Steemit Announces Release Date for Smart Media Tokens

steemit

Steemit, the frontrunning blockchain-based social network, announced that it will be rolling out the Smart Media Token (SMT) TestNet on January 15th, 2019.

According to the press release:

“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.

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.

The SMT protocol will also include smart contracts that enable the creator to specify Founder Tokens, Token Emission Rates, Initial Coin Offering parameters, and much more, which will make tokenizing a website or other enterprise infinitely easier.”

Essentially, SMTs will allow for an established website, blog, app, platform, etc to connect with the Steem network and run the Steem blockchain protocol, allowing their users to monetize their engagement. This opens the doors to an entirely new method of content and community monetization for content creators and website/app owners.

“Excitement has been building since we announced SMTs last year, and we are now ready to share the release date for this protocol thanks to the hard work of our engineering team,” said Ned Scott, CEO of Steemit. “SMTs represent a future in which everyone has the opportunity to leverage blockchain and cryptocurrency technology without being a blockchain expert.”

Steemit has been able to grow to over 1 million accounts operating on the Steem blockchain, become a top 2000 Alexa site, and has cultivated a loyal community of users and developers since its launch in 2016.

For more information about SMTs, check out the SMT whitepaper or visit the site.

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