ned made a major announcement, indicating Steemit Inc.'s plan to launch Smart Media Tokens, which will allow any content-hosting website to launch its own coin that can be distributed automatically through upvotes/likes.
“SMTs are essentially Steem repackaged into a more customizable format for developers,” says Andrew Levine, Community Liaison, Steemit Inc. “They will have all the benefits of Steem, they will be powered by Steem, but they will give developers exactly enough flexibility to meet their needs while requiring a [minimal] amount of engineering work.”
Levine added tools will be released in the near future, which will make it possible for people with minimal development skills to be able to integrate Steem and SMTs into their platform or website.
According to Steemit Inc., any website that is considered a “content-hosting platform” will be able to leverage SMTs the same way steemit.com leveraged Steem to bootstrap growth and generate revenue. They claim this could be the simplest, most flexible and robust way for a developer to create a coin that can be transferred quickly, without fees.
“We are the only protocol with three-second transfers and no fees, with an automated token distribution model that has been battle-tested and proven to fuel engagement and growth,” said Levine. “ERC20s are just a token. You have to figure out what to do with them, how to distribute them, who to distribute them to, etc. SMTs allow you to integrate all of our knowledge and experience instantly.”
When asked how this may impact the overall monetary value of Steem, Levine wouldn’t speculate on price; however, he said that SMTs will be a big step in helping Steem become the protocol of the Attention Economy.
The SMT launch date is estimated to take place in early 2018. The small, one-time fee for those who want to leverage the technology will be $1.
*Edit - Original post had incorrect information on the small one-time fee. That has been fixed.
Where did you spot the $1,000 SBD fee information? The white paper notes it as being initially set to just $1 SBD but alterable via forks. Just curious if I missed reading some other areas, lots to take in!
This was the information given to me during the interview...
Let me confirm!
Podcast?
Yep, it's 1$ in the whitepaper, not 1,000 sbd
Confirming - it's $1. I'll make the edit ASAP! Thanks for the catch.
Thanks for checking into it! Honestly, I want it to be accessible, but I do think that’s a bit low. At the very least I’d prefer it to be 1 Steem instead of the pegged SBD, so that the actual purchase value will increase with Steem’s popularity. No need to change the parameter, if Steem goes to $10 USD then the fee is de facto $10, if we moon to $100 the fee is $100 and still insanely reasonable!
“You think Yoda stops teaching, just because his student does not want to hear? A teacher Yoda is. Yoda teaches like drunkards drink, like killers kill." – Yoda
Thank you for the lovely post, wishing you all the best.:) information is sure to come in handy, but more than that, it gives me great confidence to know your hard work is being the useful.
Love it
Highly Appriciated
Buyed 1000 steem from Bettrix
Thanks steemit
Will that change facilitate us?
It was wise to refrain from speculating about how this will affect the price of Steem. It's easily a shot in the arm for the currency, but trying to guess just how much of an increase we'll see would be nothing but idle
speculation.
These new tokens don't even launch until 2018, after all.
I agree 100 per cent.
I wanted to ask the question, because I assumed it would be on people's minds, but I also think it was wise not to travel down the road of speculation.
hmm wet for this time
Here we go! This will start the steemit moon trip!
I think the potential is huge.
Upvoted. I'll be resteeming this now :)
Thanks!
This is exciting!