Why the proposal of leveraging the Steem Blockchain with Social Media Tokens is MASSIVE news..!! Effectively becoming a "Gold Backed Standard for Social Media"...!!"
#SocialMediaTokens #SMT
........"...what will effectively happen is that #Steem will become the Reserve Currency for Social Media and effectively becoming a "Gold Backed Standard for Social Media"...!!"
MASSIVE news for #Steemit and the #Steem Ecosystem..!!
Last week Ned made a massive announcement by proposing to leverage the #Steem Blockchain by issuing #SocialMediaTokens.
Since this news was released I have been asked by so many people why I am so excited about the news.
A lot of people that have approached me are simply struggling to get their head round the implications of this news, and in true "Stephen Kendal Style" I hope this simple explanation in the above video helps.
The scalability is simply mind blowing
The proposal of leveraging the #Steem Blockchain with #SocialMediaTokens #SMT is MASSIVE news for #Steemit and the #Steem Ecosystem and I hope by breaking it down into an easy explanation will help people appreciate the scalability should this be rolled out successfully.
The scalability is simply mind blowing..!!
Johnny's Coin backed by #Steem
In the example in the video I suggest a website called "Johnny's Site" and on this site there are 1 million users/subscribers each creating content, posts, comments and votes amongst themselves.
What #SocialMediaTokens #SMT will allow is for Johnny to issue his own currency for his users/subscribers to use and be rewarded in.
This new token, and for ease of the example I call it a Johnny Coin, is essentially a currency backed by #Steem.
#Steem effectively becomes a Social Media Reserve Currency. A "Gold Backed Standard for Social Media".
What will effectively happen is that #Steem will become the Reserve Currency for Social Media and effectively becomes a "Gold Backed Standard for Social Media".
I have said from the outset that both Ned and Dan were geniuses and have on many occasions reaffirmed my believe that they are.
This proposal to leverage the #Steem Blockchain in this way takes this belief in these guys to a whole new level.
I truly wish Ned and the rest of the #Steemit Development Team tremendous success in rolling out the #SocialMediaTokens and I am so excited to see the first #SMT created.
Thanks for reading/watching.
Stephen
This is going to be huge!!
"This is going to be huge!!" ...You mean HUGE..!! Stephen
You made me laugh!! thanks
Just hope so
Stephen, I like how you simplify the SMT to something more tangible. Thanks!
You are very welcome. Stephen
Thanks @siephenkendal for sharing
to steem society.
You are very welcome. Stephen
Shared on twitter. Stephen
Sheer brilliance, game changer, Cheers ;)
Shared on LinkedIn. Stephen
Hi @stephenkendal just watched your video and reblog to my feed I am so excited for this I know a lot of sites that can so benefit from the #smt it is absolutely brilliant!!! So glad we can buy and earn steem now before the rest of the web wakes up, I am doing my best to get the word out. It really is exciting that people can do what they are already doing ie interacting with their favorite site and will soon earn rewards the way we earn sbd. I can see sites setting up to where you can earn many different smt at one time. I always wondered how do you beat free, the whole system was heading that way and advertising was the only model until you add Blockchain into the mix and rewards to members always beats free! What an exciting time to be alive.
Creativity flows in the waves of now.
Allowistic Artist
Vincent Strader
#allowistic art for your voting pleasures
The website looks like crap. I love the idea but, the underlying technology is not what will bring people in at first. Also, this space is filled with people in fear of differing opinions.
"The website looks like crap". That is a matter of opinion. The clever bit behind the scenes is what is important and will drive growth. The hairy fairy bit at the front can be improved in a blink of an eye. Give it another 2 years and the website will look/feel nothing like it does today. Stephen
thank you for sharing valuable information.
You are very welcome. Thanks for the support. Stephen
I totally get the token creation part. But could you elaboraye more on how STEEM will back it up? As i see it now it is the same like creating an ERC-20 token o Ethereum Blockchain and it is not backed by Eth in any way. In this instance you will be able to run the Token on Steem bc with with Steem BC properties and will have to take care of it and back it by yourself.
Correct me if i am wrong. Thanks!
Just watch the first part of this interview, @ned explains it:
1 - increase demand for STEEM as the blockchain's bandwidth token
Nice video, haven't seen it before. Is there any source that tells more in detail about creation of SMT besides Whitepaper?
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.
Great news for steem! I can't wait for the rollout!
I am more anxious than you are.