#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