The introduction
Imagine this scenario, a site with a database like Facebook decides to reward authors for content, then a huge problem arises, there is basically not enough to go around (in simpler terms).
Of course we will reason that they make money from advertising, but it's still not enough because after they reason the large chunk of profit to be made, they won't still have enough to go round.
Here comes the solution...Smart Media Tokens
In easy to understand terms, a smart media token is basically a reward system or coin which is designed to reward regular and active content creators and curators of a community.
Now in this sense, this is designed to further revolutionize the future of online content creation. Imagine if you find it easier to be rewarded or reward others in a community for a passion you all share.
To take this further, this is built or made on the steem blockchain, meaning at the end of the day, those smart tokens will still further strengthen the blockchain while making an impact on the future of content monetization online.
This actually means steem becomes a stronger contender for the number one slot on the coin market cap, with a high possibility of overthrowing bitcoin.
Since the announcement by @ned, it has become more evident that this strengthened the steem currency as while most of the coins at the top ten have been taking a beating, steem has been constantly rising.
I mentioned something about steem being a contender right? One of the reasons bitcoin is popular is because of mass adoption for various purposes, meaning bitcoin can be used to book a hotel, pay rent, exchanged directly for fiat currency etc.
The smart media token does this in another format, with the foundation of the steem blockchain, apps or sites built around it can generate tokens to reward active members in what is called a proof of brain.
The smart media token created is not controlled directly by anybody to avoid manipulation and heart breaking stories, it is controlled by an algorithm which fuses with the site and basically monetizes content.
A thing of beauty
The cool thing about Smart Media Tokens is that it can be easily adopted by any platform, especially those with a large database and imagine an person like Paris Hilton adopting this system in rewarding her large followership base.
I spent hours reading the smt pdf whitepaper and even more time trying to simplify something already simplified.
It can be related to an app like steemit chat, rooms could be created and regular commentators will be rewarded with a steemit chat token.
Who it affects?
Everyone...
An individual who is active in community engagement will benefit from such an innovation in a community powered by Smart Media Tokens as he will be able to receive rewards from the creator who wishes to reward such effectively and it's all going to be happening in the steem blockchain.
With mass adoption of numerous tokens centered or pioneered by this blockchain technology, comes mass increase in the price of steem itself. This is like a dream come true or Christmas wishes on steroids and nitro boost.
To work this magic, the first thing to not is a steem account(preferably new) does it. There are other conditions guarding it including rules guarding posting with such account etc.
Well except the document being a lengthy read and some abbreviations, everything else seems good to go and remember, this is Smart Media Tokens in my own simplified words and understanding.
In case you might need the video of the announcement of the Smart Media Tokens obtained from @ned's blog, it is included below.
What intrigued me more was the simplified explanation on why it was created and here is a video also from his blog
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