Looking through the whitepaper, it sounds like they will be fundraising on Ethereum and distributing ERC20 "proxy tokens" in advance of the actual SMT creation. They say they will have the mainnet and video platform running in June, and there will be a time for swapping out the ERC20 proxy tokens for the SMTs.

Out of 4 billion tokens, 50% will be sold in the crowdsale, and another 10% will be airdropped to Steem holders based on a snapshot of Steem block number 18,500,000.

The remaining 40% of the token supply is split among early investors (15%) and the 'Tokken' company (25%).

Check pages 16-18: https://vicetoken.com/static/Vice_Industry_Token_Whitepaper.pdf