RE: What's Your Opinion On Smart Media Tokens?
I'm super duper excited about SMTs.
I actually have been dreaming up something like this for awhile now, before I found steem. The idea of having a decentralized network based on a cryptocurrency, and then being able to create your own "skins" for said currency, and all these sub-currencies are easy to exchange between eachother.
SMTs takes that idea to a whole new level - and it solves the issue that Ethereum based tokens have - that of having no actual real world utility or value beyond hype and spectulation.
Steem based SMTs are backed by valuable content/projects/people.
I see this is a dawning of kickstarter 2.0, where instead of just donating to projects, you're actually able to be vested in a project and share in its potential success.
Pretty soon, everyone will be launching their own tokens for their persons and projects. If you have something valuable to offer the world/collective, then having your own token is a brilliant way to be funded/powered.
Granted, there will be a lot of BS tokens launched like we see with ICO's - but we can leverage the steem voting system to create ways of allowing the cream to rise to the top.
I've been reading the whitepaper, and while I understand the basic premise and big picture, theres still A LOT to learn regarding how the tokens actually function. And I think its important to truly understand how a token functions if you are going to be issuing one.
Besides that, we'll start seeing established brands start issuing their own tokens and integrating the steem blockchain into their websites via widgets (like disqus comments).
I believe we're standing at the threshold of mass adoption.
Exciting stuff.
Thanks for the very well thought out response my man. Much appreciated!
I like your analogy of describing this as Kickstarter 2.0. Do you feel like Ethereum tokens are not like this as well? If so, why not? What utility do you see SMTs having that ERC20s couldn't have?
Also, what questions do you have regarding how they function? Is there anything specific you're wondering about?
Ah, well on second thought, I would say that ETH tokens are similar to the kickstarter 2.0 concept - but the big difference is that the only actual usage and value ETH currently has is issuing tokens and fundraising.
The issue I see is that the vast majority of ICOs are promising all this advanced futuristic ethereum based technology, but none of it has actually come to fruition. Ethereums blockchain transaction rate is maxed out, and noones even doing anything with it besides fundraising.. It all seems so, well, ethereal...
Steem on the other hand is a fully functioning platform that does exactly what it says on the tin. There's no promise of some advanced world changing protocol that's explained with overly complicated techincal jargon. Steem is the real deal, and from what ive seen, steem as a platform is relatively hype-free (i barely see any talk about steem in all the day trading hype groups ive been in).
I think SMTs are far superior than ETH tokens for the simple fact that the context is based on creating real world value TODAY, not tomorrow when the tech is able to catch up.
Steem gives SMT issuers a platform to prove the effectiveness of their projects.
IMO, steem is above and beyond the most undervalued thing in the entire crypto space, while all the daytraders and hypsters are busy speculating on nonsense. It's so silly to me.
Regarding SMTs and what I'd like clarity on - I think all that's missing at this point is in-depth use-case examples to show how it translates to real world usage.. Theres a few simple examples in the whitepaper, but something more in depth would be awesome.
I want to know more about the ways that content creators, publishers and organizations can leverage SMTs to fund their initiatives. I'd also like to see more examples of what the steem world looks like when theres hundreds or thousands of SMTs, and how they all interact.
So yeah, i get the basics of what an SMT is, but i want more examples of what its actually going to be like post-launch. Obviously, that would only be speculation, because our creativity is certainly going to decide how they are used, but some simple easy to understand illustrations would be wonderful :)