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The economic core mechanics of the steem blockchain is about:
The Vesting Fund
198,760,033 STEEM
396,248,661,693 VESTS
STEEM Per MVests = 501.604 STEEM
With these Mvests comes power, voting power, to vote on witnesses, and to get these Mvests you need to powerup [stake] steem as utility token into Mvests.
Another token [SMT] can never and will never have these properties.
RE: What if... Spork - Steem without SteemIt, Inc