There Is A Reason Why SMTs Are Going To Be So Powerful

in smts •  last year 

Many, including myself, are very excited about the introduction of the Smart Media Tokens. The fact that it is on testnet right now is very exciting and we should have an announcement about a Hard Fork date in the next month or so. If I had to guess, the release will be somewhere in March or April.

SMTs are going to very powerful. This is something that cannot be overstated. Once they are released, there is no putting the proverbial genie back in the bottle.

So what is it that makes SMTs so powerful?

To start, we must know that SMT is really Smart Media Token Protocol. That last word is something that most overlook yet that is where the power is.

The Internet is made up of many different protocols. These are open digital message formats that are used for specific purposes. The most common one is TCP/IP which is actually made of up an assortment of different protocols. Think of it in the same way as Microsoft Office is made up of many different programs. The protocols address a variety of needs such as voice, gateway, and monitoring. We also see other protocols for email and web services.

Protocols are adopted by an assortment of people. They have the ability to span many different networks while being used. SMTs seek to do the same thing.

For example, IPv4 is used by both Amazon and Alibaba. It is also present in printers, copiers, and laptops. Apple, Android, and Microsoft all utilize it.

The power in protocols is they cannot be stopped. Technological breakthrough that have major impacts tend to operate at this level. Companies can be shut down. They go out of business. Protocols keep spreading (if useful) since they solve a problem for developers.

Let us look at Bittorrent. What is this?

BitTorrent (abbreviated to BT) is a communication protocol for peer-to-peer file sharing (P2P) which is used to distribute data and electronic files over the Internet. (Wikiepedia).

Notice is it a communication protocol for peer-to-peer file sharing. Some might recognize the name Napster. This company got in a lot of trouble back in the early part of the century due to copyright infringement via file sharing. The music industry got very upset about the loss of revenue.

Napster ended up having legal action taken against it, changed its model to subscription, and, ultimately, vanished from the scene.

A company is a single point of access. There is a place for governments and other companies to target.

Do you know what did not get shut down? Bittorrent. Since it is a protocol, there is no way to stop it. Anyone can adopt the standards and utilize it.

This is what we are looking at with SMTs. Since it will be a protocol, there is no way to stop the spread of token creation. Any website can use the protocol to develop a token. Thus, the point of access is removed, especially when all is running on a decentralized blockchain.

It is remarkably different concept when compared to a company trying to bring someone to its website. Did anyone have to "sell" the idea of SMTP or FTP to companies? The answer is no. Those protocols solve problems. Thus, anyone who was looking to set up email, once that decision was made, knew where to turn.

Here we are looking at the decision of whether one should set up a token or not? After that decision is made, then one only needs to look to the protocol that is out there to solve the problem. This is where SMTs will be positioned.

Of course, the Smart Media Token Protocol (the new SMTP?) is not the only game in town. The best known protocol as it applies to this is ERC-20. Is it any wonder that Ethereum has the largest amount of tokens created on its system? Anyone with even the least bit of knowledge about this industry is familiar with this protocol. It is something that many simply default to.

SMTs are going to provide a great deal more in terms of what is offered by using the protocol. This is a point that will need to be made clear. ERC-20 provides a token on Ethereum. That is all it provides. SMTs offer a great deal more because of the reward system that also quantifies every activity on the network.

Hence, SMTs solve a problem. That is what provides the power. Right now, it is a problem that most do not realize they have. However, that will change after a few well-known sites get tokenized. With technology, there always comes a point where adoption takes place in an effort to keep up with the pack.

The early adopters do it to get a leg up, the rest to catch up.

SMTs offer a lot of differences from what is out there. The fact that it contains fee-less transactions will, in my opinion, hold great appeal to developers who are operating in the social media realm. Who wants to pay a fee on each transaction when giving an upvote?

This does not exist on Steem. Because of the Resource Credit System, we see how the fees are "applied" on the back end. The pay-to-play system was structured so that anyone with the proper amount of Resource Credits could operate. It is a unique proposition that better mirrors what the users are accustomed to. After all, Facebook or Twitter is not charging per transaction.

In the end, people might end up not knowing the names Steem or Steemit. They might not care since the data structure or network that is being used means little to people. The end users might only care about their tokens that are tied to sites which interest them.

