Steemit Releases Smart Media Tokens
Steemit, the first and largest blockchain-based social network, has released their ground-breaking token-launching protocol, Smart Media Tokens (SMTs), on a testnet (whitepaper).
With SMTs, anyone can launch a powerful cryptocurrency with 3-second fee-less transfers, without having to write a single line of code. SMTs also feature trust-less ICOs. Once the creator of an SMT finalizes the traits of their token, including how the ICO will proceed, they give up all control over the token launch and distribution process and hand over control to the Steem blockchain which faithfully executes the airdrop.
SMTs will allow any publisher, creator, or entrepreneur to launch their own custom token on the Steem blockchain, which will help them monetize their digital content and reward consumers who engage with their content through likes, votes, views, shares, and comments.
Unlike other token-launching protocols, entrepreneurs using SMTs will benefit from the state-of-the-art properties that come from being powered by the Steem blockchain, including three-second block times, zero fees, and its ‘Proof-of-Brain’ algorithm, which autonomously distributes tokens to the most valuable members of a community. And because Steem was designed from the ground up to power web applications, SMTs will integrate easily into any established website, app, or platform, making it simple for mainstream creators and entrepreneurs to access the fastest-growing industry in fintech and immediately begin generating revenue at virtually no cost.
“If the killer-app of cryptocurrencies is their ability to align the incentives of various people within a group, then SMTs will be the most advanced, easiest to use, and lowest cost tool for delivering that functionality, ever,” said Elizabeth Powell, Managing Director of Steemit.
SMTs have been live on testnet now for over 40 days, making this hardfork already the most tested hardfork in Steem’s history.
About Steemit, Inc.
Steemit, Inc. uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is the primary developers of the Steem blockchain and steemit.com. To learn more about Steemit, visit steemit.com and SMTs at smt.steem.com.
