Steemit to Bring Cryptocurrency and Blockchain to Mainstream Mediabr>
Decentralized social media platform Steemit will be releasing a new Steem-based protocol to allow any and every application to have their own Steem-like token.
Called Smart Media Tokens (SMT), the new cryptocurrency product aims at creating new revenue streams through consumer involvement, expanding the client base and developing the opportunities for content-oriented social platforms.
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. The tokens are akin to ethereum’s ERC20 tokens, but with certain built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
The protocol will allow top publications, mainstream publishers, and social media platforms to create native tokens based on the Steem blockchain, allowing companies to integrate a customizable token system into their platform.
The protocol would enable anyone to launch SMTs for their website, app, or community, with the potential to create transaction revenue in ways that paywalls and subscriptions continue to come up short. SMTs are designed to reward publishers and consumers with native tokens based upon their contributions to the platform, including likes, votes, views, shares, and comments.
“Print is dying, ad integration is inefficient, distracting, and generally unwanted by consumers, all of which has led to a widespread battle to monetize content,” said Steemit CEO Ned Scott. “SMTs represent the new frontier of a tokenized Internet. We are going to see native tokens across thousands of mainstream websites where content is curated by the crowd, and publications and content hosts can establish dedicated revenue streams to allow richer and smarter content targeted directly to a user base.”
Steem blockchain has three-second block times with zero fees and is capable of quickly processing a large number of micro-transactions required for any media entity across the globe. SMTs can be run by any publisher without changing any website infrastructure or functions.
Steemit said this marks a significant step toward bringing blockchain and cryptocurrency to mainstream media in an accessible and attainable way, breaking down barriers to enter the fastest growing industry in FinTech, while creating a mutually beneficial bridge between consumers, content, and media revenue.
“Steemit represents the future of the internet and SMTs are how we will deliver that token-infused future for many, many more websites,” said Scott. “Any website, application, community, or guild will be able to launch one of these tokens and integrate with various web interfaces in seconds.”