However, to reach that point, someone is going to have to implement the SMT protocol. The developers will end up knowing that and that might be all that is required.

Hence, it all becomes rather simple. Do you want a token with a built in content-reward system? If the answer is yes, then go use the protocol that provides it.

Many will find that SMTs are the one that fill that need.

For more information, there is a handy introduction to the protocol with updated information:

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A year or so ago, @andrachy dropped a hint about some big household names that had expressed interest in SMT’s but I’ve seen no follow up comments to that effect.

Anyone know if household names are still interested?

He did drop a comment in one of the steemitblog posts that there was some big companies looking at it. This was about a month ago. I am not sure if it is the same ones as before or different ones.

And how big remains to be seen.

I wonder if there is any way to tell on the testnet.

Sadly, I've been out of the loop for a while, but I'm trying to get back on track... any suggestions for worthy projects to delegate to?

I haven’t done much in the way of new delegating recently. Did a small delegation to @cryptobrewmaster after seeing their presentation at SteemFest. My biggest delegation is to @curangel which is a new curating service doing both upvoting and downvoting. Delegating is a very personal choice though. My longest-running delegation is to @schoolforsdg4 which runs a school for slum kids in Bangladesh.

  ·  last year (edited)

@taskmaster4450 ! It's so exciting how we are sort of sneaking into the industry and crawling up as a d-economy taking so many industries by storm from travelfeed to tasteem, which are more effecient than having all these middle men in sites like tripadvisor, that no one will trust once we are established. I am also so excited about this too. Yesterday you made my day with your video talking about how jobs will change. I was watching it with someone i just on boarded and basically said the same things you did a day before. Your posts really make my day every time buddy! Your mind is very holistic in your way of thinking and how you approach things. You break it down so well and easy to understand. I like that a lot ! Also for the whole sma community here tunes, emanate, and other decentralized sound platforms are a beacon of light after napster and limewire destroyed the music industry only for itunes to make musicians in our age poor and struggling. I anticipated this change all my life. Its almost too good to be true you know?

Thank you for the compliments @yangyanje. I am glad my words and videos are having an impact.

Musicians are going to benefit greatly from Web 3.0 as will all artists and creators (I will leave it up to the individual to define creator). The present system really screws them.

It is time for a change and I hope some of the communities on here that focus upon music and other art forms really take off.

good review. Seems like a lot of users have a hope for SMT.
I don't have a deep knowledge of SMT and Steem Engine.
seems like both share a common goal - tokenization.
would be interesting to know

Does it make sence to start a tribe now with the help of the Steem Engine
it would be better to wait for SMT release?

would be thankful if you could discuss/share your thoughts on this in one of your posts or somewhere.
in other words, probably would be great to have a deep comparison of these 2 options presented on Steem.

It depends upon the need.

If one only needs a token to mirror what STEEM does, then a SMT might be the way to go. However, if more is needed such as tying it into a NFT, then SE could be the better option.

Also, a tribe is technically a website so a community, when added, could also be another possibility.

Finally, we will probably see a lot of cross pollinating with some projects being on both.

thanks for clarifying and your time

just found out a video called
"Blockchain For Blocktrapenuers" by aggroed
with some info about Steem Engine as well.

So what is it that makes SMTs so powerful?

There is only 1 single thing that will make SMTs potentially powerful beyond anything else.

Customer experience and ease of use.

If the front ends provide guest accounts tied into the absolute ease (as presented by of creating your token then we might have a game changer.
The difficulty of creating ERC20 tokens for a regular user with how slow the platform is with constant fee payments is what creates a chance for STEEM.
Steems speed, 2 sec transaction time and 0 fees, browser frontends that require no need to download software, compliment guest accounts and SMTs perfectly.

Ive said it a million times. There is not a single platform out there that can achieve what Steem can.
Steem has transformative power. Give BTCG the ETH market cap, give Verge, TRON, EOS and what happens???
Nothing, the holders get rich. But give Steem the mc of ETH and you have a facebook rival, reddit rival, a youtube rival. You have the potential to onboard millions.
We have already seen that when Steem had only a 1 billion market cap during ath and steemit was a top 800 website. So proof is there.
Show me a crypto with 1/10th of the immediate potential Steem has and ill burn all the steem i hold.

100% agree with this. The potential is there if it's used properly and marketed to show people what is there.

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