Smart Media Tokens by STEEM - My Explanation and Thoughts
As you are already aware or could just be getting - soon on STEEM blockchain you will be able to create tokens just like on Ethereum or Bitshares.
Video made by Steemit user @dougkarr
The news were dropped today, me and some other chosen people knew of this since some time.
The whitepaper is long, like 50 pages so i will give you a tldr.
Services that use "upvotes" or "likes" will be able to have their tokens working same as upvotes here. So if some big website decides to pay users for comments, votes or whatever automatically, from now on they will be able to do that. Their users wont even know something called STEEM is below the token they earn. This way companies will be kind of white-labeling their tokens using STEEMs blockchain.
People and companies will be able to make ICOs. STEEM has two advantages - zero fees and super fast transactions. Ethereum nor Bitshares have that. So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
Market already reacted to the news but im not sure if everyone understand implications yet.
STEEM Markets
There is more but they have almost no volume. As you can see if you do volume trades you can buy on HitBTC and sell on Livecoin for arbitrage right now.
Downsides ?
Okay so you are all pumped up now. But keep in mind - this technology doesnt work yet, this is just a whitepaper. We do not have date when it will be implemented or how easy it will be to make tokens. Speaking shortly - this news need time to become reality but if this works as suggested - the path looks good.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Hi @kingscrown, so glad you liked the animation video I made. Thanks for spreading the word!
This video is really well made and of high quality, thanks for that.
Thanks so much @geronimo!
The video rocks man!
Thank you so much @kingscrown!!
thats true
great explanatory video ^^
Oh wow you made that?
I just found you today and have been checking out your older posts and tuning into the awesome projects you have going!
Now I happen to check @kingscrown post and it has YOUR video in it!
Super Synchronistic!
See you at SteemFest soon!
Thanks so much @quinnneaker! Psyched to check out your posts as well and meet you at SteemFest!!
Awesome!
Great to get a reply from you, I was totally immersed in your and hard fork-series content last night after finding out about this AWESOME project!
Really excited for you and the team, I am eagerly awaiting more developments!
Full Steem Ahead! See you at SteemFest!
Awesome, can't wait!
Yeah awesome vid! Top quality and easy to understand, keep up the good work.
Your video is worth at least x100 of kingscrown main post lol
is the smart media token platform available now for those that would like to white label
Your video should worth as much as this post!!! Kingscrown took all the credit :(
I'm happy for the video to be getting so much love.
I didnt make post about the video, post would have same quality without the video yet video would be less known and you wouldnt see it.
Damn haters everywhere.
I appreciate your sharing it!
My little brain is already fried . . . and now this.
Haha that's what I was thinking 🤣
ha ha ha ...
I'm so busy with so many things . . . now I have to read a white paper, and figure out how to implement the new token.
I don't get it neither, but I make sure that I'll check it out. Because I believe, if you can jump on this train early, in a year you will be a very rich man.
That's what I'm seeing also.
Hard not to be excited about Steem! I've been a steady accumulator w no plans to stop.
Power up a bit man for votes on me :) :( ;)
you know it, next stop 10k SP
A picture is better than a thousand words. A video is better than a thousand words and pictures. Great explanation of SMT :)
Leaked by Ned at the Austin Steemit meetup the other day. Excellent news, this is going to rock for everyone on steemit.
Even if folks don't understand the implications ..yet... This is going to be great for steemit ! Another whitepaper ...lol !!
Thanks for the post bro !, Good work !
Read More, Reason More ... JTS
Thank you sir for this great post and your comments @kingscrown
Great ideas and brilliant innovation to future prove steemit...
Thanks for very exciting news and statement of the art!
upvoted & resteemed
Thanks to @harleymechanix for sharing link!
Curious as to why you didn't attribute the video? The creator is aware of your use of it, so that's good, but why no plug? Some folks might miss the comments, and not know @dougkarr made the video.
Also, are you gonna compensate @dougkarr for his contribution to your post?
Technically, as I'm sure you are aware, posting his video without attribution is plagiarism. An author of your stature neither needs to plagiarize, nor is unaware of the need to attribute.
I am really confused about this. I am hoping it's merely an oversight. What you do about it, editing your post, compensating @dougkarr, nothing at all, or anything in between, will clarify my understanding.
Thanks!
The post is not about the video but about my sum-up of the whitepaper thats too long and complex for people to read.
I thought his top comment is enough but sure why not add him to the post, i have no problems with that!
Thanks!
going to be huge