I am running a token project from the past 2 months and based on my experience, I feel we need to have a thorough knowledge on what tokens can do to a community and how it leverages efforts on to seeing a positive change around us. I am leading a project called voiceshares which is backed by a bitshares based token called VOICESHARE.
There are quiet a few misconceptions on how tokens can be used and how it brings value to the system, it was introduced by @officialfuzzy 4 months back through his beyond bitcoin and whale tank hangouts. He has been strongly advocating the usage of tokens in the crypto space and has supported various amazing initiatives by having created their own tokens.
How does Token work ? How Tokenization can be a successful model ?
Tokens are easy to create with a basic fees for creation, however it does not mean all tokens created will add value. You need to understand tokens are index of performance of a project it will be associated with, the token value depends on the performance metrices of associated project.
Anyone can create a token but not everyone who create a token can be successful unless they can have a definite business model backing the project. I will be coming out with more tutorials in days to come, on how we can effectively use token system.
How does tokenization fuel the dreams of various block chain enthusiasts ?
Users have the power to create tokens, that simply means you can start giving a business structure to your ideas and start implementing it. Your work with your ideas and projects and the user base you maintain will decide the value of the tokens you create and thus pushes you to pursure your project or ideas seriously towards excellence.
Your business ideas will now have a performance index to attract more users to use your services and also invite the attention of VCs to fund the projects you are implementing.
How is SMT a welcoming step ?
Smart Media Tokens will allow you to create your own business backed by steem based crypto tokens on the top of steemit block chain. With an already existing user base of around 350k users, this is an amazing opportunity to build business on the top of steemit chain .
This will enhance the scope for further rise in steem price and will facilitate the emergence of ventures across various fields of life. Isn't this an exciting time?
Most of this depends on how well steemit implements the usuage of SMTs and how feasible it is for users to leverage tokens for their business. It is a wait and watch game for now, but definitely an exciting journey ahead.
Do not forget to join @officialfuzzy whaletank hangout on 30th Sep at 3:30PM UTC. Start your journey in the crypto world to fuel your dreams.
Here is @officialfuzzy's post where you should be sending out a RSVP as explained in the post
[BeyondBitcoin RSVP] Whaletank Hangout #225 | 2017-09-30 | Sat @330PM UTC | Over 650 $BD in Awards!
I will be coming out with various tutorials on the entire process of tokenization. Do watch out this space for more.
If you feel this post was informative, you know what to do!!!