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RE: Why the proposal of leveraging the Steem Blockchain with Social Media Tokens is MASSIVE news..!! Effectively becoming a "Gold Backed Standard for Social Media"...!!"
Hopefully the comment above helps...
"A lot of people are asking me "...is it like an ICO?" and I say no. What it is in essence is "a facility" without the hassle of going for an ICO. Buy leveraging #Steem anyone anywhere can issue their own currency. Take your subscribers/followers/users for example. There is nothing stopping you issuing a "Maneco64 Coin" for your followers to trade. The only thing you have to do is back it with #Steem. The moment Ned released the news I commented on twitter that at the swipe of a pen he had just increased the demand for #Steem over night because you will need to hold #Steem to back your Social Media Token. If this isn't genius I don't know what is..!!"
Stephen
I was reading SMT whitepaper, and it said all you need to create your token is 1 STEEM. I did not see the part where it said if and how much STEEM you would need to hold or leverage for your token. Is there any other source for this? Does it depent on the ammount of your tokens that you create?
Depends what value you want to put on your Social Media Tokens when you launch it to your followers will depend on the amount of #Steem. Stephen
Hmm, ok, thanks, i guess i will need to get my hands on really detail analysis if i manage to find one. As for now it is still not clear to me.