At the time of writing this, Steemit is sitting at the #28 spot on CMC with an overall market cap of just under $500,000,000 ($500 million). Soon, as in sometime this year, the next big evolution in the Steemit Eco-System will occur.
Just like Eth is the platform currency and required utility coin on the groundbreaking Ethereum smart contract platform, Steem / Steem Power / Steem Dollars will soon become the Stake and Utility coins for all of the next wave of adopters entering the Steemit Eco-System. And this wave of adopters could be massive. Every comment section across the entirety of the internet is a potential adopter.
Smart Media Tokens will give a business with website commentary (anything from Twitter to Yelp) opportunity for new types of funding and additional monetary incentive for both business and audience. Steemit’s unique Proof of Brain method of securing currency distribution to digital discussions and media along with cost free transactions give it enormous edge in platforms like Ethereum for tasks like micro-transactions that accompany up-votes or likes.
Using websites I’m familiar with as examples, Joe Bucs Fan regularly offers up 10+ articles a day which accumulate 15-60 comments. Proper use of these Smart Media Tokens will allow the regular commenters to acquire Steem or Steem Dollars through their comments on the JBF comment section based on up-votes from their peers.
The Joe’s who own the site get to keep their current advertising model and support the local Tampa community business they cater to. They get to add a revenue stream which would be accumulated from their SMT stake and settings. They would get to incentivize their audience to contribute high quality commentary with monetary rewards. They could also take advantage of blockchain services like Viuly to localize their video commentary advertising if they desired, but that’s another topic…
Another website I frequent on a regular basis would be Zerohedge. With dozens of articles cycling through the front page on most days, and many of those articles accumulating 30,000+ views and hundreds of comments this community has enormous potential. Just by adopting a Steemit linked comments section to allow their audience the ability to monetize their discussion would pull huge value to the community and business owners. Using the funding mechanisms SMT make possible could take the site to a whole new level. Legitimately replacing the legacy CNN / Bloomberg model of financial media as the dominant outlet quicker than most would dream of.
Steemit was created to service the Attention Economy with an honest currency and social platform. The first level of this Eco-system supported written words and images, the second level of the system added video and audio platforms onto the blockchain. This third level of evolution will add a new sort of funding opportunity and the ability to connect website specific commentary into the Steemit Eco-system.
WHITE PAPER NOTES
- Digital Media & Steemit to SMT = Decentralized Business & Ethereum to ERC-20 Tokens
- Smart Media Tokens (SMT) are a token protocol specific to Digital Media & Commentary services. Similar in concept to ERC-20 tokens.
- Token protocol designed to allow unique & simple funding and content monetization methods
- Token mimic’s STEEM’s Proof of Brain currency distribution system (vs. PoW consensus). Better suited to social commentary based distribution.
- SMT’s build on the already successful Steemit blockchain. No Tx fees and near instant transfers. Large Tx/s capacity.
- Built-in decentralized exchanges, market making functions for liquidity (Bancor Protocol) and open sourced financial tools
- Flexible designs and emissions structure give website owners and digital business entrepreneurs a lot of control over how they set up their coins
- Bancor protocol planned to automate several financial services to the SMT projects
- SMT adoption means Steem / Steem Power / Steem Dollars now serve utility, staking, and currency functions.
- Steem = liquid working capital
- Steem Power = Active and non-liquid working capital
- Rewards and Currency generation have huge relevance to digital businesses
- Community & Crowd sourced funding options have huge relevance to Independent Media community, both author and audience.
- Flexible smart contract designs allow for currency earnings to be distributed to multiple contributing parties.
- Steemit acts as a major platform and currency for the Attention Economy (social media, advertising, audio, video all included) Huge market with equal potential.