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Smart Media Tokens Now Live on TestNet by Steem

Smart Media Tokens are digital assets on the Steem blockchain that can be launched by anyone to help monetize online content and create incentives to encourage desired user behavior. Unlike Ethereum’s ERC-20 tokens, SMT have built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.

Several popular token protocols, such as Ethereum’s ERC-20, allow you to create and launch arbitrary tokens, but no protocol enables content businesses to leverage those tokens by aligning incentives between users and applications.

Due to suboptimal transaction cost structures that incur fees for basic actions such as voting or posting, misalignment of interests between meta and core tokens that aren’t built for influencing distributions based on Proof-of-Brain, private key hierarchies that don’t cater to social versus financial operations, and slow transaction speeds that are out of sync with real-time websites – none of these protocols could ever provide an acceptable user experience for content websites, such as Twitter, Reddit (even subreddits) or The New York Times.

SMTs represent the single biggest change to the Steem blockchain since the original release. This means Steem is evolving into a platform that provides entrepreneurs tools to release state-of-the-art cryptocurrencies coupled with powerful social resources Steem is known for.

What are Smart Media Tokens?

  • A Smart Media Token (SMT) is a native digital asset on the Steem blockchain that can be quickly launched by anyone to help monetize online content and create incentives to encourage desired user behavior.
  • They’re like Ethereum’s ERC-20 tokens, but with certain built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
  • Tokens enable publishers to create mutually beneficial community based economic incentives to drive platform growth.
  • Smart tokens with near instant settlement and zero transaction fees opens up new non-advertising business models.
  • Publishers can also use the tokens to fundraise via an ‘Initial Coin Offering’ (ICO).